Michael Saylor has always appeared as a Bitcoin maximalist, and his recent presentation at the Strategy World 2026 conference was very interesting: the future of programmable digital credit will be deployed on chains such as Ethereum, which can convert credit into programmable digital tokens, thereby improving the efficiency and interoperability of the financial system. What rhythm is this? This is not a sudden turn, but based on market evolution: cryptocurrency is shifting from speculation to institutional level financial instruments, which he believes can amplify the size of the entire asset class and also benefit BTC. Previously, he only recognized Bitcoin, but now saying this is equivalent to publicly acknowledging that Bitcoin is the "underlying treasury" (with the most stable storage value), but to truly play big finance, automatic dividends, and engage in lending, one must rely on public chains such as Ethereum. Why did he say that? 1. Major Trends The global credit market is super large (hundreds of trillions of dollars), and traditional borrowing is too slow, too expensive, and too troublesome. Saylor believes that in the future, Bitcoin will be used as "collateral" and "digital credit" will be conducted on other public chains - automatic, intelligent, and programmable. For example, by locking Bitcoin, one can issue yield bearing tokens, funds, ETFs, etc., attracting banks and large institutions to come and play. His company is also doing this MicroStrategy (now known as Strategy) issued STRC, a preferred stock with returns, backed by Bitcoin. He wants to put it on chain to make it more flexible and globalized. 3. Not betraying Bitcoin He repeatedly emphasized that Bitcoin is still the leader and will not sell a single coin. Other chains are just "execution layers" (tools) that help Bitcoin amplify its influence. It is equivalent to his desire to transform Bitcoin from "just hoarding for appreciation" to "a financial cornerstone that can generate money". Supporting a multi chain ecosystem allows the entire cryptocurrency market to grow and institutional funds to enter, benefiting Bitcoin at the same time.