[Michael Saylor Proposes a Five-Layer Architecture for the Modern Digital Asset Stack] Michael Saylor, founder of Strategy, published a long post on the X platform, proposing a five-layer architecture for the modern digital asset stack: Digital Capital (BTC), Digital Credit (Bitcoin-backed yield instruments), Digital Currency (stable value yield instruments), Digital Yield (leveraged or structured products), and Digital Equity (MSTR-style residual equity). Saylor believes that Bitcoin itself does not need to generate yield, nor does it require staking, inflation, or protocol changes. Yield should be created above Bitcoin through the capital structure. Digital Currency combines digital credit with fiat cash equivalents to form tools with stable value, daily liquidity, and yield, targeting a return rate of 6-8%. This architecture does not alter Bitcoin's underlying structure or weaken its core principles but instead expands Bitcoin from a single asset into a global financial infrastructure through capital markets.