Scarce Assets E021: Michael Saylor – Pursuit of Bitcoin Yield

Bitcoin serves as an international asset and the only economic entity with supply unaffected by demand, positioning it as the premier form of digital capital. Corporate adoption hinges on three critical pillars: fair accounting standards, institutional regulatory approval, and integration into the traditional banking system. MicroStrategy’s strategy demonstrates that holding Bitcoin long-term, while utilizing metrics like "BTC yield" to measure Bitcoin per share, creates significant value for shareholders. Rather than seeking complex, high-risk yield strategies, corporations should focus on simple, long-duration Bitcoin treasury models. As the asset class transitions from a niche investment to a mainstream institutional standard, it offers a superior alternative to traditional financial capital, which remains slow, fragmented, and prone to depreciation. The path forward involves building infrastructure that allows institutions to securely hold and leverage this digital capital without succumbing to unnecessary counterparty risks.