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Michael Saylor says Bitcoin returns come from financial products, not staking or protocol yield.

Protocol Fundamentals
16 Jun 2026
Blockonomi
View Source
Bullish
pluang ai news

Michael Saylor outlined a five-layer "Digital Asset Stack" with Bitcoin as the foundational layer, emphasizing that Bitcoin should remain pure digital capital without adopting staking or inflation mechanisms like Ethereum. He argued that investor returns should be generated through financial products built around Bitcoin holdings, such as credit instruments using BTC as collateral. Saylor highlighted Strategy's preferred stock (STRC) as an example of Bitcoin-backed digital credit that offers more stable exposure by sitting above Bitcoin in the capital structure. This approach supports Strategy's treasury strategy and shows how Bitcoin can underpin credit products without altering its protocol.

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