MicroStrategy’s Saylor Says Miners No Longer Set Bitcoin Price, Another Force Has Taken Over

Michael Saylor argues Bitcoin miners no longer determine the price of Bitcoin (BTC). The MicroStrategy executive chair says structured credit products now absorb every coin produced. That shift moves pricing power from mining output to institutional credit demand. MicroStrategy will likely buy every bitcoin produced by miners until 2140, according to Saylor, with the firms STRC preferred stock, launched in July 2025, now anchoring that demand. Why Bitcoin Miners No Longer Drive Price Saylor framed the shift as structural rather than cyclical, arguing that the formation of digital credit means the credit market itself absorbs all organic bitcoin issuance. This morning on CNBC, I discussed the case for Digital Credit $STRC, its impact on $MSTR, and my long-term $BTC forecast with @JoeSquawk. pic.twitter.com/0Hmz8BLfuG Michael Saylor (@saylor) May 21, 2026 That pattern continues until mining tapers off near the next century. Strategy already holds roughly $65 billion in Bitcoin. MicroStrategy (BTC) Holdings. Source: Bitcoin Treasuries The company bought more Bitcoin this year than miners produced, according to Saylor. The remark echoes prior data showing institutional bitcoin demand trends have repeatedly outpaced miner output during 2025. Strategy grabs twice the Bitcoin mined each year. Supply shock accelerates and locks in Bitcoin as the institutional asset, one user remarked. Follow us on Xto get the latest news as it happens STRC Becomes the Pipeline STRC has grown from zero to about $10.5 billion in notional value in ten months. Saylor said $2 billion of that issuance came in the past month alone. STRC Market Cap. Source: Strategy The instruments monthly STRC dividend rate sits at 11.5%. It resets to keep the share price near its $100 par. The structure converts expected Bitcoin appreciation into a tax-deferred yield for credit investors while routing capital toward continued BTC purchases. Strategys broader Bitcoin capital plan and rising STRC trading activity have drawn steady retail flows. However, critics question how long the model can compound. $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 pic.twitter.com/FHZs6sIMN9 Derin Olenik (@BigpictureBTC) May 18, 2026 Saylors Bitcoin empire bet now hinges on STRC scaling through the next halving in 2028. Sustaining the yield without straining the model is the open test. For now, his thesis treats Bitcoin pricing as a function of structured finance rather than mining output.