Michael Saylor discusses the future of the Bitcoin standard: MicroStrategy's journey to becoming the world's largest holder company

As of early 2025, MicroStrategy led by Michael Saylor owns 478,740 Bitcoins, making it the company with the largest Bitcoin holdings in the world. Its total acquisition cost is $31.1 billion, with an average purchase price of $65,033 per Bitcoin. In this interview, Michael Saylor shares his deep thoughts on building the Bitcoin standard, corporate financial strategies, and the future of digital assets.

From Entrepreneurial Spirit in 1989 to Discovering Bitcoin: Michael Saylor’s Journey

Michael Saylor founded MicroStrategy in late 1989. The company initially operated as a business intelligence software firm and went public in 1998. Since then, Saylor has launched over a dozen businesses and been involved in managing publicly traded companies.

“I’ve always been interested in the history of science and how science influences the economy,” Saylor says. He studied aerospace engineering and the history of science at MIT, deeply researching how technology brings change to society. In 2016, he published The Mobile Wave, discussing how software shifted to mobile devices and transformed the world.

The turning point came in 2020. From the moment Saylor discovered Bitcoin, MicroStrategy’s strategy fundamentally changed. He recognized Bitcoin as a digital asset and became the first publicly traded company to include Bitcoin on its balance sheet.

MicroStrategy’s Investment Strategy with 478,740 BTC

Saylor describes MicroStrategy as if it were a real estate developer. “For example, imagine being the first company to go public in Manhattan in 1750, acquiring Manhattan real estate, developing it, and continuing for centuries. Instead of selling, you keep buying more.”

MicroStrategy positions Bitcoin as a “Digital Manhattan,” and maintains a policy of continuous accumulation. The company now owns Bitcoin worth approximately $45 to $50 billion, with only about $3 billion in liabilities. All liabilities are collateralized by assets, meaning they hold roughly 15 times more Bitcoin than their debt.

Saylor clearly states there’s no liquidation risk. “Even if Bitcoin drops to $1 tomorrow, it’s no problem. Even if Bitcoin crashes 98%, we won’t face liquidation risk. The company has permanent capital.” The debt is non-recourse, with a maturity exceeding four years.

MicroStrategy employs innovative financing methods like convertible bonds and preferred stock, which are securities backed by Bitcoin—unique in the market. Saylor’s core strategy is issuing securities backed by Bitcoin assets to earn spreads. “You can issue $1 billion in securities collateralized by $10 billion worth of Bitcoin, paying 8% interest, and aiming for a 60% return. That’s how you earn a 52% spread,” he explains.

The End of Price Cycles in the Institutional Investment Era

When asked about price cycles, Saylor challenges the very concept. “I don’t pay attention to cycles. The idea of cycles emerged in the first 10-15 years of the crypto world.”

Currently, the market is entering a phase of significant change. Large institutional investors like BlackRock have purchased over $100 billion worth of Bitcoin in the past year, already surpassing the amount mined by miners. After the last halving, the supply of Bitcoin sold by miners became secondary; demand was the primary driver of the market.

Saylor cites examples from the Manhattan real estate market and Apple stock timing over the past 300 years, saying, “If you try to find the perfect buying time, you’d probably give up. But the truth is, buying at any price was the right move.”

He predicts Bitcoin will grow at an average annual rate of 29% over the next 21 years, potentially reaching $13 million by 2045. “You can buy now at a tenth of that price. So, does it really matter if you buy at $95,000, $105,000, $92,000, or $108,000?”

Misconceptions About Bitcoin Storage and Self-Hosting

Saylor emphasizes the need for flexible approaches to Bitcoin custody. For a three-year-old, an elderly person who can’t type, a blind person, or a trust set up for a fetus, self-hosting Bitcoin isn’t practical.

“Claiming that bank custody is better than self-hosting, or vice versa, can be overly dogmatic and actually hinder network growth,” he warns.

However, the security gap between small exchanges like Mt. Gox and large banks like JPMorgan is significant. Major banks employ thousands of cybersecurity and compliance experts, while many crypto exchanges have only a few administrators.

“The wisest approach, I believe, is to include all types of participants worldwide, regardless of their situation,” Saylor says. Those who acquire Bitcoin-backed assets are contributing to the growth of the Bitcoin network.

Political Consensus and Centralization of Bitcoin

Regarding the impact of a Biden administration, Saylor is optimistic. “If the White House, cabinet, regulators, Senate, and House all support crypto, political consensus will likely advance technological progress, business development, freedom, sovereignty, and capitalism.”

He is skeptical about concerns over Bitcoin’s centralization in the U.S. He emphasizes Bitcoin’s global decentralization. “Miners are distributed worldwide, and so are holders. Bitcoin has the most decentralized developer group, the most decentralized holder base, and the most decentralized mining community.”

Bitcoin’s protocol remains highly stable with almost no changes. While Ethereum plans over 40 upgrades, Bitcoin has almost no roadmap. “Bitcoin was essentially completed over 10 years ago. The ideal protocol is widely distributed, mathematically perfect, logically sound, and enjoys global consensus,” Saylor explains.

Digital Asset Regulation and Classification of Cryptocurrencies

Saylor categorizes digital assets into several groups: digital commodities (assets without issuers backed by computational power), digital securities, digital tokens, NFTs, asset-backed tokens (ABT), and digital currencies.

Bitcoin is the most powerful digital commodity, accounting for 99% of the market share. “If you choose assets for currency, store of value, or digital capital, the strongest asset will be monetized, and all others will eventually become zero.”

The stablecoin market could also expand. If the U.S. establishes clear regulation for dollar-backed digital currencies, this market could grow tenfold or even hundredfold, reaching $10 trillion. But the U.S. dollar remains the world’s strongest currency, and demand for second-best currencies like the euro is limited.

Regarding meme coins, Saylor notes the lack of clear regulation. Once comprehensive digital asset regulation is established, the situation could change. “The problem is, such a complete digital asset framework has not yet been globally established,” he says.

Promoting the Bitcoin Standard: Corporate Messaging Strategies

Saylor is running a “continuous outreach campaign.” “There are 400 million companies worldwide. All of them should allocate assets based on the Bitcoin standard.”

Since convincing each individually is impossible, he uses videos and published documents to spread information naturally. MicroStrategy publishes numerous Bitcoin-related data, like “BTC yields” and “BTC appreciation,” and has launched a dedicated website to help companies understand Bitcoin-based financial management.

Asian companies are also joining the wave. For example, Jet King became the first Indian company listed on the Bombay Stock Exchange to adopt the Bitcoin standard, already converting cash flows into Bitcoin.

Saylor states, “I expect the number of companies adopting the Bitcoin standard to grow from a handful to dozens, hundreds, and eventually thousands. Companies will rationally choose to invest in Bitcoin for 30-60% returns rather than bonds with 2-3% after-tax yields.”

Protocol Evolution and Conservatism: The Completeness of Bitcoin

On protocol development, Saylor adopts a cautious stance. “I see some areas for improvement. For example, mining nodes will continue to optimize, and hardware wallets will improve. But most protocol adjustments or proposals are likely ‘iatrogenic’—more harmful than beneficial.”

He compares this to legislation. “Politicians and regulators constantly propose new ideas, but 99.9999% of those proposals turn out to be bad. So, we should be very skeptical of these changes,” he advises.

Many new proposals aim at Layer 2 or Layer 3 solutions, which could harm Bitcoin’s overall ecosystem. Saylor notes that MicroStrategy already operates on Bitcoin’s Layer 3. Layer 2 solutions like Lightning are open protocols, while Layer 3 platforms like Binance, Coinbase, and MSTR have their own protocols.

Ideology to Economic Engine: The Essence of Bitcoin

When asked if Bitcoin is a “religion,” Saylor responds, “Bitcoin is more like an ideology.”

“For the first time in human history, a mathematical and technological protocol has emerged that links capital (economic energy) to individuals, companies, and even nations. It’s like the invention of language,” he explains.

Bitcoin is a prosperity-promoting economic protocol—“based on science, conforming to thermodynamic principles, physically reliable, mathematically rigorous, and the first human economic agreement.”

He highlights the importance of math, electricity, and fire. “Ancient people believed fire was created by gods and worried it would go out. But Henry Ford didn’t think that way. He created the entire automotive industry so everyone could own a car.”

Bitcoin is not just a speculative asset but a transformative economic infrastructure. Saylor emphasizes, “The reason Bitcoin is so wildly popular is because it’s a protocol that drives economic prosperity.”

Advice to Chinese Investors: Join the Digital Energy Network

Saylor urges Chinese investors to view Bitcoin as a global digital energy network.

“This digital energy network is expanding by hundreds of millions of dollars daily and is becoming more powerful. It’s driven by the world’s most powerful computing capacity, relying on a decentralized network of millions of computers.”

Anyone worldwide can access this energy network. Participation can take many forms: buying and holding Bitcoin, developing Bitcoin-based applications, or building homes, companies, cities, and even nations on Bitcoin.

When Saylor first joined the Bitcoin network, its market value was just $200 billion. Now it exceeds $2 trillion, with potential to reach $20 trillion, $200 trillion, or even $400 trillion in the future. “This network will continue to grow throughout our lifetime.”

He notes the flow of smart capital. “Smart money will eventually flow into Bitcoin. People will gradually abandon 20th-century assets (real estate, stocks, collectibles, fiat currencies, bonds) and shift from physical to digital assets, from unhealthy to healthy currencies.”

Regarding concerns that Bitcoin’s rise might stop, Saylor uses a metaphor: “It’s like asking what happens if water stops flowing. What if time stops? What if gravity ceases? None of these will happen.”

Understanding the physics of the Bitcoin network shows it’s not random. Principles of thermodynamics, internal combustion engine design, and jet propulsion all demonstrate that Bitcoin operates like a well-engineered machine.

His final message is clear: “We can design better financial systems. We can build economic machines powered by Bitcoin. If you want to advance the world, you need to become an engineer. You shouldn’t just fear electric shocks or burns—you must control and harness them. That’s the path to prosperity.”