Michael Saylor: Bitcoin's Next Decade Hinges on Capital Flows Over Protocol Changes

Michael Saylor, founder of Strategy, stated on July 6 that Bitcoin's growth over the next decade will primarily depend on capital inflows rather than protocol changes. According to Saylor, Bitcoin's core strength lies in its immutable rules; the protocol should maintain a conservative approach and remain as stable as possible while financial solutions such as payments and lending can be built on top.

Saylor also emphasized that capital inflows, not mining production, will become the determining factor in Bitcoin's price trajectory, gradually diminishing the influence of the traditional four-year halving cycle. However, he highlighted a key risk: intermediaries creating more Bitcoin receivables than actual reserves could trigger credit crises. Custody services, proof-of-reserve practices, and transparency standards will be critical to Bitcoin's healthy growth.