Michael Saylor’s essay calls for Bitcoin to expand through banks, credit, securities and higher layers while preserving its base layer.
Strategy co-founder and executive chairman Michael Saylor said Bitcoin needs “disciplined expansion” through banks, companies, securities, credit and capital markets, laying out a path for the asset as spot exchange-traded fund (ETF) outflows and a broader market sell-off test institutional demand.
On Friday, Saylor published an essay, saying Bitcoin’s base layer should be treated as “sacred infrastructure,” with most innovation occurring through higher layers, applications, custody systems, credit instruments and financial infrastructure.
The comments frame Bitcoin’s next phase as a clash between two institutional channels: passive spot ETF exposure, which has broadened access but remains sensitive to redemptions, and the corporate and credit-market adoption model favored by Saylor’s Strategy.
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