Michael Saylor walked onto a stage in Prague on June 12 and told a crowd of Bitcoin believers that the asset they’re holding could one day be worth $7 million per coin.

The Strategy executive chairman delivered a keynote titled “Digital Capital, Equity, and Credit” at BTC Prague 2026, a three-day conference running June 11-13 in the Czech capital. His thesis: Bitcoin isn’t just digital gold. It’s the foundation for an entirely new financial architecture that could absorb meaningful chunks of the global credit and equity markets.

The pitch: Bitcoin eats the credit market

Saylor’s core argument centered on what he sees as the inevitable collision between digital capital and the legacy financial system. The global credit market sits at roughly $300 trillion, and Saylor believes digital credit instruments, those backed by or denominated in Bitcoin, could capture significant portions of it.

Strategy, the company Saylor chairs, has spent six years building exactly the kind of corporate treasury model that proves the concept. The firm holds over 700,000 BTC, a position it has been accumulating since 2020, making it the largest corporate Bitcoin holder on the planet by a wide margin.

Saylor pointed to Strategy’s own STRC preferred stock as a real-world example of this new financial paradigm. The Bitcoin-backed product delivers an 11.5% tax-deferred yield. He also noted that Strategy issued only approximately 32 BTC to service its preferred dividends, a detail meant to illustrate the efficiency of digital capital structures compared to traditional corporate finance mechanisms.

A $7 million price target, and the logic behind it

The $7 million Bitcoin prediction represents a roughly 65x increase from current levels. Saylor’s argument rests on the total addressable market: if Bitcoin begins functioning as the base layer for global capital, absorbing roles currently played by sovereign bonds, real estate as a store of value, and gold, then the math starts to stretch into territory that makes seven-figure prices at least directionally coherent.

This keynote builds on presentations Saylor delivered earlier this year at Bitcoin 2026 and Strategy World events. He also keynoted BTC Prague in 2024 with a talk titled “21 Rules of Bitcoin,” establishing a pattern of using the European conference circuit to refine and expand his public case for Bitcoin adoption.

What this means for the market

The STRC preferred stock, with its 11.5% tax-deferred yield, is particularly notable. Traditional fixed-income investors have historically had zero reason to engage with the Bitcoin ecosystem. A tax-advantaged yield product backed by Bitcoin changes that calculus.

Bitcoin-backed credit instruments inherit Bitcoin’s volatility. An 11.5% yield sounds attractive until the underlying collateral drops 30% in a quarter, a scenario that has played out multiple times in Bitcoin’s history.