Michael Saylor, Founder of Strategy: Bitcoin Has No Garbage Transaction Issues
Michael Saylor, founder of Strategy, stated that after ten years of concerns about insufficient block space and debates over non-monetary uses, Bitcoin still has no garbage transaction issues. Currently, the Bitcoin network transaction fee is about 1 sat/vB, allowing anyone to quickly transfer any amount of Bitcoin globally at a cost of approximately $0.3. The market's free mechanism continues to address block space challenges by allocating scarce resources through price signals. Source: Public Information
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Michael Saylor, founder of Strategy, has been accumulating Bitcoin on a large scale through MicroStrategy for the past decade, shifting the company's cash reserves to a BTC strategy since 2020, having purchased over 500,000 coins, making it the largest Bitcoin holder among publicly traded companies. He faced significant unrealized losses during the 2022 bear market but chose not to sell.
In terms of capital strategy, Saylor has raised billions of dollars through convertible bonds and stock offerings specifically for Bitcoin acquisitions, and has pushed Strategy to adopt BTC as a primary reserve asset. This move essentially transforms the company into a Bitcoin leveraged investment vehicle, motivated by a long-term bullish outlook on Bitcoin's scarcity attributes and network effects as digital gold.
Similar paths have been taken by early institutions like Tesla, which briefly held Bitcoin before partially selling, and Square (Block), which continues to make small purchases. Currently, Bitcoin is transitioning from a speculative asset to an institutional reserve asset, and Saylor's statements reinforce his position within the ranks of major Bitcoin holders.
Structural Judgment: This essentially represents a transfer of pricing power. The pricing power of Bitcoin block space has shifted from early developer/community governance debates to a pure market bidding mechanism (fee market), where miners and users bid in real-time through sat/vB to determine priority. Any non-monetary use must pay sufficient fees to enter the block, and this decentralized price discovery mechanism replaces human intervention or protocol modifications, ensuring the scarcity and security of the L1 settlement layer.
ABAB News · Law of Cognition
Scarcity is not the issue; the transfer of pricing power is the solution.
Market fears for a decade, self-healing mechanism in a day.
Leverage holders define assets, price signals filter noise.