In a compelling new interview, Michael Saylor, executive chairman of MicroStrategy, and Adam Back, CEO of Blockstream, laid out an ambitious vision for Bitcoin’s future, one in which its value could soar to $3 million per coin.
Saylor argued that Bitcoin is uniquely positioned to absorb global capital from the world’s $100 trillion equity markets and $300 trillion credit markets.
He described Bitcoin as a “monetary virus” and corporations as “super-spreaders,” capable of rapidly accelerating adoption.
Unlike individual investors, corporations can raise capital at scale through debt and equity markets, giving them a major advantage in accumulating and holding Bitcoin as a treasury asset.
Corporate Strategy: Issue Securities, Buy Bitcoin
Saylor outlined a deceptively simple yet powerful corporate strategy: issue securities, such as bonds, stocks, and convertible notes, and use the proceeds to purchase Bitcoin.
By doing so, companies become Bitcoin-holding entities that allow investors to gain exposure without directly holding the asset.
Saylor pointed to MicroStrategy’s own $21 billion at-the-market equity offering, which was completed in just three months, as proof of how quickly capital can be mobilized.
The model turns publicly traded companies into efficient Bitcoin acquisition machines, capable of growing their holdings faster than any individual investor could.
Also, aiming to provide traditional investors with a Bitcoin proxy through familiar financial instruments.
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New Metrics for a Bitcoin-Centric Financial World
To evaluate these Bitcoin treasury companies effectively, Saylor introduced two new performance metrics: “BTC yield” and “BTC dollar gain.”
BTC yield shows the growth in Bitcoin per share over time, essentially, how much more Bitcoin a shareholder gains due to the company’s strategic capital deployment.
BTC dollar gain, meanwhile, tracks the overall Bitcoin-denominated profit, showcasing the long-term accumulation effect.
Adam Back expanded on this concept, suggesting that these companies are effectively arbitraging the disconnect between their fiat valuations and Bitcoin’s long-term potential.
The new potential creates an entirely new class of assets, corporate equities that track Bitcoin growth while leveraging financial engineering to multiply returns.
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Valuation Premiums, Risks, and Execution Concerns
A notable concern is the premium at which these companies often trade relative to their net Bitcoin holdings (measured by Market Net Asset Value or MNAV).
Adam Back introduced the “months to cover” metric, which calculates how long a company needs to accumulate Bitcoin to justify its market premium.
In the case of MicroStrategy, he argued, this premium has been effectively “earned” through rapid and consistent BTC acquisition.
However, both Saylor and Back emphasized the importance of execution risk: while the model is promising, success depends on management competence, market timing, and discipline.
Investors should be cautious and evaluate each company’s strategy independently.
The Dawn of Bitcoin-Driven Capital Markets
The discussion concluded with a forward-looking vision of a financial system increasingly dominated by Bitcoin.
Saylor suggested that corporate treasuries are now acting as gateways between traditional fiat capital markets and the decentralized Bitcoin economy.
These strategies, using traditional financial tools to accumulate digital assets, could represent the beginning of a multi-trillion-dollar capital migration into Bitcoin.
Adam Back reinforced this by noting that institutional adoption is still in its infancy, and the full potential of Bitcoin treasury strategies remains largely untapped.
With Bitcoin’s current price at $107,364 and a market cap of $2.13 trillion, the road to $3 million may seem distant.
If Saylor and Back’s vision materializes, it could be just the beginning of a historic financial transformation.
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