How Michael Saylor replaced “Bitcoin” with “Credit”

Over a five-year period ending in June 2025, Michael Saylor posted thousands of times and consistently praised X $BTC On the other hand, it downplays credit and emphasizes the traditional financial system’s emphasis on debt.

However, a social media audit pinpointed the exact moment he changed direction.

Starting in June 2025, Thaler began lavishing praise on fiat credit in a series of online posts, ultimately leading to the launch of STRC.

From August 2020 to June 2025, Saylor posted on X 3,494 times, and 75.8% of the posts mentioned: $BTC. He cited a credit score of less than 1 in 100.

At the time, he described the credit as an insult to fiat money. $BTC It is intended to replace.

But once the tables were turned, his change in tone was not subtle.

Bitcoin will increase, but trust will also increase significantly.

According to Thaler’s strange dictionary of terms, $BTC His MSTR common stock is now called “digital equity” and the dividend-paying STRC is now called “digital credit.”

In particular, he emphasized STRC’s goal of maintaining the US dollar par value while paying US dollar dividends.

The strategy’s website and marketing materials were also littered with references to fiat currencies, and its USD-denominated issuance was steadily diluted, with Saylor selling the strike with a special conversion bonus if MSTR’s USD price rose enough.

Stryfe & Stride was established with fiat dividends and a US dollar credit preference in the event of bankruptcy.

STRC ended their rule for good $BTC Mr. Thaler’s post on X replaces the vocabulary of credit engineering and debt engineering. $BTC.

For several months, things seemed to be going well. STRC maintained its face value of $100 intermittently from October 2025 to May 2026.

Then, this month, the bottom fell out.

STRC, along with MSTR, made a series of new lows, eventually falling to $71.25, a frightening 29% below where it should be trading.

MSTR hit $82 last week, down $375 from its 52-week high.

Fiat’s game continues $BTC-Brand dilution

While Mr. Saylor continued to post credit-focused jokes on social media, investors were reading the fine print about Mr. Saylor’s debt engineering.

Despite its marketing terminology, STRCs are not actually corporate bonds. Additionally, the company will not be required to hold any underlying assets, will not offer shareholders redemption rights at the $100 par value, and will not commit to doing anything. $BTC as collateral.

Unlike many traditional credit products, Strategy does not provide FDIC, SIPC, or any type of insurance against losses caused by stock price declines.

After all, STRC is just a stake that the company has relentlessly diluted along with MSTR shareholders.

Saylor stopped calling. $BTC digital money. Instead, he simply referred to it as a capital asset, which in his view should grow at a compound annual rate of nearly 30%, even though the actual five-year compound annual growth rate to mid-2026 is closer to 12%.

as $BTC Saylor stock performed even worse.

Thaler’s stress test did not highlight: $BTC It really took off this summer. $BTC It has fallen by more than half since its peak of over $126,000. Strategy’s common stock has lost 78% of its value over the past 12 months.

This month, the company’s enterprise value has fallen below its enterprise value. $BTC first time. Even worse, it’s your first time doing a spontaneous activity. $BTC Sales will begin in December 2022, breaking years of guidance from Saylor that Strategy had no plans to sell. $BTC.

As the stock price plummeted, Saylor posted that he remains focused on what’s next. $BTCdespite the obvious emphasis on trust.

STRC is Saylor’s main “credit” product, and was originally supposed to trade at $100, but today it started trading at $81.