Saylor named Vanguard as the largest shareholder in his Bitcoin company, Strategy.

In a conversation with Natalie Brunell, Michael Saylor touched on the topic of traditional finance's attitude toward Bitcoin. He noted that many skeptics point to the asset's lack of cash flow as a reason to dismiss it as unsuitable for investment. However, Saylor emphasized that this is a misguided approach, as value is determined not by profitability but by liquidity and the asset's ability to serve as money.

Saylor noted that history has already seen numerous examples of this. He explained that there are assets that don't generate cash flow but nevertheless possess enormous value. These include gold, diamonds, works of art , and land. All of them serve as a store of value. Bitcoin , he believes, should be considered in this same category.

Saylor emphasized that the participation of large corporations and institutional investors is essential for BTC to mature . He noted that reduced volatility will eventually lead to a more relaxed market attitude, and the asset itself will be able to serve as digital capital. Institutional adoption, Saylor believes, is key to Bitcoin's transformation into a fully-fledged financial instrument.

The Vanguard episode drew particular attention in the interview. The company's CEO had previously called Bitcoin a “ non-investment asset.” However, today Vanguard has become the largest shareholder in Strategy, a company known for its massive Bitcoin purchases. Saylor called this ironic, highlighting TradFi's lag in recognizing new forms of value.

He also noted that traditional savings instruments currently don't provide fair returns . Bank accounts rarely yield more than 4.5% per annum , and long-term savings don't cover inflation. While governments and companies can't guarantee returns above 10% per annum , Bitcoin has outperformed the S&P 500 index in recent years . According to Saylor, BTC is gradually becoming the basis for digital loans . It can be used as collateral for loans in other currencies and also provide more stable and liquid forms of lending .