Michael Saylor, the grand wizard of MicroStrategy, has declared that Bitcoin miners are about as useful as a chocolate teapot these days. According to him, structured credit products are now the real power behind the throne, hoovering up every Bitcoin like a magical vacuum cleaner. The mining output? Just a sideshow, he says, while institutional credit demand takes center stage.
MicroStrategy, in a move that would make even the most ambitious wizard proud, plans to buy every Bitcoin mined until 2140. And how? With their STRC preferred stock, launched in July 2025, which is apparently the anchor holding this financial galleon steady.
Why Miners Are Now Just Fancy Paperweights
Saylor, with a wave of his rhetorical wand, frames this shift as structural rather than cyclical. He argues that the rise of digital credit means the credit market is now the true gobbler of all organic Bitcoin issuance. It’s like the Ankh-Morpork mint, but with more zeros and fewer dragons.
This morning on CNBC, I discussed the case for Digital Credit $STRC, its impact on $MSTR, and my long-term $BTC forecast with @JoeSquawk.
– Michael Saylor (@saylor) May 21, 2026
This pattern, he claims, will continue until mining tapers off sometime next century. Meanwhile, MicroStrategy already sits on a hoard of Bitcoin worth roughly $65 billion. That’s enough to make even the Agatean Empire blush.
Saylor boasts that MicroStrategy bought more Bitcoin this year than miners produced. It’s like the company is playing a game of “Keep Up With the Saylors,” and the miners are left puffing in the dust.
“Strategy grabs twice the Bitcoin mined each year. Supply shock accelerates and locks in Bitcoin as the institutional asset,” one user remarked, probably while polishing their crystal ball.
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STRC: The Pipeline That Never Sleeps
STRC, the financial equivalent of a bottomless pit, has grown from zero to about $10.5 billion in notional value in just ten months. Saylor claims $2 billion of that issuance came in the past month alone. That’s faster than a troll can say “more gold.”
The instrument’s monthly STRC dividend rate sits at a whopping 11.5%, resetting like a clockwork orangutan to keep the share price near its $100 par. It’s like turning Bitcoin appreciation into a tax-deferred yield, all while funneling capital into more BTC purchases. Genius? Madness? Probably both.
MicroStrategy’s Bitcoin capital plan and the rising STRC trading activity have drawn steady retail flows. However, critics are sharpening their knives, questioning how long this model can keep compounding without hitting a wall. Or, as one critic put it:
$STRC is hitting an inevitable structural ceiling. Demand exhaustion and diminishing buying volume over the last month have left it defenseless against post-ex-dividend selling pressure.
Why?
1. Cash reserves are bleeding fast, now down to just 15 months. The weight of…
– Derin Olenik (@BigpictureBTC) May 18, 2026
Saylor’s Bitcoin empire now hinges on STRC scaling through the next halving in 2028. Sustaining the yield without straining the model is the real test. For now, his thesis treats Bitcoin pricing as a function of structured finance rather than mining output. Miners? They’re just there for the ambiance.
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2026-05-21 19:06