Michael Saylor: Global Credit Market Shifts Paving the Way for Trillions of Dollars Backed by Bitcoin

 (Michael Saylor, Co-Founder and CEO of Strategy)

Michael Saylor: $50 Trillion Could Leave the Bond Market for Bitcoin

Strategy co-founder and CEO Michael Saylor stated that profound shifts in global credit markets could pave the way for tens of trillions of dollars to flow from traditional bonds to Bitcoin-backed financial instruments.

Speaking at the Strategy& World 2026 conference in Las Vegas, he emphasized that the rise of digital credit will transform Bitcoin into an asset that generates consistent cash flow without requiring the sale of the currency. 

Saylor noted that the global credit market is currently valued at approximately $300 trillion and could double in the next decade. He estimates that digital credit could capture between 5% and 10% of this massive market.

According to Saylor, this means that roughly $50 to $60 trillion will shift away from traditional bonds and toward Bitcoin-backed credit instruments, especially given that these products offer higher returns and a more efficient tax structure compared to bonds.

A Credit Model Fueling Bitcoin Demand

Saylor explained that the increased issuance of Bitcoin-based credit products will require the purchase of more of the currency, thus continuously boosting demand. He described Bitcoin as "digital capital that can be converted into income-generating securities," noting that this model transfers price volatility to shareholders while investors receive guaranteed dividends.

What is Digital Credit?

Saylor outlined the structure of "digital credit" as a new asset class that relies on Bitcoin as the underlying collateral and, in his view, provides stable cash flows for investors.

He cited the STRC instrument as Strategy's flagship credit product, explaining that its distributions are made monthly in the form of "capital return," allowing for tax deferral. He added that STRC maintained its capital value and continued paying dividends even during Bitcoin's recent downturn.

Bitcoin's price has fallen by nearly 45% since its peak of around $126,000 in October 2025, reaching approximately $70,000 in early 2026. Anchorage Digital, the first federally licensed cryptocurrency bank in the United States, disclosed its stake in STRC, without revealing the size of its holdings.

Last year, Strategy& submitted a $4.2 billion proposal to the U.S. Securities and Exchange Commission (SEC) for STRC to fund further Bitcoin purchases. Earlier this week, the company purchased 592 Bitcoins in its 100th transaction.

A Solution to the Bitcoin Accounting Problem for Companies

Saylor addressed the main obstacle preventing companies from holding Bitcoin on their balance sheets: accounting volatility. He cited the example of GD Culture Group, which recorded unrealized losses of $332 million due to the decline in the value of its $841.5 million Bitcoin purchases and announced its intention to sell its entire holding to fund a share buyback program.

However, Saylor believes that digital credit instruments offer a safe alternative for companies, giving them indirect exposure to Bitcoin with stable cash flows and without incurring accounting losses. He added that this model makes it easier for companies to obtain board approvals compared to directly owning Bitcoin.