Michael Saylor, co-founder of MicroStrategy, outlined a vision for Bitcoin treasury companies focusing on digital credit rather than asset speculation. In a December 20 interview, Saylor proposed a treasury credit instrument that aligns with users' actual expenses or liabilities, offering returns above the risk-free rate. This model, akin to a high-yield digital bank account, would use Bitcoin as the capital base, emphasizing transparent operations and defined collateral to ensure creditworthiness and long-term stability.