Michael Saylor proposed the vision of 'digital credit', stating that Bitcoin will build a new financial ecosystem in three layers.
Recently, Strategy Executive Chairman Michael Saylor delivered a keynote speech, proposing that the next development stage of cryptocurrency will be digital credit, meaning the market needs to create a new financial ecosystem based on Bitcoin as the underlying asset.
Saylor described a three-layer structure for digital finance: the first layer is 'digital capital', which is Bitcoin itself, serving as the cornerstone and underlying asset of the entire ecosystem, supporting the operation of the whole system.
The second layer is 'digital equity', referring to financial products issued with Bitcoin as the underlying asset, such as the perpetual preferred stock STRC issued by Strategy. The aim is to reduce the risks and volatility of directly holding Bitcoin while achieving a stable annual return of over 10%.
The third layer is 'digital credit', referring to stablecoins and payment tools issued based on financial products from the second layer. For example, some companies have launched anchor stablecoins, whose value is supported by U.S. Treasury bonds as the underlying asset.
Digital equity and digital credit, as financial tools derived from Bitcoin, fundamentally differ from traditional fiat currencies issued based on national credit. This is because the returns of such products and the 'interest' of the currency both originate from the appreciation of Bitcoin's price.
It is noteworthy that since the end of 2025, Saylor has publicly elaborated on this concept multiple times. This also signifies that cryptocurrency is evolving from a purely digital asset to more complex financial engineering products, indicating that the industry is entering a new phase of competition with traditional credit instruments.
In summary, as cryptocurrency evolves from a simple digital asset to complex financial engineering products, we have reason to believe that this emerging field will play an increasingly important role in the traditional financial system.
For investors seeking returns, a tool supported by Bitcoin, with volatility comparable to bonds and a return rate reaching double digits, is opening up a brand new investment model.