Bitcoin Gains Global Recognition as a Universal Digital Asset—Institutional Advancements by 2026 and Strategy's Strategic Shift

The true victory of Bitcoin lies not in short-term price fluctuations but in the fundamental acceptance of the financial system. Michael Saylor, founder and chairman of Strategy Inc., points out that a series of institutional and foundational changes occurring from 2025 to early 2026 have established Bitcoin as the “universal capital” of the digital age. Multiple factors such as the revival of insurance, the introduction of fair value accounting, integration into the banking system, and expressions of support from regulatory authorities are progressing simultaneously, forming a historic turning point.

Expansion of Institutional Adoption—Corporate Bitcoin Holdings Become a Universal Trend

The number of companies holding Bitcoin on their balance sheets increased from 30-60 in 2024 to approximately 200 by the end of 2025. This rapid growth is not merely speculative but functions as a fundamental improvement strategy for companies. Even loss-making companies see their balance sheets improved through Bitcoin holdings, offsetting losses, while profitable companies experience further revenue growth.

Saylor argues that it is not criticism of companies purchasing Bitcoin itself, but rather that companies holding Bitcoin without incurring losses are making a rational decision. The key point is that among the 400 million companies worldwide, the market cannot be overwhelmed by just 200 companies’ Bitcoin purchases—there is no basis for such concern. Bitcoin is not merely a speculative asset but a universal production factor like electricity and an infrastructure capital of the digital era.

Structural Changes Driven by Shifts in Banking System and Regulatory Environment

In 2025, Bitcoin was officially recognized by governments as the world’s largest and most important digital commodity. Along with this, major US banks began offering and planning Bitcoin-backed loans, with about a quarter of banks launching direct BTC collateralized lending. JPMorgan Chase and Morgan Stanley are also exploring Bitcoin trading and settlement functions.

Dramatic changes also occurred in the insurance sector. Saylor’s company, which started purchasing Bitcoin in 2020, was previously disallowed from insurance contracts by insurance companies, but by 2025, insurance coverage was restored. The introduction of fair value accounting made it possible to recognize unrealized gains from Bitcoin holdings, and the traditional tax issues were resolved with proactive government guidance.

The Ministry of Finance expressed support for incorporating cryptocurrencies into balance sheets, and the chairmen of the CFTC (Commodity Futures Trading Commission) and SEC (Securities and Exchange Commission) have officially expressed support for Bitcoin. The commercialization of Bitcoin derivatives markets at the Chicago Mercantile Exchange (CME) advanced, and a tax-free physical exchange mechanism between Bitcoin worth $1 million and IBIT (Bitcoin spot ETF) was introduced.

Building Long-Term Value Beyond Short-Term Price Fluctuations—Saylor’s Investment Philosophy

Some investors believe in the four-year cycle theory and sell Bitcoin accordingly, but Saylor dismisses short-term price predictions as “meaningless.” It is misguided to be disappointed by short-term price declines after Bitcoin hit an all-time high 95 days ago.

Looking at human history, major ideological movements and enterprises are typically evaluated over a decade-long timeframe. If the goal is to commercialize Bitcoin, evaluating it over short spans like 10 weeks or 10 months is contrary to its purpose. When viewed through the 4-year moving average, Bitcoin continues to show a bullish trend, and the recent 90-day price decline was an excellent opportunity for foresightful investors to buy more.

Entry into the Digital Credit Market—Strategy’s Differentiation and Dollar Reserve Strategy

Strategy’s business model positions Bitcoin as “digital capital” and itself as a provider of “digital credit.” It does not aim to enter banking but seeks to leverage dollar reserves to enhance corporate creditworthiness and enter the vast credit market.

The ideal product is a listed asset with a 10% dividend yield and a V-value of 1-2. Gaining 10% of the US Treasury market could reach a potential market size of $10 trillion. The markets for senior credit and corporate credit are far from saturated; rather, there is almost unlimited room for expansion through Bitcoin collateralization.

Saylor emphasizes that a company’s value is not only determined by current operations but also by what it can do in the future. There are many market areas currently at zero, such as Bitcoin-backed derivatives, Bitcoin-backed exchanges, and even insurance businesses utilizing Bitcoin capital. This industry is enormous, and Strategy’s avoidance of banking is to maintain focus and concentration on the single domain of digital credit.

Bitcoin as Universal Capital—A Future Where All Companies Can Purchase

Some critics worry that large-scale Bitcoin purchases by many companies could lead to market saturation. However, Saylor’s perspective differs. Viewing Bitcoin as universal capital of the digital age makes it clear why all economic entities—from individuals to corporations, banks to insurance companies—should hold Bitcoin.

Just as electricity is a universal capital powering electrical machinery, Bitcoin is becoming the foundational infrastructure of the digital economy. The current situation where 200 out of 400 million companies worldwide have purchased Bitcoin is merely the early adoption stage, with nearly unlimited potential for expansion to thousands or tens of thousands of companies.

2026 is expected to be a year of further acceleration in this institutional leap. Instead of reacting to short-term price fluctuations, market participants are encouraged to recognize the long-term structural change where Bitcoin is established as universal digital capital.