Michael Saylor: The Bitcoin Treasury Endgame
Michael Saylor, executive chairman and co-founder of Strategy, has once again set the stage for one of the boldest financial roadmaps of our time: building a trillion-dollar Bitcoin balance sheet and transforming the very foundation of corporate finance. In a wide-ranging interview with George Mekhail, Managing Director of Bitcoin for Corporations, filmed at Saylor’s home, the two explored the strategic, macroeconomic, and philosophical underpinnings of Bitcoin’s role in the modern economy. A trillion-dollar vision Saylor laid out what he calls the endgame: Strategy’s accumulation of $1 trillion worth of Bitcoin as corporate collateral. Once achieved, the company could leverage Bitcoin’s historical compounding growth — averaging around 21% annually — to expand its capital base year after year. “The endgame is to get to a trillion dollars of collateral growing 30% a year,” Saylor told Mekhail. This is not just about holding Bitcoin. It is about creating a flywheel effect where an appreciating pool of digital property powers new forms of credit and finance. Bitcoin-backed credit markets One of the most striking elements of Saylor’s vision is the emergence of bitcoin-backed credit. Unlike fiat-based debt markets, often constrained by low or even negative yields, Bitcoin collateral could enable healthier credit systems. With over-collateralized structures, Saylor argues that Bitcoin-backed credit could deliver returns two to four percentage points higher than traditional sovereign or corporate debt, while being safer than AAA bonds. This shift, he says, would reinvigorate global credit markets, offering transparency, stronger yields, and resilience in a world where fiat currencies continue to erode under the pressure of inflation. Bitcoin as digital property Saylor also frames Bitcoin as the ultimate form of digital property: Unconfiscatable: “Bitcoin is the most difficult property the human race has yet invented to confiscate.” Protection against hidden inflation: He likens today’s “orthodox” 2% inflation narrative to a ship leaking 2% per year. Over time, it sinks — just as generational wealth erodes. Separation of roles: He distinguishes Bitcoin’s role as a savings account (long-term digital property) from other digital currencies acting as checking accounts for transactions. Corporate treasuries must adapt Saylor insists that the era of passive corporate treasuries holding large fiat reserves is coming to an end. More and more non-endemic companies are realizing that cash is an eroding asset and must adapt by adopting Bitcoin as collateral. He envisions a future where equity indexes, insurers, banks, and sovereign wealth funds become indirect Bitcoin vehicles. Eventually, even giants like Apple or Google could integrate Bitcoin custody and services at scale, onboarding millions into the digital economy almost overnight. The foundation of 21st-century finance In this scenario, Bitcoin treasury companies become the engines of a new financial system: Savings accounts yielding 8–10% Money markets denominated in Bitcoin Insurance products restructured around digital property For Saylor, this is nothing short of the foundation of 21st-century banking, credit, and capital markets — a transformation he believes will create a system that is “smarter, faster, stronger — 10x better” than what exists today. A strategy already in motion This vision is not just theoretical. Strategy has been steadily growing its Bitcoin treasury. In the final week of September, the company added 196 BTC to its holdings, worth $22.1 million at an average price of $113,048 per coin. With every new purchase, Saylor underscores his conviction: Bitcoin is not only a hedge against inflation but also the cornerstone of a new global credit architecture. Watch the full interview Readers can watch the complete interview between Michael Saylor and George Mekhail here: Michael Saylor: The Bitcoin Treasury Endgame (YouTube) https://www.youtube.com/watch?v=b0KU4cJgj6g
