Michael Saylor, founder of Strategy, the company with the largest Bitcoin holding among publicly traded firms, has published a long-form article titled “Bitcoin Reform: The Decline of Orthodoxy and the Rise of Digital Capital,” arguing that Bitcoin is evolving from a belief system of the early network into a modern infrastructure capable of承载 global capital. He proposes reform principles including: Satoshi Nakamoto is the founder, not a prophet; the whitepaper is a technical foundation, not a final constitution; self-custody is a right, not an obligation; trust should be managed by distinguishing between benign counterparties; and he opposes labeling all exchange-traded products and corporate equities as “paper Bitcoin.” Saylor also predicts Bitcoin’s next phase will be a digital capital transformation, targeting global asset classes including equities, fixed income, and gold.
(Prior context: Michael Saylor: The U.S. should acquire 5–25% of total Bitcoin supply by 2035, and the future Treasury could generate $1 trillion annually)
(Bonus context: Satoshi Nakamoto created an immortal economy! Michael Saylor’s 10,000-word interview: Destroying Bitcoin private keys after death is the ultimate decentralized charity)
The "era of faith" in Bitcoin is undergoing a transformation. On August 25, Michael Saylor, founder of Strategy, Bitcoin’s largest holding corporation, published a lengthy post on X platform titled “Bitcoin Reform: The Decline of Orthodoxy and the Rise of Digital Capital,” laying out his comprehensive vision for Bitcoin’s next phase: in Saylor’s view, Bitcoin is transitioning from an “early-network belief” toward a modern financial infrastructure capable of carrying global capital.
He proposed the core ideas of "Bitcoin reform," instantly overturning many people's preconceived notions about Bitcoin: Satoshi Nakamoto is a "founder," not a "prophet"; the whitepaper is a "technical foundation," not a "final constitution"; self-custody is a "right," not an "obligation"; trust does not need to be entirely rejected, but rather managed by distinguishing between benign counterparties. He also disagrees with labeling all financial instruments—from exchange-traded commodities to corporate equity—as "crypto paper."
From "peer-to-peer electronic cash" to "digital capital infrastructure"
Saylor positions Bitcoin’s next phase as a “digital capital transformation,” targeting a global market encompassing equities, fixed income, gold, and other assets totaling hundreds of billions of dollars. In his vision, Bitcoin will evolve beyond its original definition in Nakamoto’s whitepaper as “peer-to-peer electronic cash” to become the foundational infrastructure underpinning the entire digital capital market.
Why raise the "reform argument" now?
Behind this narrative lies Strategy’s recent transformation from a software company into a Bitcoin asset holder. From “self-custody is a right, not an obligation” to “counterparty trust management,” Saylor seeks to move Bitcoin beyond its early, fervent ideological roots toward an asset framework accessible to institutions and nations alike—providing this wave of digital asset enthusiasm with a more macro-level narrative blueprint.
