- Saylor says Bitcoin treasury firms could issue simple credit products tied to real liabilities, not short-term speculation.
- He positions Bitcoin as core capital powering predictable, dividend-like returns through structured credit issuance.
- Trust, transparent collateral, and consistent operations are key to a stable “digital credit” model by 2026.
Michael Saylor described a shift in strategy during a December 20 interview with CoinDesk. He stated that Bitcoin treasury companies could move beyond speculation and build digital credit structures that operate like simplified financial instruments. He said the model ties returns to real-world liabilities and uses Bitcoin as core capital to support predictable credit issuance.
Shift From Speculation to Operational Credit Models
According to Saylor, the objective does not involve short-term asset bets. Instead, he referenced a future where companies issue credit instruments that pay more than the risk-free rate.
He explained that these instruments would be denominated in the currency users already spend for expenses or obligations. This, he stated, creates a product similar to a high-yield bank account with minimal complexity.
Bitcoin as the Operating Base for Credit
From that point, Saylor linked the concept to Bitcoin. He asserted that the asset would serve as the engine that powers dividend-like returns. However, he emphasized trust and creditworthiness.
He noted that users would require confidence in the issuing company’s collateral, structure, and operations. He also pointed to transparency and predictability as factors that support that confidence.
Transparent Collateral as Foundation of Stability
Saylor said the issuing entity must demonstrate collateral and behavior that remains understandable over time. He also noted that consistency and clear procedures form the basis of reliability.
By doing so, he argued that these characteristics could shape digital treasury companies in 2026. He referred to the approach as a “digital credit revolution” focused on structure rather than hype.
