Strategy's Saylor sees BTC at 10x of gold with institutional, government adoption

Michael Saylor, chairman of Strategy, estimated that Bitcoin might grow ten times the size of gold as governments and corporations embrace it. He claimed that Bitcoin is programmable and borderless money, instead of the physical constraints of gold and the tariff risk.

Saylor called Bitcoin the “next frontier” for national reserves and corporate treasuries. Saylor linked his view with the offered U.S. strategic Bitcoin reserve bill, emphasizing that the asset enhances balance sheets better than cash or stock buybacks.

He added that operating companies invest in Bitcoin as a treasury reserve, and specialized treasury firms also issue digital credit instruments securitized by the cryptocurrency.

Today with @MorganLBrennan, I discussed the differences between Bitcoin, Gold, and other crypto networks — and the rise of Digital Treasury Companies, Digital Credit, and Digital Finance. pic.twitter.com/sdbWWEIq0E

— Michael Saylor (@saylor) September 23, 2025

Currently, more than 145 companies have added Bitcoin to their balance sheets. Strategy continues to hold the biggest share at 638,985 BTC. Saylor reported that these companies generate a higher demand than natural supply, strengthening the impact of rising prices. He also compared the current movements to gold-backed credit instruments in that Bitcoin is becoming digital capital in global markets.

According to River’s data, businesses will absorb 1,755 BTC daily in 2025, while ETFs will absorb 1,430 BTC. By contrast, miners only mine 900 BTC. Saylor contended that this imbalance is building upward price momentum, paving the way for a strong final rally for the year.

Bitcoin’s role in national and corporate reserves

Saylor noted that market tightening is caused by excess accumulation. He anticipates that the imbalance will play into a year-end run-up on the heels of recent liquidations amounting to nearly $2 billion, which the analysts say were technical and not indicative of a drop in its fundamentals. 

He added that Bitcoin, unlike gold, is not borderless and not subject to tariffs. “You can’t teleport gold,” he said, indicating the flexibility of the digital currency.

The executive further noted that there are two kinds of companies that control the adoption of Bitcoin. The model of operating companies changes to dividends or buybacks to BTC, and treasury companies construct digital asset-backed instruments. According to him, such practices reflect centuries of gold-backed credit but with greater scalability in the digital economy.

Market projections signal new highs

Bitcoin is trading at $112,700 with the daily volume approaching $48 billion. It has a 7-day range of between 111,658 and 117,851 and is supported at 111,500 to 113,000. Analysts pointed out that Monday’s liquidations of $2 billion were technically driven, as opposed to poor fundamentals.

BitMEX co-founder Arthur Hayes estimated that Bitcoin might reach as high as $3.4 million in 2028 if the Federal Reserve implements Yield Curve Control during a Trump administration.  According to Hayes, his model ties the price movement of Bitcoin with the expansion of credit. He argues that if the Fed and commercial banks increase the money supply with $15.2 trillion of newly created credit by 2028, it would push Bitcoin to the multi-million dollar mark.

While gold continues to reach new records, Saylor argues that Bitcoin has better utility. He rephrased a historic principle: “Bitcoin is money, everything else is credit.” He explained that the cryptocurrency acts as programmable borderless capital instead of gold, which is subject to logistics and tariffs.

Robert Kiyosaki, the author of Rich Dad Poor Dad, also shared the dual appeal of both assets by recommending investors to keep Bitcoin in their possession in safety with gold and silver. However, Saylor noted that there is a growing flow of capital from the metal into BTC, which will increase as corporate adoption is further developed.

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