Foreign media: Executive Chairman of Strategy Michael Seller recently wrote on platform X that the next stage in Bitcoin ' s development is not the frequent changes in the bottom-up agreements, but the continued expansion of its role in the financial system. In his view, bitcoin should be seen more as a currency network and a settlement of assets than as a fast-repeated software platform.
The four-year cycle has weakened its impact
Seller reiterated that the four-year-cycle model of bitcoin, which was used in the past by the market, was losing its original interpretative power. The traditional logic revolves around halving, i.e. a decline in incentives for miners and a slowdown in new supplies, which in turn drives price changes.
However, he believes that the factors that now influence the long-term dynamics of bitcoin have shifted more towards capital flows, bank credit and institutional demand. The market is being driven more directly by the inflow of spot bitcoin ETF, the buying of public-market companies' banks and various types of credit products than by new issuances by miners.
Institutional funds become new variables
Previous analyses also point out that the price path after halving is no longer as clear as in the past. The reason for this is that ETFs can absorb much larger amounts of funding than the new output of miners in a short period of time, making it more difficult for the old cycle models to accurately reflect changes in demand.
According to Seller, the expansion of Bitcoin over the next decade may come more from the digital credit market. He mentioned that bitcoin-based financial products could further link banks, funds, insurance institutions, pensions and business funds.
Innovation shift to peripheral products
In his view, the future market would not only be in the form of direct currency holding. ETFs, hosting platforms, credit instruments and agency-oriented financial services are important channels for the integration of bitcoin into the mainstream financial system.
At the same time, Seller stated that the bottom-up agreement for Bitcoin should be made more difficult to modify and that stability should be given higher priority. He argued that innovation should occur more at the level of wallets, hosting, lightning networks, flanking chains and financial products than at the level of frequent adjustments to underlying agreements.
Additional information:Strategy previously disclosed the Digital Credit Capital Framework, the United States dollar reserve policy, the buy-back plan and the Bitcoin Disbursement Programme and indicated that Bitcoin would remain the main treasury reserve asset.