Michael Saylor: The biggest risk to Bitcoin's future is being absorbed by the financial system and regulatory frameworks. First, if the protocol gets arbitrarily modified, it could undermine scarcity and decentralization, weakening Bitcoin's monetary properties. Second, intermediary institutions might issue Bitcoin certificates far exceeding the actual amount of Bitcoin, using methods like leverage and rehypothecation. While the protocol itself won't fail, the financial structure could trigger leverage and credit crises. Third, if custody becomes too centralized, and most people don't manage their own private keys but instead store Bitcoin with a few major banks, exchanges, or apps, Bitcoin will remain scarce but its usability will become increasingly restricted. Fourth, regulatory chokeholds. Governments can't alter Bitcoin's underlying protocol, but they can control exchanges, custodians, miners, banks, tax systems, and other interfaces, gradually tightening the space for usage. Lastly, instability in the fee market. As block rewards decrease, network security will rely primarily on transaction fees. The development of the fee market will inevitably experience fluctuations during the transition phase.