Michael Saylor, co-founder and executive chairman of MicroStrategy (now Strategy), has made a surprising remark on Bitcoin.
In an interview with Natalie Brunell's podcast , CoinStories, Saylor placed Bitcoin on a continuum with "the great property assets"and predicted that Bitcoin is entering a new stage. Saylor says Bitcoin will eventually take the place of the S&P 500 as the world's go-to standard for long-term wealth.
Saylor drew parallels between Bitcoin and the "great property assets"of history — from gold and diamonds to land acquisitions like California and Alaska — arguing that its lack of cash flows makes it the "perfect money."
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Saylor on Bitcoin's cycles
If anything, Saylor is not worried about Bitcoin's price dips. "Bitcoin is up 99% year-on-year,"he said, noting that the asset had essentially doubled, despite the bearish sentiment in the market. Any recent dips in Bitcoin's price are due to what he calls " Bitcoin rich but fiat poor."
Explaining the concept, Saylor says that some investors are forced to sell some portion of their Bitcoin, as they cannot borrow against their holdings in traditional banks. But, he argued, this selling process helps the market mature by pushing BTC from early adopters to long-term institutional buyers.
Saylor added:
"The volatility is coming out of the asset, that's a really good sign. What you want is for the mega-institutions to buy. For that, Bitcoin has to be boring for a while."
Breaking the traditional finance mold
Saylor took issue with the traditional finance profession's emphasis on assets that produce cash flows. He rejected the notion - that had been enhanced as a result of the 1970s - that formal capital must be allocated based on a 60/40 split of bonds and equity.
"The world's full of things that are valuable but have no cash flows — houses, art, even Nobel Prizes,"he said, adding that gold is better money because of its lack of actual utility.
He concluded by suggesting that the largest institutions, like Vanguard, would be "stuck in their ways"with equity indexes and never accept a new, disruptive form of digital capital. In comparison, Bitcoin offers an alternative based on first principles in a world of unstable fiat currencies.
Bitcoin as digital capital and credit
Saylor explains that the expected long-term increase in the value of Bitcoin — which he projects at roughly 29% annually over the next 21 years — means that Bitcoin has already outperformed the S&P 500.
He referred to Bitcoin as "digital capital"that will serve as collateral for a new generation of credit instruments.
"Once you acknowledge Bitcoin is appreciating faster than the S&P forever,"Saylor said, "you can create credit collateralized by that appreciating asset."He predicted that "digital credit" would outperform corporate and sovereign debt, offering higher yields and lower risk through overcollateralization.
"The irony,"he added, "is we're giving Bitcoin cash flows by turning it into credit and equity products that slot into traditional indexes. That's the gateway for capital to pour into the Bitcoin ecosystem."
Related: Explained: Types of Bitcoin mining
This story was originally reported by TheStreet on Sep 19, 2025, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
