In this verse the words dvija-gavāṁ pārameṣṭhyam indicate the most exalted position of the brāhmaṇas, brahminical culture and the cows. In Vedic culture, the welfare of the cows and the welfare of the brāhmaṇas are essential. Without a proper arrangement for developing brahminical culture and protecting cows, all the affairs of administration will go to hell. Being afraid that Hiraṇyakaśipu would occupy the post of Brahmā, all the demigods were extremely disturbed. Hiraṇyakaśipu was a well-known demon, and the demigods knew that if demons and Rākṣasas were to occupy the supreme post, brahminical culture and protection of cows would come to an end. As stated in Bhagavad-gītā (BG 5.29), the original proprietor of everything is Lord Kṛṣṇa (bhoktāraṁ yajña-tapasāṁ sarva-loka-maheśvaram). The Lord, therefore, knows particularly well how to develop the material condition of the living entities within this material world. In every universe there is one Brahmā engaged on behalf of Lord Kṛṣṇa, as confirmed in Śrīmad-Bhāgavatam (1.1.1, tene brahma hṛdaya ādi-kavaye). The principal creator in each brahmāṇḍa is Lord Brahmā, who imparts Vedic knowledge to his disciples and sons. On every planet, the king or supreme controller must be a representative of Brahmā. Therefore, if a Rākṣasa, or demon, were situated in Brahmā's post, then the entire arrangement of the universe, especially the protection of the brahminical culture and cows, would be ruined. All the demigods anticipated this danger, and therefore they went to request Lord Brahmā to take immediate steps to thwart Hiraṇyakaśipu's plan.
In the beginning of creation, Lord Brahmā was attacked by two demons—Madhu and Kaiṭabha—but Kṛṣṇa saved him. Therefore Kṛṣṇa is addressed as madhu-kaiṭabha-hantṛ. Now again, Hiraṇyakaśipu was trying to replace Brahmā. The material world is so situated that even the position of Lord Brahmā, not to speak of ordinary living entities, is sometimes in danger. Nonetheless, until the time of Hiraṇyakaśipu, no one had tried to replace Lord Brahmā. Hiraṇyakaśipu, however, was such a great demon that he maintained this ambition.
The word bhūtyai means "for increasing opulence," and the word śreyase refers to ultimately returning home, back to Godhead. In spiritual advancement, one's material position improves at the same time that the path of liberation becomes clear and one is freed from material bondage. If one is situated in an opulent position in spiritual advancement, his opulence never decreases. Therefore such a spiritual benediction is called bhūti or vibhūti. Kṛṣṇa confirms this in Bhagavad-gītā (BG 10.41). Yad yad vibhūtimat sattvaṁ. .. mama tejo-'ṁśa-sambhavam: if a devotee advances in spiritual consciousness and thus becomes materially opulent also, his position is a special gift from the Lord. Such opulence is never to be considered material. At the present, especially on this planet earth, the influence of Lord Brahmā has decreased considerably, and the representatives of Hiraṇyakaśipu—the Rākṣasas and demons—have taken charge. Therefore there is no protection of brahminical culture and cows, which are the basic prerequisites for all kinds of good fortune. This age is very dangerous because society is being managed by demons and Rākṣasas.