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Michael Saylor has said Bitcoin\u2019s next stage may come from changing less at the protocol level while becoming more important across finance. In a new X article titled \u201cBitcoin Evolves by Not Changing,\u201d the Strategy executive chairman argued that Bitcoin should act as a monetary network, not a fast-moving software platform.<\/p>\n
\n Summary<\/span>\n <\/p>\n <\/p>\n https:\/\/twitter.com\/saylor\/article\/2073685745512948011<\/a><\/p>\n Saylor said Bitcoin\u2019s base layer should harden while capital markets, apps and institutions build around it. He described Bitcoin as digital capital<\/a>, with its main role tied to final settlement, reserves and collateral rather than everyday payments.<\/p>\n <\/p>\n Saylor repeated his view that Bitcoin\u2019s traditional four-year cycle is no longer the main market model. The old cycle linked price moves to the halving, which cuts miner rewards and slows new supply.<\/p>\n Crypto.news reported in April that Saylor called the four-year cycle \u201cdead\u201d and said capital flows, bank credit and institutional demand now shape Bitcoin\u2019s long-term price path. In that view, ETF flows, corporate treasury buying and credit products now matter more than miner issuance.<\/p>\n A later crypto.news analysis<\/a> said the post-halving pattern has weakened as spot Bitcoin ETFs and institutional demand changed the market. The report noted that ETF flows can now move more capital than miners produce, making demand shocks harder to read through the old model.<\/p>\n Saylor also tied Bitcoin\u2019s next decade to digital credit. He said Bitcoin-backed products could connect the asset to banks, funds, insurers, pensions and companies. In his view, direct Bitcoin ownership will exist beside ETFs, custody platforms, credit products and institutional services.<\/p>\n Strategy\u2019s own business has moved in that direction. On June 29, announced<\/a> a digital credit capital framework, a USD reserve policy, repurchase programs and a Bitcoin monetization program. The company said it remained committed to Bitcoin as its main treasury reserve asset while using active capital management.<\/p>\n Crypto.news recently reported that Strategy\u2019s model is under pressure after Bitcoin fell below $60,000 and the company\u2019s market value dropped below the value of its Bitcoin holdings. Another report<\/a> said Strategy\u2019s June framework turned a one-off Bitcoin sale into a standing option for capital management.<\/p>\n\n\n
Four-year cycle faces a new test<\/strong><\/h2>\n
Capital markets move closer to Bitcoin<\/strong><\/h2>\n
Doubts remain over the cycle debate<\/strong><\/h2>\n