The CEO of Strategy, formerly MicroStrategy, Michael Saylor, compared modern corporations to people suffering from type 1 diabetes, with Bitcoin serving as the insulin necessary for their survival. He made this statement during a discussion titled «Why the Bitcoin Standard Matters», where he, along with Jeff Park from Bitwise and Larry Chermak from The Block, discussed the importance of the Bitcoin standard in the financial system.
This is reported by Business • Media
The Importance of Bitcoin for Corporate Reserves
According to Saylor, modern companies are experiencing capital depletion due to high costs associated with investing in short-term treasury bonds. He noted that «companies are starving themselves of capital», as the cost of capital for investments in short-term bonds is around 12%, of which 2-3% is post-tax yield, while the rest is value loss due to inefficient investments.
“Every company today is unable to preserve economic energy. They lose 10% of their capital value each year by holding short-term bonds that yield 2-3% after taxes, while the cost of capital is 12%. It’s like dying of hunger while constantly eating,” Saylor emphasized.
He stressed that for companies, just as for people with diabetes, it is crucial to have a stable and reliable means of preserving energy—in the case of corporations, this means capital. Without an appropriate financial strategy, companies cannot effectively preserve or grow their resources.
Bitcoin as a Strategic Asset and Reserve Medium
Michael Saylor is convinced that adopting Bitcoin as a standard enhances a company’s attractiveness to investors, leading to the attraction of additional capital. This, in turn, increases stock value and strengthens the company’s market position.
“Exchanging dollar assets for Bitcoin is productive. It creates real value for shareholders,” he noted.
According to him, Bitcoin has, for the first time in over a hundred years, opened the door to an asset that is not a security and yet provides returns higher than the cost of capital. Furthermore, he emphasized that the Bitcoin protocol is reliable, decentralized, and resistant to censorship:
“No state, company, or capitalist can destroy this protocol. That is why it is the ideal primary reserve asset for public and corporate treasuries,” Saylor stressed.
He also dispels myths that Bitcoin is a “non-productive” asset and opposes its use solely as a tool for generating fiat profit. According to Saylor, exchanging dollars for Bitcoin creates real value and contributes to long-term capital growth.
Michael Saylor noted that attempts to replicate his strategy with other cryptocurrencies, such as Ethereum or Solana, are futile, as «Bitcoin is like steel, while everything else is balsa, unsuitable for a foundation».
At the beginning of 2025, he also proposed that the U.S. government create a Bitcoin reserve worth $81 trillion, demonstrating his long-term commitment to this asset.