Saylor Sees Bitcoin Entering New Era as Digital Capital

Michael Saylor, founder and executive chairman of Strategy, believes that Bitcoin is entering a new era as it evolves from a peer-to-peer payment network into a broader global capital system.

In his recent post on X, titled 'The Bitcoin Reformation', Saylor notes that Bitcoin has transformed greatly since its creation by Satoshi Nakamoto. What started as an experiment among cryptographers is now being used by individuals, investment funds, public companies, banks, custodians, exchanges, and governments.

Saylor argues that some ideas developed during Bitcoin's early years have become overly rigid. He describes this thinking as 'Bitcoin Orthodoxy', which includes the view that Satoshi's views should be treated as final, self-custody is the only proper way to own Bitcoin, banks and governments should disappear, and financial products linked to Bitcoin are simply 'paper Bitcoin'. However, Saylor believes that these beliefs were necessary in Bitcoin's early days but should not hinder its growth now.

Saylor emphasizes that Bitcoin does not need to replace banks or governments to succeed. Instead, it can work alongside them as a scarce and portable digital capital asset. He advocates for 'counterparty discrimination', where users choose how they hold Bitcoin, whether through self-custody or professional custody, understanding the risks involved.

Saylor's vision for Bitcoin's next phase is to expand its financial applications, treating it as 'digital capital'. He believes that this approach can help connect Bitcoin with different parts of the global financial system and enable wider institutional participation without abandoning its original characteristics.