TLDR
- Michael Saylor said Bitcoin could rise from $70K to $700K and later $7M.
- Saylor linked the forecast to Bitcoin-backed products and global capital flows.
- Strategy bought 1,587 BTC for about $100M between June 8 and June 14.
- Strategy now holds 846,842 BTC bought for about $64.07B in total.
- Strategy raised its USD reserve by $100M, bringing the balance to $1.1B.
Strategy Executive Chairman Michael Saylor said Bitcoin could move from about $70,000 to $700,000 and eventually to $7 million per coin if large pools of global capital shift into Bitcoin-backed products and services.
Saylor projected his “Bitcoin Capitalism” keynote at BTC Prague 2026, where he described Bitcoin as digital capital and argued that new financial products could connect the asset to broader capital markets. His comments came as Strategy continued to expand its Bitcoin holdings, buying another 1,587 BTC for about $100 million between June 8 and June 14.
Strategy now holds 846,842 BTC, purchased for about $64.07 billion at an average price of $75,656 per Bitcoin. The company also increased its USD reserve by $100 million to $1.1 billion, according to recent disclosures.
Michael Saylor Sees Bitcoin-Backed Products Expanding Demand
Saylor said Bitcoin’s market opportunity is tied to the size of global capital markets rather than only current crypto demand. He framed Bitcoin as a form of long-duration digital capital and said Bitcoin-backed credit, money, yield, equity, and derivative products could bring new investor groups into the market.
During the keynote, Saylor said Bitcoin represents about $1 trillion in value compared with roughly $1,000 trillion of global capital. He argued that moving $10 trillion to $20 trillion of capital into Bitcoin-backed structures could expand the Bitcoin network toward $100 trillion over time.
That view led to his price path from $70,000 to $700,000 and then $7 million per Bitcoin. The projection depends on capital moving through banks, custodians, brokerages, exchanges, retirement accounts, corporate treasuries, insurance structures, and wealth advisory platforms.
Saylor said banks control about $200 trillion and need compliant Bitcoin-backed products before they can serve many clients. He also pointed to wealth advisors managing about $156 trillion, describing distribution networks as a major channel for future exposure to Bitcoin.
Strategy Adds BTC as Capital Debate Continues
Strategy’s latest Bitcoin purchase continued its long-running treasury strategy. The company bought 1,587 BTC at an average price of $63,024 per coin, bringing its total holdings to more than 4% of Bitcoin’s 21 million supply cap.
Saylor’s keynote also described digital credit as an asset class that has grown to about $11 billion to $12 billion from zero over the past year. He said Bitcoin-backed instruments can compete with traditional money market funds, credit products, and yield-focused investment vehicles.
The comments came as investors continued debating whether Strategy’s amplified Bitcoin model creates better long-term returns than holding Bitcoin directly. Matt Cole, CEO of Strive, responded to criticism from Parker Lewis over MSTR’s equity issuance and performance attribution.
Cole argued that comparing Strategy’s weighted average equity issuance price with Bitcoin returns from a fixed start date produces an inconsistent calculation. He said a proper analysis should either use total return from a fixed date or cash-flow-weighted equity issuance, Bitcoin prices, and return periods together.
MSTR Performance Debate Focuses on Equity Issuance
Parker Lewis argued that Strategy raised nearly $40 billion in common equity since the start of 2024 at an aggregate premium to Bitcoin and that those investors could have bought Bitcoin directly. He said the stock’s premium to net asset value could later move to a discount if risks are not priced correctly.
Cole rejected that conclusion, saying MSTR has outperformed Bitcoin by 49% since the start of 2024 and has also outperformed Bitcoin since the company began its Bitcoin strategy in 2020. He said the debate depends on whether investors are analyzing total return or capital raised over time.
The exchange reflects a broader question for Bitcoin treasury companies that use equity, preferred stock, debt, and other financing tools to expand Bitcoin exposure. Saylor has argued that investors need multiple metrics, including Bitcoin per share, common equity Bitcoin exposure, liability duration, and cost of capital.
Saylor’s BTC Prague keynote placed that debate inside a larger framework that he called Bitcoin Capitalism. He said savers, investors, and innovators can participate in Bitcoin’s expansion through direct ownership, public equities, credit instruments, custody services, payment products, and other capital market structures.
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