Saylor: Bitcoin Volatility Is a Feature, Not a Flaw
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- Saylor said Bitcoin does not need Ethereum-style yield, calling Bitcoin's volatility "not a flaw" but a natural feature of "high-energy capital" that is scarce, global, and traded around the clock.
- Strategy's STRC perpetual preferred stock was repeatedly cited by Saylor as the leading example of "digital credit" — what he described as a broader asset class built on top of Bitcoin through capital markets engineering.
- Saylor argued that instruments like STRC are designed to damp Bitcoin's price swings by sitting above Bitcoin in the capital structure, with credit risk varying based on market stress, liquidity, and investor demand.
- STRC closed at $95.20 on Monday, down 1.45%, with a $100 stated par value and a structure designed to keep the stock trading near that level, per Nasdaq data.
- Saylor told Cointelegraph at BTC Prague: "If the company's policy is that we won't sell the Bitcoin, then the credit won't have value and the equity won't have value."
- Strategy bought 1,587 BTC for $100M, pushing total holdings to 846,800 BTC, according to a separate report cited in the article.
Why it matters: Saylor is pitching Bitcoin's volatility as manageable through layered credit instruments — and Strategy's $95.20 STRC is the live proof-of-concept. He explicitly tied the credit's value to Strategy's commitment never to sell its 846,800 BTC, making the never-sell policy the structural keystone of the entire "digital credit" thesis.
