Michael Saylor has published an extensive thesis on the future of Bitcoin. The main idea: Bitcoin is not a tech startup, but a monetary network. Its strength lies not in rapid development, but in the immutability of its underlying protocol.
According to Saylor, the next decade will be shaped not by halvings, but by institutional capital flowsâETFs, corporate treasuries, sovereign reserves, bank lending, and derivatives. The world will build financial systems around Bitcoinâloans, stablecoins, structured productsâbut Bitcoin itself will remain unchanged.
The main risks are: âpaper Bitcoinâ with excessive leverage, custodial centralization, and regulatory pressure on exchanges and miners. The protocol will surviveâbut investors could suffer from the financial system surrounding it.