Saylor: Bitcoin's future hinges on minimal protocol changes, capital inflows

Strategy founder Michael Saylor has predicted that the growth of Bitcoin (BTC) over the next 10 years will depend on minimal changes to its protocol and the expansion of capital markets. He stated that BTC's most important feature is that it cannot be changed arbitrarily, adding that its base layer will operate more conservatively in the future, with a higher burden of proof required for any protocol modifications. Saylor emphasized that while payments, lending, credit, and yield products may be built on top of Bitcoin, the core protocol itself must remain unchanged. He further assessed that capital flows will now have a greater impact on BTC's trajectory than mining volume, suggesting the four-year halving cycle model is no longer dominant. Saylor also identified so-called "paper Bitcoin" as a major risk, explaining that the market will periodically face credit crises if intermediaries create more claims on the asset than they actually hold. In such scenarios, he noted, investors could be harmed by leverage, opacity, and rehypothecation, even if the protocol itself remains secure. He concluded that ensuring BTC exposure is backed by actual holdings will be the key issue for the next decade, highlighting the importance of custody, proof of reserves, and transparency.