Michael Saylor on Wednesday framed the backlash around Strategy’s digital-credit business model as part of a much older pattern.
During a Q&A following his presentation at the Binance blockchain week, Saylor said the criticism and volatility surrounding Strategy reflect the same cycle of disbelief that once stalled technologies like electricity, automobiles, airplanes and most notably, nuclear energy.
According to Saylor, markets are reading Strategy’s volatility as a signal something is wrong.
He argued the opposite. “There was skepticism about electricity, skepticism about automobiles, skepticism about airplanes,” he said. “People weren’t even sure they liked nuclear power for 50 years. Now they’ve decided infinite clean energy isn’t a bad idea again.”
For Saylor, this historical arc mirrors how critics view his company’s aggressive push into Bitcoin-backed credit instruments. Strategy’s stock has faced intense drawdowns, short pressure and debate over the risk inherent in its Bitcoin-collateralized credit offerings.
But Saylor said the turbulence is proof of underlying strength.
“The volatility means this is the most powerful, vibrant, useful thing in the entire capital market,” he said. “That’s why it’s volatile.”
Saylor’s comments came after a detailed walkthrough of Strategy’s emerging product line, which he describes as a system for converting “digital capital” — Bitcoin — into “digital credit,” including instruments like STRC and Strife.
These products offer variable yields and are positioned as an alternative to conventional fixed-income products. Saylor argued that the company’s model represents a major structural shift in global credit markets, powered by Bitcoin’s long-term appreciation.
He encouraged listeners not to interpret skepticism or short-term market pressure as a sign of failure. “There’s always going to be skepticism of the new,” he said. “But I wouldn’t be cowed by the volatility.”
Saylor said that if critics dismissed nuclear power only to embrace it decades later, the same dynamic could play out in digital finance. “Don’t run away from the fire,” he said. “Run toward it.”
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