Bitcoin's four-year cycle, tied to the halving and retail demand, is no longer the dominant market model, said Strategy chairman Michael Saylor as he published an analytical breakdown that broke down how the cryptocurrency is moving into the status of "digital capital", now dependent on large institutional inflows.
According to the head of the largest corporate holder of the cryptocurrency, the reduction of coin issuance by miners has lost its former importance. The well-known investor now names new sources of demand as the main market driver. Bitcoin's trajectory is now shaped by large capital flows:
- Spot Bitcoin ETFs and equity-market derivatives
- Corporate treasuries of public companies
- Sovereign funds and state reserves
- Interbank credit and collateral instruments
Saylor emphasizes that the market has become too liquid for the old retail-driven cycles. "This is the next phase of Bitcoin adoption: not just more buyers, but more balance sheets," the top executive stated.
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He also notes that, unlike IT companies that operate on the principle of rapid development, Bitcoin's role is to ensure the stability of the base layer. According to the author's forecast, over the next ten years the protocol will become even more conservative, serving as a platform for large final settlements.
Code changes will become rare because of strict consensus among participants, while technological solutions such as the Lightning Network or sidechains, in the speaker's view, will ultimately move to the periphery of the system.
Threat of "paper Bitcoin"
At the same time, the billionaire draws an analogy with gold and real estate, which unlocked their financial potential only after the emergence of credit markets. According to the MicroStrategy founder, a similar digital credit industry is now forming around Bitcoin, connecting it with the traditional economy.
However, Saylor also sees this as the main risk of the decade: the emergence of "paper Bitcoin," where intermediaries create more debt claims than are backed by real coins. Under these conditions, the Strategy chief names custodian transparency and proof of reserves as the key factors for investor security.
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