PANews reported on Aug. 25 that Strategy founder Michael Saylor published a long essay titled "Bitcoin Reform: The Decline of Orthodoxy and the Rise of Digital Capital." In it, he argues that Bitcoin is moving beyond its early network-era identity and into a broader global capital system.
Saylor says the original "faith-only" framing is no longer enough to support Bitcoin’s development as a digital capital network. He describes the next phase as a "Bitcoin reform" and makes several claims: Satoshi Nakamoto was the founder, not a prophet; the white paper is a technical foundation, not a final constitution; self-custody is a right, not an obligation.
He also says trust should not be rejected outright, but managed by distinguishing between good and bad counterparties. In addition, he rejects the idea that exchange-traded products, company equity and similar financial instruments should all be labeled as "paper Bitcoin."
Saylor says Bitcoin’s next stage is a digital capital transformation, with a target market that includes global equities, fixed income and gold among hundreds of billions of dollars in assets. In his view, Bitcoin is evolving from a peer-to-peer electronic cash system into digital capital infrastructure.
Saylor maps out Bitcoin’s next phase
Strategy founder Michael Saylor published a long essay on Aug. 25, titled Bitcoin Reform: The Decline of Orthodoxy and the Rise of Digital Capital. In it, he lays out his view of how Bitcoin is evolving from an early network into a global capital system.
Saylor argues that Bitcoin is going through a major transition. The early "faith-only" narrative, he says, is no longer enough to support its development as a global digital capital network. He frames that shift as a "Bitcoin reform."
The principles he outlined
In the essay, Saylor makes several specific points: Satoshi Nakamoto was the founder, not a prophet; the white paper is a technical foundation, not a final constitution; and self-custody is a right, not an obligation.
He also says trust should not be rejected entirely. Instead, it should be managed by distinguishing between good counterparties and bad counterparties. He adds that exchange-traded products, company equity and other financial instruments should not all be grouped together and called "paper Bitcoin."
Bitcoin as digital capital infrastructure
Saylor says Bitcoin’s next stage is a digital capital transformation. He says the target market spans global equities, fixed income and gold, among hundreds of billions of dollars in assets.
In his view, Bitcoin will move from "peer-to-peer electronic cash" to digital capital infrastructure.
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