Saylor Seeks 'Bitcoin Reformation' Through Institutional Adoption

Michael Saylor has called for a 'Bitcoin Reformation' that moves beyond the asset's founding-era orthodoxy. In an essay published on August 24, he argues that Bitcoin should integrate into modern financial and political institutions rather than isolating itself within an ideologically pure economy.

Saylor believes that early survival principles have hardened into restrictive doctrine, treating Satoshi Nakamoto as an oracle and the white paper as a complete constitution. He argues that this approach has led to a separation between money and the state, where sovereign money handles everyday commerce while Bitcoin operates as scarce, non-sovereign capital.

The essay proposes eight layers for digital capital, including equity, credit, debt, currency, money, derivatives, machine capital, and software. Saylor also advocates for counterparty discrimination rather than rejection, separating custody from lending and weighing segregation, collateral, audits, insurance, and withdrawal rights.