Michael Saylor Advocates for Bitcoin-Backed Finance and Digital Money at Bitcoin MENA Conference
At the Bitcoin MENA conference in the Middle East, Michael Saylor, Executive Chairman of Strategy, urged the region to become the "Switzerland of the 21st century" by adopting bitcoin-backed banking, credit, and digital money.
Saylor outlined a three-tier plan seeing a $200 trillion opportunity: sovereign wealth funds investing in bitcoin; banks custodying BTC and extending BTC-backed credit; and digital money accounts issued against BTC credit instruments offering up to 8% yield with no volatility.
He emphasized the strategy behind Strategy’s issuance of BTC-backed credit instruments, including perpetual preferred stocks and short-term notes paying monthly dividends, leveraging their holding of over 660,000 BTC.
Saylor also argued that digital capital generates digital credit, which in turn creates digital money, naming this the "killer app" for bitcoin finance.
He noted broad U.S. government support for bitcoin as digital gold, citing backing from the Treasury, SEC, and other agencies, and mentioned that former President Donald Trump aims to establish America as a bitcoin superpower and leader in digital assets.
Major banks such as BNY Mellon, Wells Fargo, Bank of America, Charles Schwab, JPMorgan, and Citi are moving to bank bitcoin and begin issuing credit against BTC or BTC derivatives like IBIT, aligning with this growing trend.
