Michael Saylor argues that Bitcoin’s upside potential is limited not by flaws in its long-term thesis, but by credit-market constraints. Most Bitcoin wealth is outside the reach of traditional banking, forcing holders into shadow credit venues where rehypothecation creates effective selling pressure and synthetic supply, which dampens price appreciation. While market maturation and regulation in the US have reduced volatility by migrating derivatives onshore, Saylor highlights slow bank adoption of Bitcoin as collateral as the main obstacle. The majority of Bitcoin—about $1.8 trillion of $2 trillion—is held by retail or offshore investors unable to access standard secured lending like equity holders can. As a result, options for unlocking Bitcoin liquidity are narrower, costlier, and riskier. Shadow lenders sometimes offer loans against Bitcoin at low rates, but require transfer of collateral for rehypothecation, amplifying selling as the same collateral is reused multiple times. Saylor believes emerging credit lines against Bitcoin ETFs are promising but limited. He contends that the absence of a large, regulated, non-rehypothecating credit market for Bitcoin suppresses its price, and that a mature secured lending infrastructure would allow for healthier price discovery and potentially greater upside.