Michael Saylor: Bitcoin is moving from an early faith to a digital capital network, where self-custody is a right, not an obligation

On 25 August, the founder of Strategy, Michael Saylor, published a long paper, Bitcoin Reform: Decline of Orthodoxy and Rise of Digital Capital, setting out the perspective of Bitcoin ' s evolution from early networking to global capital systems. Saylor argued that Bitcoin was undergoing a critical transition from its founding beliefs to the modern capital architecture, and that its development as a global digital capital network could no longer be sustained by early “beliefism”. He put forward the core concept of “bitcoin reform”: Chinese and Chinese were the founders, not the prophets; the White Paper was the foundation of technology, not the final constitution; self-custody was a right, not an obligation; trust should not be completely denied, but should be managed by distinguishing between good opponents; and opposition was to refer to financial instruments such as exchange-traded products, corporate equity and so on as “paper bitcoins”. Saylor predicts that the next phase of Bitcoin will be a digital capital transformation, with targeted markets covering tens of billions of dollars of assets such as global equity, fixed earnings and gold, and that Bitcoin will evolve from a “point-to-point electronic cash” to a digital capital infrastructure。