Michael Saylor (마이클 세일러) said bitcoin’s price structure is shifting from miner-led supply to institution-led credit demand. He reaffirmed his long-held view that bitcoin will outperform the S&P 500 over the long term.

On May 21, foreign media including blockchain outlet BeInCrypto and The Crypto Basic reported that Saylor argued bitcoin’s price drivers are moving from newly issued supply to institutional demand for funds through structured credit products.

Saylor said he views the shift as a structural transition rather than a temporary supply-demand issue. In the past, new supply sold by miners was a key variable in price formation, but he said institutional money and digital credit markets are now absorbing newly issued bitcoin.

He pointed to Strategy’s preferred stock STRC, launched in July 2025, as a key channel. STRC grew to about $10.5 billion in par value within 10 months, including $2 billion issued over the past month. It has a monthly dividend rate of 11.5 percent, with a structure in which the dividend rate is adjusted to keep the share price near its $100 par value.

Saylor explained that STRC converts bitcoin’s expected upside into returns for credit investors and links those funds back into bitcoin purchases. Strategy currently holds about $65 billion worth of bitcoin, and Saylor stressed the company bought more bitcoin this year than the amount produced by miners.

He went further, arguing that Strategy is likely to buy virtually all bitcoin that will be mined through 2140. The remark is seen as reflecting the view that the market is shifting to one in which fund-raising capacity and institutional demand drive prices more than bitcoin’s supply structure.

Saylor’s long-term price outlook remains optimistic. Appearing on CNBC’s “Squawk Box,” he said bitcoin will post higher returns than the S&P 500 over time. He put bitcoin’s expected annual return at 30 percent, about three times the S&P 500’s average annual return of 10 percent. According to Google Finance, the S&P 500 is up 8 percent so far this year, while bitcoin is down 12 percent.

Based on that outlook, Saylor reaffirmed an existing target that bitcoin could reach $13 million in 2045. He said it would be possible if it posts an average return of around 29 percent over the next 19 years. He cited wider institutional adoption, adoption of treasury strategies at the government level and fixed supply as key grounds.

He also kept a positive stance on near-term price moves. Saylor said bitcoin will rise again from current levels and described $60,000 support as a floor. He said bitcoin is entering an early stage of a rebound, citing support at the current price range and a favorable macro environment as drivers.

Changes in the policy environment were also cited as a factor. Saylor mentioned progress on the U.S. Congress’s Clarity bill and the possibility of the U.S. Securities and Exchange Commission introducing innovation exemption guidelines. He said the guidelines would support tokenisation of securities based on crypto networks and that such institutional changes could lift market prices.

Questions also remain about the sustainability of the STRC model. As Strategy expanded its bitcoin fund-raising plan and STRC trading, retail inflows continued, but critics are raising doubts about how much further the structure can expand. Whether Saylor’s plan can maintain STRC expansion through the next halving in 2028 is also seen as a key issue.

The core of the remarks is that it is no longer easy to explain bitcoin’s price solely through mining supply. Saylor presented a structure in which funds for bitcoin purchases are created through institutional credit demand and structured products as a new price-setting factor. For that outlook to materialise, capital-raising models including STRC must continue to function, and institutional demand and the policy environment must develop as Saylor expects.