Author: Martin

Strategy's Executive Chairman Michael Saylor recently shared an astonishing prediction about the future of Bitcoin in a podcast interview: over the next twenty years, Bitcoin could appreciate at an average annual rate of nearly 29%.

Bitcoin is quietly transforming from a frenzied speculative game into a value storage tool favored by institutions. He believes that the recent flat price movement of Bitcoin is not a sign of weakness, but rather a manifestation of market strength, as the market is currently in a consolidation phase—long-term holders are selling part of their positions while institutional investors are preparing for larger allocations.

The gradual decline in volatility is a very positive signal, creating conditions for large institutional investors to enter the space and make significant investments.

Market Enters Maturity Stage, Institutional Investors Accelerate Entry

Saylor pointed out that the Bitcoin market is undergoing a "growth phase," which is a natural part of its lifecycle. As institutional investors accelerate their entry, the decreasing volatility of Bitcoin makes it "boring" for retail investors who seek excitement, but this is part of the natural growth phase and is a positive sign.

Data shows that this transition is indeed underway, with Bitcoin reserves on centralized exchanges dropping to about 2.5 million, the lowest level since October 2018. In just a few months from the end of 2024 to now, exchanges have seen an outflow of 500,000 Bitcoins.

Rise of Bitcoin Treasury Companies, Recovering Stagnant Capital

Strategy (formerly MicroStrategy) is the world's most well-known enterprise-level Bitcoin holding institution. Its massive investments in Bitcoin and unique business model have made it a focal point at the intersection of cryptocurrency and traditional finance.

Strategy holds a total of 638,985 Bitcoins, making it the largest Bitcoin treasury company, valued at approximately $74 billion. The core of its innovative Digital Asset Treasury (DAT) model operates by raising funds through issuing stocks (such as "at-the-market" ATM programs) and various bonds (especially convertible bonds and preferred stock) to purchase and hold large amounts of Bitcoin.

Saylor likens the rise of Bitcoin treasury companies to the early stages of the petrochemical industry, predicting that in a chaotic yet transformative decade, various products, business models, and wealth will continuously emerge. He elaborated that Bitcoin treasury companies "recover stagnant capital just like miners recover stranded energy." This trend has already begun to manifest, with publicly traded companies withdrawing over 425,000 BTC from exchanges since November 2024.

Investment Landscape Changes Dramatically, Rational Response to New Cycle

In light of the market changes, Saylor advises investors to understand that Bitcoin's role has shifted—it is transitioning from a speculative asset to a value storage tool. With the entry of large institutions and corporations, the Bitcoin market is expected to gain greater recognition and support, continuing to play an important role in the global financial system.

Saylor's vision is being partially validated, as institutional investors are steadily increasing their allocations to Bitcoin. BlackRock has accumulated over 662,500 Bitcoins through its iShares Bitcoin Trust, accounting for more than 3% of the total Bitcoin supply. Over 8% of the total circulating supply of Bitcoin is now held by governments and institutional investors, marking an unprecedented level of sovereign and institutional participation in decentralized assets.

In the next decade, we will witness a "digital gold rush," during which a multitude of new models and products will emerge, accompanied by mistakes and wealth creation.

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