Michael Saylor Calls Bitcoin the Base Layer for a New Digital Capital Stack

Strategy executive chairman Michael Saylor says the company’s core purpose is creating financial products backed by Bitcoin ($BTC), a business model he compared to a reserve bank.

According to him, Bitcoin’s next stage of development should be about building a layered capital market around it.

From Digital Gold to Digital Architecture

In a June 16 article published on X, Saylor crowned $BTC as the foundation of a digital asset stack that includes digital credit, digital money, digital yield products, and digital equity.

According to him, Bitcoin’s heavy price volatility is exactly what makes it suitable as a base asset for financial products that satisfy different investor needs. He propounded that corporations, banks, insurers, retirees, and payment companies may soon drift towards other forms of exposure and away from directly holding Bitcoin.

“The answer is not to change Bitcoin, it is to build products above Bitcoin that match the needs of each pool of capital,” the American entrepreneur’s article read.

He also explained that digital money should be pegged to fiat since the world’s obligations are still priced in fiat. In his opinion, most people don’t want a checking account that moves 5% in a day, and stablecoins have proved there’s genuine product-market fit for digital dollars.

That broader view was echoed by analyst Maksym Sakharov, who recently argued that Bitcoin’s long-term use case extends beyond the “digital gold” narrative. According to him, settlement activity, collateral usage, and financial infrastructure built around Bitcoin may become more important adoption metrics than short-term price performance.

For Saylor, that evolution is already underway.

“Bitcoin remains Bitcoin,” he wrote. “The world builds on top.”

Speaking in an interview with Coin Stories host Natalie Brunell during the annual $BTC Prague conference, Saylor clarified how the largest publicly traded $BTC treasury company uses its holdings to support credit instruments for investor income.

“Yeah, well, our company is like a Bitcoin reserve bank. The idea of the company is you have a tower of equity of $50 billion or more of equity capital, you own Bitcoin with that equity capital, and then you issue credit against it,” he told Brunell.

Saylor Pushes Back Against Critics

The Strategy executive chairman also pushed back against critics, who’ve been laying into him for selling 32 $BTC at the tail end of May and claiming that the company was part of why the market had been trading in the red.

“I got very, very famous for saying, you don’t sell your Bitcoin to the plebs. And on X, the Twitter trolls thought it’s pretty easy to say, ‘the most famous guy in the world for saying, don’t sell your Bitcoin, just sold some Bitcoin,’” the businessman said.

In the same interview, the permabull reaffirmed his belief that Bitcoin could see a 500x jump from its current levels, although it would need global credit markets to pull institutional capital into the Bitcoin ecosystem.