Speaking at the Bitcoin 2025 conference in Las Vegas this week, Michael Saylor outlined his vision for bitcoin‘s future role within the broader financial ecosystem. He anchored his prediction in a historical analogy to the Rothschild banking dynasty.

The Rothschilds, Saylor explained, were the preeminent international bankers of the 1800s. Their power stemmed from a vast network of family-controlled banks across Europe. Saylor said the primary assets traded through this network were sovereign debt instruments – essentially bearer bonds issued by governments like the U.K., France, and Germany, typically trading at a par value of around 100.

Saylor detailed how this system functioned. These bearer bonds circulated rapidly as the main trading instruments. However, when transactions required final “cash settlement,” it meant exchanging those bonds for physical gold bullion or gold coins. “Cash,” in that era, explicitly meant gold – metallic money in coin or bar form, Saylor remarked.

He further noted that even then, physical gold was often too cumbersome for frequent settlement. Therefore, debt instruments – effectively fiat currencies trading over the gold standard – became the dominant circulating medium throughout the century, with gold serving as the ultimate settlement layer.

Saylor argued bitcoin represents the digital evolution of this principle. He called bitcoin “digital gold” and a “bearer instrument,” positioning it as the modern equivalent of that foundational settlement asset. “Bitcoin is digital cash,” Saylor stated, emphasizing its role as a monetary instrument in the settlement regard.

Looking forward, Saylor sees bitcoin’s role expanding dramatically, growing from its current valuation “to $10 trillion to $100 trillion” as it becomes integrated into the global capital stock. He explicitly stated: “You’re going to have all these forms of credit… But when people cash-settle, the settlement network will be bitcoin.”

Crucially, Saylor does not foresee traditional debt markets disappearing. Sovereign debt, corporate debt, municipal debt, and mortgage-backed securities will persist, he believes, as long as governments, cities, companies, and homebuyers exist. These various credit instruments will continue to circulate.

However, Saylor envisions bitcoin becoming the “apex asset” and the “center of gravity” for the 21st-century financial universe. Just as gravity pulls towards the Earth’s core, he suggested, bitcoin will become the root asset upon which all other financial transactions are ultimately settled or oriented. “Everything will be oriented around that frame of reference,” he concluded.

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