MicroStrategy’s Saylor Says Miners No Longer Set Bitcoin Price, Another Force Has Taken Over
Michael Saylor argues Bitcoin miners not decide the worth of Bitcoin (BTC). The MicroStrategy govt chair says structured credit score merchandise now take in each coin produced. That shift strikes pricing energy from mining output to institutional credit score demand.
MicroStrategy will possible purchase each bitcoin produced by miners till 2140, in response to Saylor, with the agency’s STRC most well-liked inventory, launched in July 2025, now anchoring that demand.
Why Bitcoin Miners No Longer Drive Price
Saylor framed the shift as structural fairly than cyclical, arguing that the formation of digital credit means the credit score market itself absorbs all natural bitcoin issuance.
That sample continues till mining tapers off close to the following century. Strategy already holds roughly $65 billion in Bitcoin.
The firm purchased extra Bitcoin this yr than miners produced, in response to Saylor. The comment echoes prior information exhibiting institutional bitcoin demand trends have repeatedly outpaced miner output throughout 2025.
“Strategy grabs twice the Bitcoin mined every year. Supply shock accelerates and locks in Bitcoin because the institutional asset,” one person remarked.
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STRC Becomes the Pipeline
STRC has grown from zero to about $10.5 billion in notional worth in ten months. Saylor stated $2 billion of that issuance got here prior to now month alone.
The instrument’s monthly STRC dividend rate sits at 11.5%. It resets to maintain the share worth close to its $100 par.
The construction converts anticipated Bitcoin appreciation right into a tax-deferred yield for credit score buyers whereas routing capital towards continued BTC purchases.
Strategy’s broader Bitcoin capital plan and rising STRC trading activity have drawn regular retail flows. However, critics query how lengthy the mannequin can compound.
Saylor’s Bitcoin empire bet now hinges on STRC scaling by way of the following halving in 2028. Sustaining the yield with out straining the mannequin is the open take a look at.
For now, his thesis treats Bitcoin pricing as a operate of structured finance fairly than mining output.
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