Michael Saylor: Building a digital credit system with Bitcoin as the underlying asset may lead to new types of digital currencies in the future.

At Strategy World 2026, Michael Saylor, Executive Chairman of Strategy, delivered a speech on the theme of "Digital Credit," outlining his vision for a tiered digital financial system with Bitcoin as the core asset. He proposed that the first layer of this system is "Digital Capital," namely Bitcoin itself; the second layer is "Digital Credit," referring to financial instruments issued based on Bitcoin, such as Strategy's perpetual preferred shares STRC, STRK, STRF, and STRD, aiming to provide an annualized return of approximately 10% while reducing the volatility of directly holding Bitcoin; the third layer is "Digital Money," namely stablecoins and payment instruments further derived from the above financial products, such as USDat, a stablecoin issued based on STRC and US Treasury bonds. Saylor stated that both digital credit and digital money use Bitcoin as the underlying asset, differing from fiat currency systems based on national credit, and their returns depend on the long-term performance of Bitcoin's price.