Michael Saylor proposes Bitcoin Reformation for institutional integration

Michael Saylor, Executive Chairman of MicroStrategy, has proposed a ‘Bitcoin Reformation’ to integrate the cryptocurrency into modern financial and political institutions. In a recent essay, Saylor argues that Bitcoin has evolved from peer-to-peer electronic cash into digital gold and is now transitioning into ‘digital capital.’

Saylor challenges existing Bitcoin orthodoxy, which he claims has turned early survival principles into restrictive doctrines. He specifically contests the views that Satoshi Nakamoto should be treated as an oracle, the original white paper as a complete constitution, and self-custody as the only authentic ownership model.

Instead, Saylor suggests that Bitcoin can maintain its fixed supply and open participation while being utilized through banks, insurers, exchanges, corporations, and governments. He posits that Bitcoin does not need to replace fiat currencies for everyday commerce, such as taxes and wages, but can instead serve as scarce, non-sovereign capital alongside sovereign money.