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The On-Chain Economy — Michael Saylor Perspective Michael Saylor, executive chairman of Strategy, sees the world shifting toward a digital, on-chain monetary system built on Bitcoin. In his view, the traditional economy is built on slow, fragmented, and trust-heavy financial institutions. The emerging on-chain economy replaces this with a system where value moves instantly, globally, and without intermediaries—anchored by Bitcoin. Saylor argues that Bitcoin is not just a “digital asset,” but a monetary protocol layer, similar to how the internet became a protocol layer for information. On top of this foundation, financial instruments, credit systems, and corporate treasuries can be built in a transparent and programmable way. He believes institutions are gradually transitioning from holding cash to holding Bitcoin as a digital reserve asset, because fiat currencies lose purchasing power over time. In this framework, capital naturally flows into Bitcoin as the strongest form of “digital property.” Saylor also emphasizes that the on-chain economy is still early. Most economic activity today is still off-chain, but over time, he expects: Corporate balance sheets to become Bitcoin-native Credit markets to be partially collateralized by Bitcoin Global settlements to increasingly move through blockchain rails Bitcoin to act as the base layer of digital capital In his long-term vision, volatility is not a flaw but a feature of a monetizing network, where capital is continuously being priced into a new monetary standard. Ultimately, Saylor frames the on-chain economy as a shift from trust in institutions → trust in mathematical protocols, with Bitcoin as the foundational layer of that transformation.