Michael Saylor, founder and executive chairman of Strategy Inc. (formerly MicroStrategy), described Bitcoin as “raw financial energy” that his company transforms into Digital Credit.
Speaking during an exclusive interview on Bloomberg Crypto with Tim Stenovec and Carol Massar from DC Fintech Week, Saylor said the asset is at the beginning of a bull market after recovering from a low slightly below $60,000 and moving into the $80,000 range. He pointed to rotating policy and market conditions as support, while outlining Strategy’s approach of managing Bitcoin holdings alongside equity, preferred securities, and cash to serve different investor needs.
Saylor shared the appearance on X, noting the discussion covered Bitcoin’s bull market setup, AI and scarcity, and the future of Digital Credit. The comments arrive as Strategy continues active capital markets activity under its Digital Credit framework.
Policy Tailwinds and the Bull Market Setup
Saylor told Bloomberg that Strategy normally tracks Bitcoin relative to its 200-week moving average and that the price has bounced after trading slightly below it. He identified prior headwinds from restrictive trade, foreign, and monetary policy that he said are now rotating into tailwinds. These include a favorable regulatory environment, accelerating banking adoption, growth in tokenized securities, and the strengthening of digital credit networks, along with banking credit coming online.
He stated that Bitcoin “should definitely move back into the six figures, back beyond $100,000,” while reiterating a long-term forecast of 20% to 30% annual growth over the next 20 years. A separate Bloomberg summary of the interview highlighted the same near-term recovery call and the role of friendlier U.S. regulation and bank adoption. Saylor emphasized that he is not focused on precise short-term timing, describing Strategy’s planning horizon in longer terms.
AI Scarcity and Bitcoin as Digital Capital
On the competitive landscape for capital, Saylor said artificial intelligence is expected to demonetize many equities built on labor and talent, creating risk for both companies trying to build the next major product and those dependent on large human workforces. He argued this dynamic supports a rotation into scarce, desirable capital that robots cannot replicate, citing examples such as certain real estate, gold, and Bitcoin as digital gold or digital capital.
Since Strategy’s first Bitcoin purchase in August 2020, Saylor said Bitcoin has returned approximately 38% annually while MSTR has returned roughly 52% to 53% annually. He noted that this has outperformed most major equities outside of NVIDIA, with gold outperforming the S&P 500 and digital capital ranking as the strongest-performing capital in the complex. Digital credit instruments such as STRC, he added, have paid double to triple the yield of many conventional credit products, while digital equities have outperformed the vast majority of publicly traded stocks.
In Strategy’s own framing, detailed in an article on the company’s site titled “How Strategy Engineers Digital Credit”, Bitcoin is positioned as Digital Capital, MSTR as Digital Equity offering amplified Bitcoin exposure plus ownership in the credit business, and STRC as Digital Credit designed for dollar income with reduced volatility. The piece describes the objective as stripping volatility, compressing duration, and extracting yield from Bitcoin capital through active management of assets, claims, and liquidity.
Strategy’s Structured Finance Approach and Investor Options
Saylor characterized Strategy as a structured finance company that may buy or sell Bitcoin, dollars, equity, or credit depending on market conditions to benefit shareholders. He addressed a small June 2026 sale of 32 Bitcoin as an initial step to “inoculate” the market and condition investors that the company will buy and sell as needed for fiduciary reasons, including backing credit and supporting dividends. Subsequent larger sales, he said, did not produce the same market reaction. The company remains a net acquirer and has purchased more Bitcoin than any other firm this year, according to his comments.
In a bull market, Saylor indicated Strategy would expect to continue acquiring Bitcoin while issuing credit. For different investor time horizons, he outlined: money market funds for needs within roughly three months; digital credit such as STRC for a three-month to four-year window seeking returns in the crypto economy; direct Bitcoin for longer-term capital investors minimizing counterparty risk and targeting 20% to 30% annualized returns; and equities such as MSTR for those seeking amplified Bitcoin-per-share exposure through the use of credit.
The advantage, he argued, lies in creating credit that pays 10% to 12% as a return of capital—deferring tax and offering the highest effective yield—backed by the largest volume of high-performance capital in Bitcoin.
Strategy’s holdings stood at 848,250 Bitcoin as of October 11, 2026, representing roughly 4% of total supply, with an aggregate purchase cost of approximately $64 billion at an average price of $75,444, according to the company’s October 12 press release and related SEC filing. That update also detailed the acquisition of 250 Bitcoin for $21.5 million (average $86,194) funded largely by MSTR share sales, alongside the repurchase of $192.4 million of STRC preferred shares. The company reported a USD Reserve of $4.88 billion intended to support preferred dividends and interest, and USD Cash of $640.5 million.
Earlier company materials and reporting have described the Digital Credit Capital Framework introduced in June 2026, which includes a board-approved USD Reserve policy, STRC dividend adjustments (raised to 12%), repurchase authorizations, and a Bitcoin monetization program. Additional context on how Strategy manages Bitcoin alongside debt and preferred securities appears in prior coverage of the structure. Saylor has also discussed separate capital pools for Digital Capital, Digital Credit, and Digital Equity in related remarks.
The interview presents Strategy’s model as one that uses Bitcoin’s characteristics as high-volatility digital capital to support lower-volatility credit products and amplified equity exposure, with active management across asset pairs. Saylor’s statements attribute the current setup to improving regulatory and banking conditions alongside structural demand from AI-driven capital rotation, while the company’s filings document continued accumulation and credit management activity.
Also read: This Indicator Puts Bitcoin Price at $251K by 2030, $2.2M by 2040
