Bitcoin Is ‘Digital Capital’ That Outpaces Traditional Assets—Michael Saylor

Strategy’s long-running bet on Bitcoin remains at the heart of the debate over the asset’s place in finance. Based on reports, the firm now holds more than 638,500 BTC, a stake that Saylor has said is worth “tens of billions” of dollars.

That stockpile has shaped both the company’s identity and Michael Saylor’s public message since Strategy began buying Bitcoin in 2020.

According to Saylor’s recent interview on Coin Stories, Bitcoin will outperform the S&P 500 “forever.” He went further, saying the S&P 500 would lose nearly 29% each year when measured against Bitcoin for the next 21 years.

Those are among the most aggressive public forecasts he has voiced. He also pointed to Bitcoin’s returns over the past 10 years as proof that the gap already exists.

My discussion with @NatBrunell on the digital transformation and reinvigoration of capital markets through digital credit instruments — $STRK $STRF $STRD $STRC — built on $BTC digital capital.pic.twitter.com/t8AcsgdiKF

— Michael Saylor (@saylor) September 19, 2025

Based on reports, Saylor described Bitcoin as a form of “digital capital” that could be used to back loans and other credit instruments. He argued that a fixed supply and decentralized network give Bitcoin a more predictable long-term path than fiat money.

Policy action is part of his effort. Meetings with other crypto executives, including talks about a strategic Bitcoin reserve bill, were mentioned as steps toward making the asset more widely accepted in finance and policy circles.

Saylor contrasted Bitcoin with the US dollar and with conventional collateral, saying currencies suffer from long-term depreciation tied to inflation and central bank policy.

But critics point to Bitcoin’s price swings and regulatory uncertainty as real obstacles to using it as stable collateral. Some risk would be built into any credit product that leans heavily on a volatile asset. These concerns have been raised by market participants and remain part of the public record.

Saylor explained why Strategy is not yet in the S&P 500. He said the company needed changes in fair value accounting and sustained profitability before it could be considered.

Reports show the company only began its major Bitcoin purchases in 2020 and has since anchored much of its corporate strategy to the coin. That strategy continues to shape investor views of the company’s earnings and balance sheet.

Featured image from Unsplash, chart from TradingView