Michael Saylor has laid out Strategy’s core philosophy on why the company has no intention of selling its Bitcoin holdings — and it goes far beyond short-term price cycles.

According to Saylor, Bitcoin represents an exit strategy from the fiat system, which he increasingly describes as structurally unstable and inflationary. Rather than attempting to outperform fiat currencies, BTC is designed to replace reliance on them altogether as a long-term store of value.

Saylor argues that Bitcoin is just beginning its emergence as a multi-trillion-dollar asset, eventually standing alongside — and beyond — giants like Apple, Google, and other mega-cap companies.

However, the key distinction is critical:

• Bitcoin is not a company
• Bitcoin is an entire asset class

Unlike corporate equities, whose capital structures cannot absorb tens or hundreds of trillions of dollars, Bitcoin has no such limitation.

From Strategy’s perspective, Bitcoin is not competing with the “Magnificent Seven.” Instead, it competes directly with:

• Gold, whose market capitalization is roughly 10x larger than Bitcoin’s
• The S&P 500
• Global real estate, a market exceeding $100 trillion, as a store of value

Bitcoin’s addressable market is therefore global savings, not corporate valuation.

Strategy believes capital will continue migrating from traditional asset classes into Bitcoin because BTC technically outperforms them all:

• wealth can be stored on a flash drive — or even memorized via private keys
• Bitcoin is far more divisible than gold or real estate
• Bitcoin is highly liquid and can be sold instantly
• Bitcoin is borderless, mobile, and censorship-resistant

None of these advantages can be matched by physical assets like gold or real estate.

Based on this framework, Strategy sees no rational reason to sell the “winner” (Bitcoin) in order to buy what Saylor considers “losers” — all other asset classes.

From Strategy’s macro perspective, Bitcoin is not a trade — it is the endgame asset.