I don't think "Michael Saylor thinks bitcoin is nothing more than just “digital capital,”"

I think he is still selling it to institutions with a pitch they will accept, that is minimum minimally an antagonistic. I think bitcoin is for my enemies and any argument that works for them to buy it in any form is good enough.

You don't have to buy MSTR if you don't like what he is doing, just look forward to the cheap sats if you think what he is doing will implode.

I don't think that bitcoin is the end of credit, I think that banks and other lending institutions will still want to lend to people who don't have bitcoin if they have the capacity to earn the bitcoin (or fiat) and make the repayments. In that case there is a possible market for collateral as a service. There is nothing in that statement that prevents bitcoin being a medium of exchange as well.