Michael Saylor@saylor
Bitcoin Capitalism — my keynote from @BTCPrague 2026.
Digital Capital is the foundation for Digital Credit, Digital Money, Digital Yield, Digital Equity, and a universe of Bitcoin-backed products and services.
Timestamps:
01:37 - The Four Bitcoin Ideologies and the case for Bitcoin Capitalism
03:29 - Bitcoin as Digital Capital: thousand-year capital with a half-life of infinity
06:12 - Bitcoin network snapshot and ~68% dominance
07:41 - What is money? The Austrian view, the conventional investor view, and “Bitcoin is money, everything else is credit”
09:21 - Digital Money and Digital Credit: bitcoin-backed products for fiat-facing investors
11:28 - Digital Credit: an ~$11–12B asset class that was zero 12 months ago
14:54 - Bitcoin’s opportunity: $1T of bitcoin vs. $1,000T of global capital
15:43 - The 10-dimensional model for reaching stranded capital
16:44 - 1) Asset types: commodities, equities, credit, derivatives, real estate, money, and tokens
18:07 - 2) Capital functions: store of value, appreciation, income, collateral, and payments
19:29 - 3) Custody: self-custody, banks, custodians, broker-dealers, prime brokers, and exchanges
20:34 - 4) Jurisdictions: 664,000 legal and regulatory environments for capital
22:03 - 5) Distribution networks: banks, exchanges, payment networks, and $156T controlled by wealth advisors
23:13 - 6) Account forms: retirement accounts, brokerage accounts, insurance policies, treasuries, and trusts
24:51 - 7) Risk: market, currency, duration, regulatory, credit, technical, security, theft, and counterparty risk
26:03 - 8) Liquidity: transforming $350T of illiquid capital with liquid digital assets
28:02 - 9) Investors: banks control ~$200T and need compliant bitcoin-backed products
30:09 - 10) Product characteristics: fixed rate, floating rate, leverage, callability, fees, and structure
30:45 - The 10x10 matrix for channeling global capital into Bitcoin
31:19 - How $10–20T of capital could expand Bitcoin into a $100T network, moving from $70K to $700K to $7M per bitcoin
32:10 - Bitcoin Capitalism as a Darwinian market: winners, challengers, failures, and 1,400 companies tracked by Strategy
34:53 - Existing bitcoin-backed products: @Trezor, @Unchained, @Fidelity, @Fold_app, @Tando_me, @Relai_app, @CashApp, @HodlHodl, @AnchorWatch, @Meanwhile, $IBIT, $STRC, and $MSTR
40:03 - Digital Capital, Digital Credit, Digital Money, and Digital Yield competing with traditional capital markets
41:03 - Digital Money and Digital Yield: better stablecoins and higher-yield bitcoin-backed products
47:27 - 3 ways to participate: savers, investors, and innovators
49:19 - The aluminum airplane analogy: people buy the product, not the commodity underneath
52:29 - Build a ₿ridge to connect $BTC to the global capital markets
53:42 - 10,000 products, 10,000 needs, and 100,000 corporate efforts to change the world
