The global credit market is worth $300 trillion and Michael Saylor believes digital credit will capture a massive share of it. In this keynote from Strategy World 2026, Saylor walks through the complete theory of digital credit from first principles: what Bitcoin is, why variable preferred equity is the longest-duration capital structure short of equity, and how STRC delivers double-digit yields with deferred tax treatment and principal protection. He also lays out the programmable future of digital money and digital yield, with ETFs, on-chain tokens, and bank accounts all being built on top of STRC as a foundation. 🔶 Michael Saylor - Founder & Executive Chairman, Strategy Chapters: 0:00 - How to Make Money Digitally 1:00 - What Is Bitcoin? Defining Digital Capital 2:40 - What Is Digital Credit and How STRC Was Created 4:00 - Converting Capital Into Credit: The Core Breakthrough 5:26 - From Exchange Leverage to Variable Preferred 8:14 - Why Senior Debt, Convertible Notes & Covenants Fall Short 11:30 - Solving the Investor Dilemma: Equity Returns + Credit Safety 13:05 - BTC Rating, BTC Risk & How to Price Digital Credit 15:31 - STRC Performance: Holding Value Through a 45% Bitcoin Drawdown 21:26 - Tax Yield, Generational Wealth & Corporate Treasury Strategy 27:51 - Programmable Digital Credit: ETFs, Tokens, Bank Accounts & Layer 3 37:47 - The Reflexive Flywheel: How Credit, Bitcoin & Equity Drive Each Other 44:12 - The $50 Trillion Opportunity & Call to Action #DigitalCredit #BitcoinTreasury #PreferredEquity #BitcoinConference #Strive #Metaplanet #Strategy #MicroStrategy #BitcoinInvesting #FixedIncome #BitcoinCapitalMarkets #DylanLeClair #MattCole #BenWerkman #AndrewKang #BitcoinYield #InstitutionalBitcoin #BitcoinFinance #CapitalStructure #BitcoinETF #BitcoinBondMarket #reflexivity DISCLAIMER: The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. This content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing contained in this show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Viewers should consult their own advisors before making financial or business decisions.