Michael Saylor: BTC should integrate into the banking and insurance system

Michael Saylor published a long article titled "Prescriptions for Prosperity in the Digital Economy," stating that artificial intelligence will significantly enhance the productivity of individuals and businesses, thus requiring a more free environment for creating, financing, owning, and trading assets. He suggests establishing a "Digital Bill of Rights" for digital assets, with the core principle of granting individuals and businesses the rights to create, issue, custody, transfer, and use digital assets, while providing fundamental protections in financial privacy, asset ownership, and market access.

Saylor believes that digital intelligence will drive the birth of a large number of new enterprises, and financing costs, complexity, and time costs should be reduced, while improving capital formation efficiency through means such as digital tokens. He proposes a goal of enabling 10 million new businesses to secure financing, while establishing clear issuance rules and risk-matched information disclosure requirements. Regarding the digital dollar, Saylor advocates for allowing banks, fintech companies, and technology platforms to compete more fully in digital dollar products and for issuers to compete around yields. He believes that the United States can further expand the global reach of the dollar by allowing companies to develop more competitive dollar digital products.

For Bitcoin, Saylor defines it as "digital capital," advocating for allowing banks to custody Bitcoin under clear rules and use it as collateral for providing credit, while establishing a viable path for insurance companies to incorporate digital capital into their balance sheets and product designs. He specifically mentions that the Basel Accord applies a 1250% risk weight to certain crypto asset exposures, arguing that regulators should reassess the relevant capital requirements based on the actual risks of digital assets and specific business activities.