Furthermore, Saylor said $BTC challenges traditional assets, citing real estate’s hidden costs, such as Florida’s 2% annual property taxes and Miami Beach land appreciation from $10,000 to $10–20M. He says that gold has storage constraints, stocks have a lower rate of return, while $BTC, with its 21M supply and global liquidity, defines digital capital.
AI as Digital Intelligence: Saylor’s $15 Billion Financial Experiment
In the same interview, Saylor describes AI as digital intelligence, and provides a concrete $15B example from his firm’s financial engineering. He explained how he used ChatGPT extensively, iterating for hours, with lawyers, bankers, and investors to design novel preferred-stock instruments never before seen in capital markets.
The most prominent is STRC, also known as “Stretch”, a perpetual preferred stock featuring a variable dividend rate that can adjust with market conditions, designed to trade near par value while offering high yields, recently in the 11–12% range. Traditional preferred stocks usually offer a fixed dividend.
Instead, Saylor wanted a more versatile and ‘treasury-grade’ digital credit product that would be able to pull income focussed capital and channel the proceeds primarily into additional $BTC purchases without directly collateralizing the firm’s existing holdings. These AI-driven capabilities, such as those provided by STRK, STRF, and others, allowed Strategy to generate approximately $15B of digital credit.
What’s Next for Bitcoin as Digital Capital?
Michael Saylor argues that $BTC has already established itself as digital capital, and the next phase centers on building financial layers and capital markets on top of it rather than altering the base protocol. He noted $BTC represents roughly $1T of an estimated $1,000T in global capital, about 10 basis points.
At press time, $BTC traded at $64,590.41, with a $1.29T market cap. If $BTC could capture even a small fraction of the global capital, Saylor argues it could scale to a $100T network. In his framing, that suggests a trajectory from about $70,000 per coin to $700,000 and, eventually, $7M. He forecasts $BTC to compound around 30% annually for two decades.
Near-term headwinds include capital inflows into AI infrastructure and large IPOs, but Saylor considers them cyclical rather than structural. He expects that $BTC will reach a mature state in its core functions, financial markets will mature, and $BTC will become a major security collateral and treasury-reserve asset.
Related: Bitcoin Price Prediction: Saylor Calls It a Spring Phase as $BTC ETFs Bleed $2.15B in Two Weeks