Saylor Warns Internal Rule Erosion Threatens Bitcoin's Long-Term Value

Michael Saylor's strategy for Bitcoin has focused on large-scale holdings as its core approach. This involves publicly opposing protocol changes, such as BIP-110 in July 2026, which would have set a precedent for reviewing valid paid transactions. Saylor emphasizes the importance of defending existing rules to protect the long-term value and scarcity narrative of substantial Bitcoin assets.

The goal is to avoid capital outflow and decreased network security due to governance conflicts. This approach is analogous to the 2017 Bitcoin scaling war and block size disputes, as well as governance divergence after multiple Ethereum hard forks. The critical phase has shifted from external competition to internal consensus maintenance.

Saylor's strategy also involves guiding innovation to the second layer to maintain base layer stability. He believes that once rules can be modified by specific interest groups, protocol governance will shift from technical neutrality to political struggle. This would lead to a migration of long-term value to more stable assets.