Michael Saylor: The period from now until 2035 is a gold rush for digital assets, with about 99% of Bitcoin to be mined by 2035
Michael Saylor, founder and executive chairman of Strategy, stated in an interview with Binance that the period from now until 2035 represents a gold rush for digital assets. He bases this on two points: the crypto economy is still relatively small compared to other global asset markets and is experiencing rapid growth. By 2035, about 99% of Bitcoin will have been mined, with the remaining 1% expected to take about another hundred years. He believes this indicates that the industry is still in its early stages.
He referred to Bitcoin as digital capital and outlined four adoption pathways: exchange-traded funds and wrapped Bitcoin products, treasury companies, digital credit, and bank collateralized credit. He views bank credit backed by Bitcoin as a price catalyst for the next 36 months. The company does not have a fixed holding target; rather, it accumulates Bitcoin as it raises capital. The current holdings amount to approximately 848,000 BTC.
STRC is a perpetual preferred stock issued by Strategy that pays cash dividends. Saylor stated that this type of digital credit must provide different volatility and cash flow compared to directly holding Bitcoin, catering to funds that cannot withstand Bitcoin price fluctuations. He compared Bitcoin to a fighter jet and STRC products to a commercial airliner. Dividends are not automatically paid by rising coin prices; preferred shareholders receive company securities, not on-chain coins.
He monitors the price benchmark of Bitcoin's 200-week moving average and the premium or discount of the current price relative to this average. In the interview, he estimated the scale of the crypto economy to be around $3 trillion, compared to other asset markets of about $100 trillion to $120 trillion, stating that to reach 10% of the latter, it must grow from $3 trillion to $120 trillion. He also mentioned that funds previously flowing into artificial intelligence and large private equity financing have begun to return to the crypto market, naming destinations such as SpaceX, OpenAI, Anthropic, and Nvidia.
Strategy holds over 840,000 BTC, accounting for more than 4% of the final supply. Binance conducted this interview and also provides a trading entry for STRC. Saylor's gold rush judgment is tied to the company's continuous accumulation: there is no target position, only the next round of financing. The 200-week moving average is used to gauge market heat, not to announce a stop in purchases.
Buyers are those purchasing STRC cash dividends, Bitcoin ETFs, and depositing coins into treasuries. Sellers are Strategy continuously issuing securities in exchange for Bitcoin. The event-driven aspect comes from his statement about the production inflection point in 2035, not a new halving. Money flows from preferred stock, convertible bonds, and stock issuance into the company's Bitcoin inventory. Strategy and platforms that can distribute STRC benefit. The pressure is on those needing to find reserves for cash dividends and buyers who mistakenly treat preferred stock as Bitcoin itself.
Source: Public information
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This financing path for Saylor began in August 2020 when MicroStrategy added Bitcoin to its treasury. The company later rebranded to Strategy, repeatedly exchanging stock, convertible bonds, and preferred stock for Bitcoin, increasing its holdings from about 21,000 BTC to approximately 848,000 BTC. After the approval of the U.S. spot Bitcoin ETF in January 2024, he did not switch to only holding the ETF but referred to the ETF as one of four channels while continuing to operate as a treasury company. STRC serves as the cash dividend layer in this chain, designed to accommodate accounts that cannot withstand price declines.
Capital flows into securities rather than mining machines. The company does not have a fixed holding target; the pace of accumulation equals the pace of financing. Preferred stock pays cash dividends, and rising coin prices do not generate this cash; reserves must rely on subsequent issuances, operational cash, or asset sales. Binance conducted the interview and provides an entry for STRC trading, merging distribution and holding narratives into the same channel. He described the source of returning funds as coming from AI and large private equity firms like SpaceX, OpenAI, Anthropic, and Nvidia, equating crypto accumulation to reallocating from equity private placements.
In contrast, after 2020, Tesla briefly added Bitcoin to its treasury and then sold most of it in 2021, while Japan's Metaplanet plans to replicate the treasury company model using equity financing after 2024. The industry is in the latter half of an expansion phase: the spot ETF has opened compliant entry points, and Saylor aims to add digital credit and bank collateral to bring accounts that cannot buy coins into the same asset. The prediction that 99% will be mined by 2035 is merely a production curve, not a demand proof.
Structurally, this represents a transfer of pricing power. The Bitcoin protocol halves new supply approximately every four years, meaning that after 2035, new coins will be scarce. Saylor describes this cutoff as the endpoint of the gold rush, placing company securities ahead of coins: ETFs provide price, treasury companies provide stock, preferred stock provides cash flow, and bank collateral provides leverage. The mechanism is that the larger the holdings, the more the next round of buyers must believe the window is still open. The absence of a fixed target implies that the condition for stopping purchases is not the position but the inability to raise capital.
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No fixed target position; the condition for stopping purchases is the inability to raise funds.
Dividends come from the securities structure, not from rising coin prices.
The supply inflection point is described as a window, which is used to sell the next round of securities.