ICR Conference 2025 Keynote - Michael Saylor

00:53:26
https://www.youtube.com/watch?v=T6yrn89xNyo

Ringkasan

TLDRÎn discursul său, Michael Saylor discută despre provocările economice și tehnologice cu care se confruntă investitorii și companiile, subliniind că Bitcoin este soluția viitorului. El indică faptul că Bitcoin nu doar depășește alte active în performanță, dar este și cel mai popular activ digital. Saylor subliniază cum Bitcoin poate transforma capitalul investit și oferă exemple de companii care, precum MicroStrategy, au adoptat acest standard pentru a-și crește valoarea și lichiditatea. De asemenea, el menționează că Bitcoin reprezintă o schismă în cadrul piețelor financiare tradiționale, oferind o alternativă durabilă și sigură pentru păstrarea valorii.

Takeaways

  • 🚀 Bitcoin este soluția pentru provocările economice și tehnologice.
  • 📊 MicroStrategy deține 450,000 Bitcoin, adoptând standardul Bitcoin.
  • 💰 Bitcoin depășește alte active în performanță, oferind creșteri spectaculoase.
  • 🌐 Bitcoin este un activ global, independent de jurisdicții locale.
  • 📈 Estimările arată o creștere continuă pentru Bitcoin în următorii 21 de ani.
  • 🏦 Companiile sunt încurajate să integreze Bitcoin în portofoliile lor pentru a reduce riscurile.
  • 💡 Bitcoin oferă oportunități unice pentru păstrarea valorilor în fața instabilității.
  • 🗳️ Reformele legislative pot stimula adoptarea Bitcoin-ului pe scară largă.
  • 👨‍💼 Bitcoin reprezintă o transformare digitală a capitalului.
  • ⏳ Bitcoin este o alternativă durabilă și sigură la activele tradiționale.

Garis waktu

  • 00:00:00 - 00:05:00

    Prezentarea lui Michael Saylor, fondatorul și președintele executiv al MicroStrategy, care discută despre provocările economice și tehnologice cu care se confruntă investitorii și executivii în prezent, incluzând problematica inflației monetare și utilizarea strategiilor financiare eficiente.

  • 00:05:00 - 00:10:00

    Michael Saylor subliniază importanța digitalizării și a investițiilor în monedele digitale, având în vedere că monopolurile digitale dețin puterea în economia globală. El menționează că majoritatea companiilor trăiesc sub rata de creștere de 15% și devin „companii zombie” dacă nu cresc organizat.

  • 00:10:00 - 00:15:00

    Saylor introduce conceptul valutar al Bitcoin ca soluție la provocările economice și tehnologice actuale, evidențiind creșterea rapidă a acestei monede și importanța sa în portofoliile de investiții.

  • 00:15:00 - 00:20:00

    Prezentând Bitcoin ca fiind cel de-al șaptelea cel mai mare activ global, Saylor subliniază că acesta crește mai repede decât alte active semnificative precum Microsoft, promovând Bitcoin ca o alternativă valoroasă la monedele tradiționale și activele de investiții.

  • 00:20:00 - 00:25:00

    El afirmă că Bitcoin este un activ digital care poate fi transformat rapid în lichiditate, având capacitatea de a fi utilizat eficient în tranzacții globale fără restricții fizice, comparativ cu aurul, care are limitări în transferabilitate.

  • 00:25:00 - 00:30:00

    Michael Saylor confirmă că Bitcoin a depășit performanța multor active tradiționale și că va continua să crească datorită adoptării globale și a cererii crescânde pentru acest activ digital inovator.

  • 00:30:00 - 00:35:00

    Discuția abordează holistic aventurile ETF-urilor bazate pe Bitcoin și impactul lor pozitiv asupra piețelor, demonstrând că acestea depășesc alte fonduri de investiții în performanță și că sunt soluții viabile pentru investitorii moderni.

  • 00:35:00 - 00:40:00

    Saylor discută despre cum companiile mari pot beneficia de o alocare pe termen lung în Bitcoin pentru a îmbunătăți performanța financiară, punând accent pe premisa că Bitcoin este un activ care minimizează riscurile și maximizează câștigurile pe termen lung.

  • 00:40:00 - 00:45:00

    El sugerează că Bitcoin ar trebui să fie adoptat pe scară largă de către investitori instituționali și de către țări pentru a avea un impact pozitiv asupra stabilității economice globale, echilibrând provocările politice și financiare.

  • 00:45:00 - 00:53:26

    În concluzie, Michael Saylor face apel la acțiune, îndemnând investitorii să îmbrățișeze Bitcoin ca parte din strategia lor de investiții și să sprijine o tranziție globală către un sistem monetar digital mai sigur.

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Peta Pikiran

Video Tanya Jawab

  • Cine este Michael Saylor?

    Michael Saylor este fondatorul și președintele executiv al MicroStrategy, deținătorul a 450,000 Bitcoin.

  • De ce Bitcoin este considerat un activ important?

    Bitcoin este considerat un activ important datorită creșterii rapide a valorii sale și a capacității sale de a acționa ca un rezervor de valoare fără riscurile traditonale ale activelor fizice.

  • Ce este strategia Bitcoin a MicroStrategy?

    MicroStrategy a adoptat strategia Bitcoin, acumulând 450,000 Bitcoin pentru a-și îmbunătăți lichiditatea și performanța financiară.

  • Cum se compară performanța Bitcoin cu alte clase de active?

    Bitcoin a avut o performanță superioară, cu o creștere anualizată de 147% din 2011, comparativ cu aurul și alte active tradiționale.

  • De ce este Bitcoin numit 'Aur digital'?

    Bitcoin este numit 'Aur digital' datorită proprietăților sale de rezervă de valoare și a capacității sale de a fi tranzacționat rapid și eficient.

  • Care este prognoza lui Saylor pentru viitorul Bitcoin?

    Saylor estimează că Bitcoin va continua să crească, cu o rată annuală de aproximativ 29%, devenind un activ major de capital.

  • Care sunt riscurile asociate cu Bitcoin?

    Riscurile includ volatilitatea prețului și reglementările care ar putea afecta adoptarea și utilizarea sa.

  • Ce rol joacă Bitcoin în strategia investițională a companiilor?

    Companiile sunt încurajate să integreze Bitcoin în portofoliile lor pentru a reduce riscuile asociate cu activele tradiționale.

  • Ce reforme legislative ar putea influența Bitcoin?

    Reformele care facilitează ETF-urile Bitcoin și reglementările favorabile ar putea stimula adoptarea pe scară largă.

  • De ce este important ca Bitcoin să fie văzut ca un activ global?

    Bitcoin oferă oportunități de investiție la scară globală, independență față de jurisdicții locale și o metodă sigură de păstrare a valorilor în fața instabilității economice.

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Teks
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Gulir Otomatis:
  • 00:00:02
    thank you very much we'd like everyone
  • 00:00:04
    to take their seats and I know uh people
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    are like grabbing lunch and they'll be
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    kind of coming in uh over the next few
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    minutes but uh Michael sailor is the
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    founder and executive chairman of micro
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    strategy which as most of you know is a
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    publicly traded uh business intelligent
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    firm and the holder as of today of
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    450,000 Bitcoin at an average cost of
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    approximately 62,000 per coin the
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    company has allocated over 28 billion to
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    their Bitcoin treasury
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    strategy Michael's also the founder of
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    alarm.com he's a named inventor on over
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    48 patents and the author of the book
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    The Mobile wave he founded the Sailor
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    Academy a nonprofit that has provided
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    free education to over 2 million
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    students and as we all know he's one of
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    the world's leading advocates for the
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    Bitcoin standard with dual degrees from
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    MIT in Aerospace Engineering in the
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    history of science Michael posts his
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    views on X as sailor and on his website
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    michael.com if you want more information
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    and we're very fortunate that he's
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    agreed to speak with us today how about
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    a warm welcome for Michael
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    [Applause]
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    sailor thank you uh thanks for
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    coming uh I know I took you away from
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    probably a nonbox lunch
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    but I'll try to make it worth your while
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    [Music]
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    um everybody in the world every investor
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    every executive is facing an economic
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    and a technology
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    challenge you could specify the economic
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    challenges it's very difficult to
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    outperform monetary inflation when you
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    look at the rate at which the currency
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    Supply is
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    expanding um most Investments don't
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    outperform it you know that the S&P 500
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    is to a certain degree the cost of
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    capital but all of the safer investment
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    and asset classes underperform and even
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    though you're getting wealthier nominal
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    terms and real terms you're really
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    not and if you're a company executive
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    and your company isn't growing
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    organically 15% a year or more
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    institutional investors tend to lose
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    interest in you 15% is a hurdle rate and
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    uh and when they lose interest your
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    liquidity and your stock dries up and
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    then the options Market dries up and
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    that's a challenge you become in in many
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    ways you could be a zombie company my
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    company was a zombie company um we got
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    to the point where the stock traded $2
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    million a day there was no options
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    Market uh we were dead money nobody
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    tuned into our earnings calls and it
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    wasn't clear how we were going to to get
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    ahead and and I would say half of the
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    Russell 2000 are stuck in that same spot
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    if not 90% of all
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    companies and here's one of the reasons
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    why um the winners in the 21st century
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    they're all digital monopolies if you
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    have an Investment Portfolio and it
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    doesn't include apple and Amazon or
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    Facebook or Google or Nvidia or the like
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    you're probably not winning it's very
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    hard to see how you could be a
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    successful investor without some
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    exposure to those
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    companies and if you look at the rest of
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    the S&P normally the S&P is the 500
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    Greatest companies in the United
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    States 493 of them are fairly boring how
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    do you how do you actually compete
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    against a digital Monopoly when someone
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    has I think Facebook has two billion
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    users a day or of a billion customers um
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    and when you can ship a product to a
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    billion people overnight with a A Punch
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    of a button that's an enormous
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    Advantage so all of us we struggling
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    with this issue how how do you how are
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    you going to be a winner when you're not
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    one of the seven
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    winners um the technology challenge is
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    very intertwined with this which is you
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    can't win if you miss the next
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    technology wave
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    you know that there was personal
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    Computing and there was the internet and
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    there was mobile Computing and now
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    there's artificial
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    intelligence and I'm here to say that I
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    think everybody in the world understands
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    artificial intelligence is the next
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    technology wave but I think very very
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    few people not so many really appreciate
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    there's another technology wave taking
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    place and it's it's a digital
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    transformation of capital it's the it's
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    digital Capital it's it's happening
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    right in front of people's faces but
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    because it's unexpected and it's a
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    paradigm shift and it's an inversion of
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    everyone's world view they tend to
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    dismiss it as
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    something random unlikely unlucky
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    scary and um I'm here to talk about
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    Bitcoin and so bitcoin's the solution to
  • 00:05:26
    the problem it's the solution to the
  • 00:05:28
    economic problem how do you win when
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    there's only seven companies that can
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    win and it's a solution to the
  • 00:05:34
    technology question how do you get on
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    the next technology wave and how do you
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    exploit it to the benefit of your
  • 00:05:42
    investors your family your company your
  • 00:05:49
    customers now how do I know Bitcoin is
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    the next wave why should you think it's
  • 00:05:53
    the next wave well here's a chart of the
  • 00:05:57
    top 10 largest assets in the world right
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    now and so if you look at the 10 uh
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    bitcoin's number seven it is the seventh
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    largest asset in the world goals number
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    one then you've got these Magnificent
  • 00:06:11
    Seven companies Nvidia Apple Microsoft
  • 00:06:14
    Amazon alphabet
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    meta and you got Saudia
  • 00:06:20
    ramco and you got a little bit of
  • 00:06:22
    silver but of them the fastest growing
  • 00:06:26
    of these is Bitcoin Bitcoin is growing
  • 00:06:29
    three times faster than Microsoft why is
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    it why is it the next wave well it's not
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    just the fastest growing asset in the
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    world it's the most popular asset in the
  • 00:06:43
    world it's literally the most popular
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    asset in the world everyone wants to
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    talk about it it's the most
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    interesting it's the most digital asset
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    in the world right you you you can't
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    digitally transform you can't move um
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    these other assets at the speed of light
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    a million times a second between 8
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    billion computers the way you can with
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    Bitcoin it's the most useful asset in
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    the world if you need a billion dollars
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    in five minutes on a Saturday afternoon
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    this is the only asset you can
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    liquidate right it is it is useful to
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    every company on Earth to every person
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    on Earth it is global you know these
  • 00:07:22
    other things aren't Global assets with
  • 00:07:24
    the exception of gold so in essence
  • 00:07:28
    Bitcoin is the digit digal gold but but
  • 00:07:31
    you know you can't beam gold between 8
  • 00:07:33
    billion iPhones and gold is a 5,000 year
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    old idea and Bitcoin is that idea
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    reinvented for the 21st
  • 00:07:42
    century and now I'm going to give you a
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    set of suggestions or or a set of
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    indicators as to why maybe this is
  • 00:07:49
    something big why it's not just
  • 00:07:52
    random this is Bitcoin versus that asset
  • 00:07:56
    allocation chart and you can see that
  • 00:07:59
    that um it looks hard to find a solution
  • 00:08:01
    when you don't include Bitcoin and when
  • 00:08:03
    you put Bitcoin on the chart it renders
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    every other solution
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    irrelevant it's like it's pretty clear
  • 00:08:08
    there's one thing that's interesting and
  • 00:08:10
    everything else is just more of the same
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    Bitcoin punches a hole into the chart
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    60% over the past four
  • 00:08:22
    years and
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    um if we zoom into that a little bit
  • 00:08:27
    closer this is as set performance uh
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    since micro strategy adopted the Bitcoin
  • 00:08:33
    standard the S&P is uh returning 13% a
  • 00:08:37
    year real estate's 10% a year gold 7% a
  • 00:08:42
    year bonds are minus 5% a year as you
  • 00:08:45
    can see the cost of capital the hurdle
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    rate there is 13 the only thing that's
  • 00:08:49
    beating it that's conventional is the
  • 00:08:51
    Magnificent 7 which is a bit more than
  • 00:08:53
    doubling it and then Bitcoin is doubling
  • 00:08:55
    the Magnificent s so one of these things
  • 00:08:59
    things is is is really an
  • 00:09:02
    overwhelming uh winner Bitcoin more than
  • 00:09:06
    four times conventional performance
  • 00:09:09
    let's look out over 14 years it's the
  • 00:09:11
    winter in 11 of 14 years so it's not
  • 00:09:15
    just it's up over the last four years
  • 00:09:17
    it's up more over 10 years 8 years 12
  • 00:09:21
    years here's another slice you can look
  • 00:09:24
    at everything in the world trying to
  • 00:09:25
    find
  • 00:09:27
    something which is more compelling but
  • 00:09:29
    Bitcoin is showing a annualized
  • 00:09:31
    performance of 147% from
  • 00:09:35
    2011 but again you know after Bitcoin
  • 00:09:38
    you just fall to like your best growth
  • 00:09:40
    stock
  • 00:09:42
    idea and
  • 00:09:45
    uh it's not just it's the best
  • 00:09:47
    performing asset it's the best
  • 00:09:49
    performing uncorrelated asset it's got
  • 00:09:52
    the highest sharp ratio it's also got
  • 00:09:55
    the lowest correlation these are these
  • 00:09:57
    are Fidelity numbers so the entire ire
  • 00:09:59
    world is looking for an investment idea
  • 00:10:02
    that's uncorrelated to risk assets you
  • 00:10:05
    know we have entire conferences
  • 00:10:06
    alternative investment conferences and
  • 00:10:09
    we talk about should it be real estate
  • 00:10:10
    should it be natural gas rights should
  • 00:10:13
    it be intellectual property well Bitcoin
  • 00:10:16
    is the global fungible liquid
  • 00:10:18
    alternative
  • 00:10:20
    asset and uh you don't have to believe
  • 00:10:22
    me or look you don't have to understand
  • 00:10:24
    the fundamentals even if you even if you
  • 00:10:25
    don't want to spend a thousand hours
  • 00:10:27
    studying it you can just look at the
  • 00:10:28
    chart published by Fidelity it gives you
  • 00:10:31
    the same
  • 00:10:33
    answer Black Rock announ they launched a
  • 00:10:36
    Bitcoin ETF a year
  • 00:10:38
    ago uh that
  • 00:10:41
    ETF um leaped above
  • 00:10:45
    1,100 ETFs that they sell to be number
  • 00:10:49
    13 in 12 months so that just shows you
  • 00:10:52
    how fast it's
  • 00:10:54
    moving you know blowing past a thousand
  • 00:10:56
    other ETFs but it's more than that um
  • 00:11:01
    that ETF is the most successful ETF
  • 00:11:04
    launch in the history of ETFs and I
  • 00:11:07
    would say if you look at Wall Street
  • 00:11:08
    over 40 years the last big innovation in
  • 00:11:11
    Wall Street was the ETF the idea that
  • 00:11:14
    you could buy spy or you could buy uh a
  • 00:11:18
    portfolio a
  • 00:11:20
    QQQ uh or a diversified portfolio of
  • 00:11:23
    assets that was the big
  • 00:11:25
    idea uh big enough to attract trillions
  • 00:11:27
    of dollars of capital
  • 00:11:30
    and the most successful example of that
  • 00:11:32
    big idea is
  • 00:11:36
    ibit Right which has just been a
  • 00:11:38
    screaming home
  • 00:11:41
    run not only is it run past nearly all
  • 00:11:44
    of the Black Rock ETFs and all the other
  • 00:11:47
    ETFs it's actually outstripped black
  • 00:11:50
    Rock's gold fund which is around forever
  • 00:11:52
    I and it did it in 12
  • 00:11:55
    months right digital gold is better than
  • 00:11:59
    gold uh just like digital photos are
  • 00:12:01
    better than physical photos and digital
  • 00:12:04
    videos are better than your you know
  • 00:12:07
    then your VHS cassettes right it's it's
  • 00:12:10
    not a complicated idea I digitally
  • 00:12:13
    transform something it's a million times
  • 00:12:15
    smarter a million times faster a million
  • 00:12:18
    times more ubiquitous a million times
  • 00:12:21
    you know lighter than the thing that it
  • 00:12:26
    replaced in 2024 10 of the top 20 ETFs
  • 00:12:30
    launch were all based on
  • 00:12:33
    bitcoin right so everybody's cool ideas
  • 00:12:37
    right it's based on bitcoin or some
  • 00:12:38
    derivative of
  • 00:12:42
    Bitcoin uh those spot Bitcoin ETFs they
  • 00:12:45
    are um they're they're compliance
  • 00:12:48
    gateways or or wrappers if I want to buy
  • 00:12:52
    Bitcoin then I have to solve the
  • 00:12:54
    compliance problem the compatibility
  • 00:12:56
    problem the convenience problem and in
  • 00:13:00
    January of 2024 the first ETFs got
  • 00:13:04
    approved in the US to do this this is
  • 00:13:07
    the list of them uh in that 12 months
  • 00:13:11
    they siphoned up $ 109 billion of
  • 00:13:14
    AUM so it gives you a sense of just how
  • 00:13:16
    fast they
  • 00:13:18
    moved um they were a solution to a
  • 00:13:21
    problem right but it's not just a US
  • 00:13:25
    phenomena uh ETFs that are backing
  • 00:13:28
    Bitcoin coin or or a back by Bitcoin are
  • 00:13:30
    popping up every country in the world
  • 00:13:33
    and so you can see they're in Canada
  • 00:13:35
    they're in Sweden they're in Germany
  • 00:13:37
    they're in Singapore they're in
  • 00:13:39
    Switzerland they're in
  • 00:13:41
    Australia right um they solve a
  • 00:13:44
    fundamental issue right uh in some cases
  • 00:13:47
    it solves the issue of reporting tax
  • 00:13:50
    compliance it may solve the issue of
  • 00:13:51
    capital
  • 00:13:53
    controls right you know you're seeing
  • 00:13:55
    ETFs popping up in Hong Kong eventually
  • 00:13:58
    the Chinese will let you own Bitcoin but
  • 00:14:00
    they're more likely to let you own it if
  • 00:14:02
    it's custody in a bank in
  • 00:14:05
    Shanghai right me many uh many countries
  • 00:14:10
    they're not cons they're not trying to
  • 00:14:12
    keep their citizens or their companies
  • 00:14:14
    from getting
  • 00:14:15
    rich they're simply trying to keep the
  • 00:14:18
    capital from flowing out of the company
  • 00:14:21
    or the country so is so it's it's
  • 00:14:24
    totally fine for a billion people to
  • 00:14:26
    make an investment that makes them money
  • 00:14:28
    as long as they keep it in the country
  • 00:14:30
    in question and so these ETFs in many
  • 00:14:33
    cases they're handles or they're
  • 00:14:34
    wrappers but they're um they're also
  • 00:14:37
    just solving the problem of how do you
  • 00:14:39
    be politically
  • 00:14:41
    correct and how do you be harmonious
  • 00:14:43
    with all the with all of The Regulators
  • 00:14:46
    around the
  • 00:14:50
    world wealthy families they're always
  • 00:14:53
    looking for how to diversify their
  • 00:14:55
    assets it's like uh I own a bunch of
  • 00:14:57
    real estate or I own Diversified
  • 00:14:59
    portfolio stocks or I want some all
  • 00:15:01
    other alternative assets well there's 60
  • 00:15:04
    Global billionaires that we know
  • 00:15:06
    publicly are invested in Bitcoin I give
  • 00:15:08
    you a short list but uh the more
  • 00:15:11
    important point is Bitcoin is the
  • 00:15:13
    fastest growing alternative investment
  • 00:15:15
    for high net High net worth individuals
  • 00:15:18
    in the world and it's
  • 00:15:21
    a it's a it's a very straightforward
  • 00:15:23
    powerful
  • 00:15:25
    idea you know I'm going to buy a
  • 00:15:27
    building that's that's buying property
  • 00:15:30
    to diversify myself and get away from
  • 00:15:34
    risk exposure that's great but buildings
  • 00:15:37
    are liquid and they're not
  • 00:15:40
    fungible uh what if I could buy a
  • 00:15:42
    digital building and I could buy it $200
  • 00:15:44
    at a time or $200 million at a time or2
  • 00:15:47
    billion doar at a time and what if it
  • 00:15:50
    offered the same economic property
  • 00:15:53
    rights if it offered the same
  • 00:15:55
    characteristics whether you bought $200
  • 00:15:57
    or $200 million
  • 00:15:59
    of it that's a powerful idea it's a
  • 00:16:02
    fungible idea it's a global idea it's an
  • 00:16:06
    idea people can remember right and it's
  • 00:16:09
    not likely that you can buy the same
  • 00:16:11
    physical assets that Elon Musk and Mark
  • 00:16:14
    Zuckerberg own but you can buy the same
  • 00:16:17
    Bitcoin they own and you've got the same
  • 00:16:19
    rights per pursue to
  • 00:16:22
    them there's s 70 public companies that
  • 00:16:26
    are capitalizing on bitcoin right now
  • 00:16:28
    you're starting to see this
  • 00:16:30
    explode uh companies like simler
  • 00:16:33
    companies like Mara and Riot and and CER
  • 00:16:37
    you know all of them are realizing that
  • 00:16:40
    if they recapitalize on bitcoin they go
  • 00:16:43
    from investing in uh a bond that loses
  • 00:16:46
    10% of its value a year to a Bitcoin
  • 00:16:49
    that gains 40% more value a year it's
  • 00:16:53
    simply flipping of a light switch this
  • 00:16:55
    is a virtuous economic Dynamic it's
  • 00:16:58
    spreading
  • 00:17:02
    you see 70 companies then it'll be 700
  • 00:17:05
    then it'll be 7,000 then it'll be 7,000
  • 00:17:07
    there's 400 million companies in the
  • 00:17:09
    world who doesn't want
  • 00:17:13
    money um those Bitcoin ETFs are
  • 00:17:17
    outperforming all the commodity ETFs so
  • 00:17:21
    I show you every commodity ETF what you
  • 00:17:23
    see is bitcoin's crushing
  • 00:17:25
    Everything Gold is second best
  • 00:17:29
    the rest are just trading
  • 00:17:31
    Vehicles right you can buy some gold and
  • 00:17:34
    you'll get an average performance you
  • 00:17:36
    can buy Bitcoin and get good performance
  • 00:17:38
    everything else is just a trade all
  • 00:17:40
    other Commodities are pretty awful to
  • 00:17:42
    hold for more than a few years you're
  • 00:17:43
    not going to invest your family's life
  • 00:17:45
    savings and natural gas or soybeans for
  • 00:17:49
    100 years and you can probably figure
  • 00:17:51
    out
  • 00:17:53
    why um Bitcoins those ETFs are also
  • 00:17:56
    outperforming the bond portfolios as you
  • 00:17:58
    can see if you're thinking Bitcoin
  • 00:18:00
    versus bonds well you know bonds are all
  • 00:18:03
    fairly lame
  • 00:18:05
    boring
  • 00:18:07
    um right now you're starting to see a
  • 00:18:09
    movement to 1 to 3% allocation you know
  • 00:18:12
    the 6040 Bond portfolio that that's
  • 00:18:15
    going to change right that's not going
  • 00:18:17
    to last much longer uh that 1 to 3% uh
  • 00:18:22
    allocation to bitcoin will eventually
  • 00:18:23
    become a 5 to 10% allocation to bitcoin
  • 00:18:27
    when you start to see conventional
  • 00:18:28
    portfolios with just 1 two 3% allocation
  • 00:18:32
    you know the price of Bitcoin skyrockets
  • 00:18:35
    but when it gets to 5 to 10% allocation
  • 00:18:37
    it's definitely going to be in the
  • 00:18:40
    millions and so if I put Bitcoin up
  • 00:18:42
    against every other ETF what you can see
  • 00:18:45
    is that it's you know it's still
  • 00:18:47
    outperforming them all it's the fastest
  • 00:18:50
    horse in the
  • 00:18:51
    race you can see where black Rock's ibit
  • 00:18:54
    sits on the leaderboard right now but
  • 00:18:57
    you can also see that at the rate that
  • 00:19:00
    it's growing ibit may very well be the
  • 00:19:02
    largest ETF in the world within 10 years
  • 00:19:05
    I I would think it's more likely than
  • 00:19:07
    not based upon the performance
  • 00:19:09
    characteristics of the
  • 00:19:13
    industry uh bitcoin's beating your
  • 00:19:16
    favorite hedge
  • 00:19:17
    fund right uh it is The
  • 00:19:21
    Benchmark um it was up 121% in the last
  • 00:19:25
    year but again when I when I look I'm
  • 00:19:28
    looking at out and I'm saying well we're
  • 00:19:29
    getting 60% a year from Bitcoin like
  • 00:19:33
    show me a hedge fund that's going to
  • 00:19:34
    give me 60% a year over four years you
  • 00:19:37
    know show me someone that's going to
  • 00:19:39
    promise me 30% a year for the next 20
  • 00:19:41
    years and not charge me a
  • 00:19:44
    fee right and give me complete liquidity
  • 00:19:47
    and Redemption it's not easy so you see
  • 00:19:51
    the world's inverting you know
  • 00:19:54
    um and that takes us to the question of
  • 00:19:57
    what is bitcoin well Bitcoin just
  • 00:19:59
    requires a return to First principles
  • 00:20:01
    it's a it's a new form of Technology it
  • 00:20:04
    is it is economic technology I think of
  • 00:20:07
    it as digital
  • 00:20:09
    energy
  • 00:20:11
    but you know if you started with this
  • 00:20:13
    Trope and you said what did Satoshi do
  • 00:20:16
    Satoshi discovered a method to transfer
  • 00:20:19
    value uh without a trusted
  • 00:20:21
    intermediary and people often times
  • 00:20:23
    repeat that but that's the small idea
  • 00:20:27
    it's not the big idea
  • 00:20:29
    yes we transfer a billion dollars from
  • 00:20:32
    point A to point B without a
  • 00:20:35
    bank the big idea is in order to
  • 00:20:38
    transfer value without an intermediary
  • 00:20:40
    you have to store the value without an
  • 00:20:43
    intermediary the big idea is I put the
  • 00:20:46
    billion dollars into
  • 00:20:48
    cyberspace
  • 00:20:50
    forever money and order the big idea is
  • 00:20:53
    we launched a payload into orbit when
  • 00:20:56
    you launch a payload into a ballis
  • 00:20:58
    trajectory it comes back to earth when
  • 00:21:01
    you launch it into orbit it orbits
  • 00:21:04
    forever right when you get to escape
  • 00:21:06
    velocity maybe it's never coming back so
  • 00:21:09
    imagine the idea that I could put a
  • 00:21:11
    billion dollars into a bank in
  • 00:21:13
    cyberspace that would stay there
  • 00:21:16
    untarnished not
  • 00:21:18
    corroding right without being debased
  • 00:21:22
    forever like forever is such a powerful
  • 00:21:25
    idea right it's frictionless it's
  • 00:21:27
    superconducting
  • 00:21:28
    the big idea is store value without an
  • 00:21:31
    intermediary it means you transcend
  • 00:21:33
    Banks you transcend physical laws right
  • 00:21:37
    it this represents a digital
  • 00:21:38
    transformation a capital from financial
  • 00:21:41
    and physical assets to digital pure
  • 00:21:44
    digital like how how much does a book
  • 00:21:48
    weigh if it's the encyclopedia Botanica
  • 00:21:51
    how much does it weigh when is a digital
  • 00:21:53
    encyclopedia branica one of them is a
  • 00:21:56
    billion trillion times
  • 00:21:59
    lighter than the other it's the
  • 00:22:01
    fundamental phase shift and now what's
  • 00:22:04
    that worth well Global wealth is divided
  • 00:22:07
    across a bunch of assets here's a $900
  • 00:22:09
    trillion wealth
  • 00:22:11
    chart people own half those things for
  • 00:22:14
    utility they own buildings to to live in
  • 00:22:16
    or work in and they own cars to drive
  • 00:22:19
    and they own companies to operate but
  • 00:22:21
    the other half of the assets are just
  • 00:22:23
    held as a long-term store of capital you
  • 00:22:26
    bought it because you had money and you
  • 00:22:28
    needed to put the money to work so you
  • 00:22:30
    bought the you have a land bank you
  • 00:22:32
    bought a bunch of land you bought a
  • 00:22:34
    bunch of commercial real estate you
  • 00:22:36
    bought a bunch of
  • 00:22:38
    bonds half of everything is just
  • 00:22:40
    long-term
  • 00:22:42
    capital so if that's what half of
  • 00:22:45
    everything is what's the problem well
  • 00:22:48
    the problem is when you put your money
  • 00:22:50
    your 450 trillion into that long-term
  • 00:22:52
    capto investment you get hit with taxes
  • 00:22:56
    income tax you get hit with wage control
  • 00:22:58
    price controls
  • 00:23:00
    regulations there's a fire in California
  • 00:23:04
    there's a
  • 00:23:05
    hurricane in Florida there's a war in
  • 00:23:09
    Russia and Ukraine there's a currency
  • 00:23:12
    collapse in Egypt there's a bank failure
  • 00:23:14
    in
  • 00:23:15
    Lebanon right these are all the things
  • 00:23:18
    that cause you to lose money if you're
  • 00:23:20
    an investor and you've lived long enough
  • 00:23:22
    you can probably give me 30 40 50 ways
  • 00:23:25
    you lost money most 10ks have 30 40
  • 00:23:29
    pages of risk factors of just ways you
  • 00:23:31
    can lose money there's a lot of ways you
  • 00:23:33
    can lose in the world that's I'm going
  • 00:23:36
    to call it entropy I'm going to call it
  • 00:23:38
    chaos I'm going to call it the passage
  • 00:23:39
    of time your Warehouse just gets older
  • 00:23:43
    it was a good warehouse and 40 years
  • 00:23:45
    later it's not a good Warehouse you have
  • 00:23:47
    to rebuild
  • 00:23:48
    it what's that cost well that cost about
  • 00:23:52
    $1 trillion a year it's 3% of 450
  • 00:23:56
    trillion right it's costing us money to
  • 00:24:00
    store you know I'm going to put a
  • 00:24:02
    billion dollars in your hands and you
  • 00:24:04
    got to go buy up everything you want in
  • 00:24:07
    Asia and hold it a 100 years then play
  • 00:24:10
    all these out and you realize there's
  • 00:24:12
    going to be an entropic lapse there's
  • 00:24:14
    going to be an inefficiency
  • 00:24:17
    there well Bitcoin is an asset without
  • 00:24:20
    that Financial Risk of the currency the
  • 00:24:22
    stock or the bond you're going to buy
  • 00:24:24
    and it doesn't have the physical risk of
  • 00:24:26
    real estate or property because you put
  • 00:24:28
    it in cyberspace it is an orbit it is
  • 00:24:32
    outside of the political domain outside
  • 00:24:34
    of the physical domain outside of a
  • 00:24:37
    currency
  • 00:24:38
    domain and that is and that is a a
  • 00:24:42
    solution to long-term capital so what
  • 00:24:46
    you see is you see smart money
  • 00:24:48
    everywhere in the world smart PE here's
  • 00:24:51
    the big idea of Bitcoin you get to keep
  • 00:24:55
    your
  • 00:24:56
    money that's the idea
  • 00:24:58
    who cares people that live in China and
  • 00:25:02
    Russia and Africa and South America and
  • 00:25:05
    Asia and Europe that want to keep their
  • 00:25:08
    money and so the money is
  • 00:25:11
    Flowing from those long-term capital
  • 00:25:14
    assets from that warehouse from that uh
  • 00:25:18
    currency from that South American
  • 00:25:21
    bond from that bar of
  • 00:25:26
    gold is flowing into
  • 00:25:29
    Bitcoin Bitcoin is digital Capital so I
  • 00:25:32
    would I would submit to you I think the
  • 00:25:35
    greatest digital transformation of the
  • 00:25:37
    21st century more important than digital
  • 00:25:40
    music or digital books or digital video
  • 00:25:43
    or digital education or digital Fillin
  • 00:25:45
    the blank is the digital transformation
  • 00:25:48
    of capital Bitcoin is digital capital
  • 00:25:54
    and if it's digital Capital it's going
  • 00:25:55
    to transform the capital markets
  • 00:25:59
    so imagine your $100 million building I
  • 00:26:03
    give you a $100 million and you own a
  • 00:26:05
    building in
  • 00:26:07
    La okay or put it in Miami or put it in
  • 00:26:11
    any city in the world in
  • 00:26:14
    Istanbul and now digitally transform it
  • 00:26:17
    what happens when you digitally
  • 00:26:18
    transform the100 million building well
  • 00:26:21
    you get rid of all the things that are
  • 00:26:23
    liabilities you get rid of the tax the
  • 00:26:25
    traffic the tenants the torts the
  • 00:26:27
    trouble the weather the corrosion the
  • 00:26:30
    regulator this the
  • 00:26:33
    the the um fact that you can't move it
  • 00:26:37
    and then you add all the things that
  • 00:26:39
    make something more valuable right how
  • 00:26:41
    do you make the building more valuable
  • 00:26:43
    you make it invisible indestructible
  • 00:26:46
    Immortal teleport programmable divisible
  • 00:26:50
    you make it fungible configurable you
  • 00:26:52
    make it volatile these things make the
  • 00:26:55
    building more valuable the other things
  • 00:26:57
    make the building less valuable Bitcoin
  • 00:27:00
    is in essence just that digital
  • 00:27:03
    transformation if you had your1 million
  • 00:27:06
    building in
  • 00:27:07
    Ukraine or you had it in Syria or you
  • 00:27:10
    had it in fill in the blank Venezuela or
  • 00:27:13
    Cuba or
  • 00:27:15
    LA or you had it in the in the path of
  • 00:27:18
    whatever storm or you had it in
  • 00:27:21
    Moscow what's it worth now right and and
  • 00:27:25
    how does it degrade
  • 00:27:28
    digital capital is global
  • 00:27:31
    Capital right this idea of a building
  • 00:27:34
    right it's like we can debate whether or
  • 00:27:35
    not you want your building in New York
  • 00:27:37
    or Miami or LA or San
  • 00:27:41
    Francisco but if I took a if I gave you
  • 00:27:44
    a billion dollars and I dropped you in
  • 00:27:48
    Africa and I said to you okay I want you
  • 00:27:51
    to go buy a mixture of African uh assets
  • 00:27:55
    worth a billion dollars buy anything you
  • 00:27:57
    want buy it in any country buy land buy
  • 00:28:01
    The Bu buy the buildings buy the
  • 00:28:04
    companies buy your favorite African
  • 00:28:06
    currency buy the Egyptian pound buy the
  • 00:28:09
    naira buy the krugger
  • 00:28:12
    Rand buy a concession on a whatever
  • 00:28:16
    Safari buy tents buy mineral rights buy
  • 00:28:20
    it all the catches you have to hold it
  • 00:28:22
    for 100 years in
  • 00:28:25
    Africa what are you going to buy
  • 00:28:28
    and now here's the second question if I
  • 00:28:30
    gave you a choice you can either buy all
  • 00:28:32
    that stuff and be locked in that in that
  • 00:28:35
    investment for a 100 years or you can
  • 00:28:38
    buy digital capital on the Bitcoin
  • 00:28:40
    Network that all the other smart rich
  • 00:28:42
    people own and that you can carry with
  • 00:28:45
    you uh in your pocket or you can zap it
  • 00:28:48
    out of the you know Out of
  • 00:28:50
    Africa and it's in cyers space and it's
  • 00:28:53
    not subject to African political
  • 00:28:56
    jurisdiction and no Warlord AFC is going
  • 00:28:58
    to take it you don't have to trust an
  • 00:28:59
    African
  • 00:29:02
    bank and you you can live in Africa as
  • 00:29:05
    long as you want until you decide you
  • 00:29:07
    want to move so is it even a I mean is
  • 00:29:11
    it even a difficult
  • 00:29:13
    question let me play the question a
  • 00:29:15
    different way I'm going to take all your
  • 00:29:17
    money right now I'm gonna I'm gonna uh
  • 00:29:20
    cast a spell and I'm going to teleport
  • 00:29:22
    it all and I'm going to spread it
  • 00:29:24
    equally across a mixture of Market
  • 00:29:26
    Basket of assets Ina afca and I'm going
  • 00:29:29
    to say hey I played a magic trick on you
  • 00:29:31
    I moved all of your assets into the
  • 00:29:33
    middle of all these countries in Africa
  • 00:29:35
    and now I'm going to give you a a green
  • 00:29:38
    button you can hit the green button and
  • 00:29:39
    move it all
  • 00:29:42
    back or I'm going to give you an orange
  • 00:29:44
    button you can move it to cyberspace or
  • 00:29:46
    you can leave it there and and so when
  • 00:29:49
    people wonder like why is money flowing
  • 00:29:51
    into Bitcoin why is the price going up
  • 00:29:54
    it's not going up randomly it's it's
  • 00:29:57
    going up in the same same way that water
  • 00:29:58
    flows downhill and it's it's going in
  • 00:30:02
    the same way that that capital is always
  • 00:30:04
    fleeing from a less secure situation to
  • 00:30:08
    a more secure
  • 00:30:10
    situation because it's just a natural
  • 00:30:13
    human
  • 00:30:15
    behavior you have a billion dollars in
  • 00:30:18
    Nigeria you can buy a billion in Bitcoin
  • 00:30:20
    but you you cannot buy a billion dollars
  • 00:30:22
    of real estate in New York City and you
  • 00:30:24
    cannot put your billion dollars into JP
  • 00:30:26
    Morgan and so you see on a relative
  • 00:30:29
    basis there's a certain appeal here and
  • 00:30:32
    then here we we can see Bitcoin is
  • 00:30:36
    um it's a revolutionary advance in
  • 00:30:38
    capital preservation everything you own
  • 00:30:40
    in this world probably has a useful life
  • 00:30:42
    of 10 to 100
  • 00:30:44
    years so what if I give you something
  • 00:30:46
    with a useful life of a thousand
  • 00:30:48
    years like when gold inflates a 2% a
  • 00:30:52
    year that means it's got a halflife of
  • 00:30:54
    35 years your capital and gold as a 30 5
  • 00:30:58
    year halflife when something inflates at
  • 00:31:01
    0% a year your capital on that thing has
  • 00:31:03
    a half life of
  • 00:31:05
    forever there's a the difference between
  • 00:31:07
    2% and 0% is I live 35 years I live for
  • 00:31:12
    a billion
  • 00:31:13
    years it's a pretty big difference when
  • 00:31:16
    you compound
  • 00:31:18
    it so this thing we call Bitcoin it's a
  • 00:31:21
    network it's secured by energy it's by
  • 00:31:25
    electrical energy by computer power by
  • 00:31:27
    political Power by economic power it's
  • 00:31:30
    simply put it's the most powerful crypto
  • 00:31:33
    Network in the world has the most
  • 00:31:35
    popular support it has more computer
  • 00:31:38
    power than Amazon or Microsoft could
  • 00:31:41
    muster if they wanted to people say
  • 00:31:43
    What's it back by it's just backed by
  • 00:31:46
    power a lot of power right the political
  • 00:31:50
    power to topple or tip an election which
  • 00:31:53
    is what just happened in the US right
  • 00:31:56
    the computer power that that is is such
  • 00:31:59
    a dense hash wall that every computer on
  • 00:32:03
    Earth turned against it wouldn't Dent
  • 00:32:05
    it um let me switch gears to a 21-year
  • 00:32:09
    Outlook of Bitcoin what do I think's
  • 00:32:12
    going to happen well I've got an open
  • 00:32:13
    source model it's called Bitcoin 24 you
  • 00:32:16
    can Google it it's on GitHub you can
  • 00:32:18
    download this you can plug in all your
  • 00:32:20
    assumptions and create your own
  • 00:32:22
    forecast but I think looking out over
  • 00:32:25
    the next 21 years you know I just I I
  • 00:32:28
    think the money supply the currency
  • 00:32:30
    Supply will continue to grow you're
  • 00:32:32
    going to you're going to continue to see
  • 00:32:34
    Innovation you're going to see equities
  • 00:32:36
    continue to grow gold will gradually
  • 00:32:39
    underperform of course bitcoin's going
  • 00:32:41
    to overperform equities will overperform
  • 00:32:46
    because of AI and
  • 00:32:48
    technology and this is a simple a simple
  • 00:32:51
    view I put fourth in Nashville in July
  • 00:32:54
    and I haven't really changed from it I
  • 00:32:56
    expect the bitcoin's going to go from
  • 00:32:58
    60% AR decelerating to 20% for a blended
  • 00:33:02
    rate of
  • 00:33:03
    29% I think the volatility of Bitcoin
  • 00:33:06
    will go from 60 Vol decelerating to 20
  • 00:33:09
    Vol for a blended Vol of whatever the
  • 00:33:11
    same and I think that you know if you
  • 00:33:14
    look out 20 years it's still going to be
  • 00:33:16
    growing faster than the S&P a bit 50%
  • 00:33:19
    more it's still going to be 50% more
  • 00:33:21
    volatile than the
  • 00:33:23
    S&P but you want a simple view of the
  • 00:33:26
    market you just think here's something
  • 00:33:28
    which is 29% AR for the next 21 years
  • 00:33:32
    targeting $13 million a
  • 00:33:35
    coin and if you look at that against our
  • 00:33:38
    map of wealth it's not that radically
  • 00:33:41
    different um just Bitcoin becomes the
  • 00:33:44
    global monetary index a $280 trillion
  • 00:33:47
    asset class equities will still be
  • 00:33:49
    bigger real estate will still be bigger
  • 00:33:52
    bonds will still be bigger it's just you
  • 00:33:55
    know if you want to get rich you're not
  • 00:33:56
    getting rich investing in
  • 00:33:58
    gold right if you want to stay Rich you
  • 00:34:01
    can probably hold a diversified
  • 00:34:02
    portfolio of real estate and Equity if
  • 00:34:05
    you want to outperform you're going to
  • 00:34:07
    need
  • 00:34:08
    Bitcoin we're entering the era of
  • 00:34:11
    institutional adoption now this 10 years
  • 00:34:13
    this is the Gold Rush
  • 00:34:15
    era right in 24 Bitcoin emerged as a
  • 00:34:19
    viable alternative to bonds and a in a
  • 00:34:22
    corporate portfolio that was the first
  • 00:34:24
    year now you see all these public
  • 00:34:27
    entities that that are holding Bitcoin
  • 00:34:29
    115 different ones so this is
  • 00:34:32
    spreading as I said it's a virus it's
  • 00:34:34
    going to
  • 00:34:35
    accelerate uh there's a wave of
  • 00:34:37
    political support for Bitcoin it's
  • 00:34:39
    surging you can see the entire cabinet
  • 00:34:41
    is pro Bitcoin the White House is pro
  • 00:34:44
    Bitcoin the Senate and the house are pro
  • 00:34:47
    Bitcoin you know you've got a senator uh
  • 00:34:50
    proposing a Bitcoin strategic
  • 00:34:54
    Reserve you've got Larry thinkink
  • 00:34:56
    advocating for Bitcoin on CNBC and I
  • 00:34:59
    just showed you the Black Rock numbers
  • 00:35:00
    they're
  • 00:35:02
    Stellar you've got Donald Trump never
  • 00:35:05
    sell your Bitcoin right it's all you
  • 00:35:09
    need to
  • 00:35:10
    know you've got Senator lumus I
  • 00:35:13
    encourage people to buy and hold I
  • 00:35:15
    encourage them to say Bitcoin for their
  • 00:35:17
    retirement for their
  • 00:35:19
    future you've got Joe Karan debating
  • 00:35:22
    with Mohamad a lot of people that are
  • 00:35:24
    nodding with you because we can deflate
  • 00:35:26
    our way out of some of the step but the
  • 00:35:28
    difference between 2% and 3% compounded
  • 00:35:31
    for the dollar is devastating and and
  • 00:35:34
    you're saying you should buy
  • 00:35:36
    Bitcoin um in 2025 with the first year
  • 00:35:40
    of the crypto
  • 00:35:41
    Renaissance right I think what you're
  • 00:35:43
    going to see is um you'll see
  • 00:35:45
    improvements to the Wall Street ETFs um
  • 00:35:48
    you're going to see fair value
  • 00:35:49
    accounting from fby which will be a big
  • 00:35:52
    boost uh you've got 250 plus pro crypto
  • 00:35:56
    uh Representatives or senators in
  • 00:35:59
    congress I think you'll see the repeal
  • 00:36:01
    of Sab 121 which allows Banks to enter
  • 00:36:04
    the asset class and start to bank
  • 00:36:06
    Bitcoin that's going to be a big deal
  • 00:36:08
    the end of the war in crypto is just a
  • 00:36:10
    big deal and uh I think the arrival of a
  • 00:36:14
    digital assets framework and a bunch of
  • 00:36:16
    Bitcoin standard companies all of these
  • 00:36:18
    things are are in progress process right
  • 00:36:23
    now uh a few words on micro strategy
  • 00:36:26
    we're powered by digital
  • 00:36:28
    Capital what do we do we flipped to the
  • 00:36:30
    Bitcoin standard about four years ago we
  • 00:36:32
    started buying Bitcoin and we've just
  • 00:36:34
    been accumulating every
  • 00:36:36
    quarter 46 48 successive announcements
  • 00:36:40
    we're up to 450,000 Bitcoin as of this
  • 00:36:45
    morning and uh what are we doing what we
  • 00:36:48
    do is is we issue Securities debt
  • 00:36:52
    Securities like convertible bonds or the
  • 00:36:55
    like in order to create Leverage
  • 00:36:58
    we raise permanent capital and then we
  • 00:37:01
    have an equity which is a bit more
  • 00:37:03
    volatile and a bit higher performance
  • 00:37:05
    than Bitcoin we generate The Leverage
  • 00:37:07
    with fixed income instruments which are
  • 00:37:10
    less volatile uh lower performance than
  • 00:37:13
    Bitcoin and on top of our Equity is a
  • 00:37:16
    very vibrant options market and then uh
  • 00:37:19
    and then the fixed income instruments
  • 00:37:21
    offer a different
  • 00:37:23
    opportunity uh for fixed income
  • 00:37:25
    investors you could think of us as like
  • 00:37:27
    a Bitcoin Refinery you know crude oil
  • 00:37:29
    goes in one side and you have like
  • 00:37:32
    kerosene gasoline coming out the other
  • 00:37:35
    side um Bitcoin is just crude Capital 60
  • 00:37:40
    Vol 60 AR the world's full of people
  • 00:37:42
    that that want 15
  • 00:37:44
    ARR and 10v they don't want 6060 so
  • 00:37:48
    we're just stepping down the Bitcoin and
  • 00:37:51
    we're giving people the flavor they want
  • 00:37:54
    uh what's happened well we basically
  • 00:37:57
    almost doubl the performance of Bitcoin
  • 00:37:59
    not quite over the last four years and
  • 00:38:02
    you so you can see how uh the phrase I
  • 00:38:06
    have and I use often is the only thing
  • 00:38:07
    better than Bitcoin is more
  • 00:38:09
    Bitcoin it you can't beat 60% ARR you
  • 00:38:14
    can't beat that except if you borrow
  • 00:38:16
    money at 0% interest and you buy the 60
  • 00:38:20
    AR then you can beat it so we borrow
  • 00:38:22
    money at 0% or 1% interest with
  • 00:38:25
    convertible bonds then we buy something
  • 00:38:27
    going up 60% and that's how we beat
  • 00:38:30
    Bitcoin and you have to have a public
  • 00:38:32
    company with a large permanent Capital
  • 00:38:34
    base in order to lever it so we're using
  • 00:38:38
    our permanent Bitcoin capital in order
  • 00:38:40
    to issue the fixed income securities in
  • 00:38:42
    order to create the
  • 00:38:44
    leverage and that has allowed us to
  • 00:38:46
    outperform every S&P 500 company over
  • 00:38:49
    these four years by a large margin um
  • 00:38:54
    and of course part of the trick is to be
  • 00:38:56
    more volatile we're the most volatile
  • 00:38:58
    company out of the S&P
  • 00:39:00
    500 okay and volatility is thought to be
  • 00:39:03
    a bug we think it's a feature capital is
  • 00:39:06
    thought to be toxic we think it's an
  • 00:39:08
    asset right and so we pursue the
  • 00:39:11
    volatility the volatility gives the
  • 00:39:13
    stock options uh value and that gives
  • 00:39:16
    the convertible bonds value and that's
  • 00:39:18
    how we're able to raise Capital
  • 00:39:20
    quickly right and if you look at what's
  • 00:39:22
    what volatility has done for us it's
  • 00:39:25
    made us one of the the top top 10 uh
  • 00:39:29
    biggest options markets in the S&P
  • 00:39:31
    universe and we're also one of the top
  • 00:39:33
    10 most traded names in the S&P universe
  • 00:39:37
    and the thing on the left is interesting
  • 00:39:39
    but the thing on the right kind of tells
  • 00:39:41
    you the story what's really going on
  • 00:39:43
    here we have the largest options open
  • 00:39:46
    interest as percentage of market cap in
  • 00:39:48
    the entire market and we have the
  • 00:39:50
    highest daily trading volume the most
  • 00:39:53
    liquidity as percentage of market cap in
  • 00:39:55
    Mar in the market another way to say it
  • 00:39:57
    is we're we're running very hot we've
  • 00:40:00
    created a crypto reactor Bitcoin is the
  • 00:40:04
    fuel and conventional wisdom is strip
  • 00:40:07
    volatility from the balance sheet strip
  • 00:40:09
    volatility from the p&l but when you do
  • 00:40:12
    it you destroy the options market and
  • 00:40:14
    you destroy your own
  • 00:40:16
    liquidity right and of course we are
  • 00:40:18
    serving as the institutional Gateway for
  • 00:40:20
    you to short Bitcoin or go long Bitcoin
  • 00:40:23
    with leverage and we're happy for people
  • 00:40:26
    to do either have to be two sides to
  • 00:40:28
    every trade so you can see we're about
  • 00:40:30
    you know not quite 10 times bigger than
  • 00:40:33
    the options market for straight
  • 00:40:37
    Bitcoin you should power your company
  • 00:40:39
    with Bitcoin this is the speech I gave
  • 00:40:42
    to Microsoft I said they should try some
  • 00:40:44
    Bitcoin why because it's the highest
  • 00:40:46
    performing uncorrelated asset a
  • 00:40:49
    corporation can hold on its balance
  • 00:40:52
    sheet right Microsoft's 18% a year uh
  • 00:40:57
    performance versus Bitcoin
  • 00:40:59
    62% bonds minus 5% those are the only
  • 00:41:03
    three numbers you need to see now what
  • 00:41:04
    look what happens
  • 00:41:06
    next if you're Microsoft and you
  • 00:41:09
    generate a 100 billion in cash flow and
  • 00:41:11
    you sweep your cash flows into your own
  • 00:41:14
    stock you underperform Bitcoin by
  • 00:41:19
    97% you basically lose 97% of your gains
  • 00:41:23
    because you're
  • 00:41:24
    buying you're buying a plus 18 instead
  • 00:41:27
    of a plus 62
  • 00:41:30
    right but look at this one if you're
  • 00:41:33
    Microsoft and you put 100 billion
  • 00:41:35
    dollars into US treasury bills it's a
  • 00:41:38
    minus
  • 00:41:41
    99.7% trade it's
  • 00:41:44
    horrific the bonds are
  • 00:41:46
    toxic now anybody that went to Harvard
  • 00:41:49
    Business School knows this but their
  • 00:41:51
    solution is the wrong solution the
  • 00:41:53
    solution is surrender all the money
  • 00:41:57
    throw the money away because the money
  • 00:41:59
    is toxic s show me a rich family that
  • 00:42:03
    came up with the idea of throw all the
  • 00:42:05
    money away to solve their
  • 00:42:07
    problems right if you're going to
  • 00:42:09
    perform in a superior way you're not
  • 00:42:11
    going to do it without digital Capital
  • 00:42:14
    there's Microsoft there's Nvidia that's
  • 00:42:16
    micro strategy in the same time
  • 00:42:18
    period we're not smarter than them and
  • 00:42:21
    we don't work harder than them right
  • 00:42:24
    we're the people building with steel and
  • 00:42:26
    they're building building with
  • 00:42:28
    wood I have a gun they have a bow and
  • 00:42:32
    arrow it's
  • 00:42:34
    technology right look at micro strategy
  • 00:42:37
    versus Microsoft here we have
  • 00:42:40
    effectively the same size options
  • 00:42:44
    market and our stock trades more than
  • 00:42:48
    theirs why because they stripped the
  • 00:42:51
    volatility from the balance sheet and
  • 00:42:53
    they stripped the volatility from the
  • 00:42:56
    p&l because that's what Harvard B School
  • 00:42:58
    classic Finance tells you to do what
  • 00:43:01
    happens when you strip your volatility
  • 00:43:03
    you have a 98% collapse in your options
  • 00:43:06
    Market you have a 99% collapse in
  • 00:43:09
    liquidity and this is masked by the fact
  • 00:43:11
    that they're so large but this is not
  • 00:43:14
    good for them this is not good for
  • 00:43:16
    someone holding 10 billion dollar of
  • 00:43:18
    Microsoft stock it's not as good a
  • 00:43:21
    collateral and it doesn't generate the
  • 00:43:23
    same return this is not what you should
  • 00:43:25
    be aspiring to
  • 00:43:27
    so every company has a choice to
  • 00:43:30
    make cling to the past which is
  • 00:43:34
    conventional I buy treasury bonds I do
  • 00:43:37
    BuyBacks I pay out dividends or embrace
  • 00:43:41
    the future which is I use Bitcoin as
  • 00:43:44
    digital capital a different idea Bitcoin
  • 00:43:48
    buys instead of stock
  • 00:43:51
    BuyBacks the first choice is regression
  • 00:43:54
    you're divesting your earnings yearly
  • 00:43:56
    you're increasing investor risk and
  • 00:43:58
    you're slowing your own growth the
  • 00:44:01
    second choice is progression you're
  • 00:44:04
    investing your earnings back into your
  • 00:44:06
    own business you're decreasing risk and
  • 00:44:09
    you're accelerating
  • 00:44:11
    growth right this is actually Microsoft
  • 00:44:14
    in the past five years they have
  • 00:44:16
    surrendered $200 billion of
  • 00:44:19
    capital just surrendered it right they
  • 00:44:22
    generated 200 billion and and how does
  • 00:44:24
    it help the sholders today it doesn't
  • 00:44:27
    it's gone they literally gave it
  • 00:44:31
    away and what did they do by giving it
  • 00:44:33
    away they an these are the risk factors
  • 00:44:36
    in Microsoft's
  • 00:44:38
    10K not mine theirs they disclose them
  • 00:44:42
    they're amplifying their own risk when
  • 00:44:45
    you're buying your stock back you're
  • 00:44:48
    Levering up your own equity on your own
  • 00:44:51
    risk
  • 00:44:52
    factors how do you get out of that
  • 00:44:54
    vicious cycle right the best way to
  • 00:44:56
    escape the cycle is reverse the process
  • 00:45:00
    and start to invest in a diversified
  • 00:45:03
    uncorrelated highly performing asset so
  • 00:45:07
    Bitcoin is the asset without
  • 00:45:08
    counterparty risk you don't have risk to
  • 00:45:11
    a competitor a country a corporation a
  • 00:45:13
    creditor a culture or currency that's
  • 00:45:16
    the point get rid of the
  • 00:45:18
    risk now now what if you could buy a
  • 00:45:21
    digital Monopoly growing at 60% a year
  • 00:45:24
    at one times
  • 00:45:25
    Revenue and what if that company was
  • 00:45:28
    more profitable than your own company
  • 00:45:30
    would you do it who wouldn't do
  • 00:45:33
    it what if you could keep doing it every
  • 00:45:36
    year
  • 00:45:39
    forever well that's Bitcoin right
  • 00:45:42
    Bitcoin is the universal Perpetual
  • 00:45:46
    profitable merger partner right what
  • 00:45:49
    you're doing is the transformational
  • 00:45:51
    merger but you're doing it with a a
  • 00:45:53
    crypto Monopoly so when you evaluate
  • 00:45:57
    your options you can plug in that same
  • 00:45:59
    model and I did it for Microsoft and I
  • 00:46:02
    looked at their business I looked at
  • 00:46:03
    their cash
  • 00:46:06
    flows right and I looked at what happens
  • 00:46:08
    if they convert their existing assets to
  • 00:46:10
    bitcoin or if they sweep their dividends
  • 00:46:12
    into Bitcoin or they replace their
  • 00:46:14
    BuyBacks with Bitcoin or they just
  • 00:46:16
    borrow a little bit of money cheap to
  • 00:46:17
    buy Bitcoin and what's the result the
  • 00:46:20
    result is if they just convert some of
  • 00:46:23
    their spare cash that make 155 bucks a
  • 00:46:25
    share and if they replace the dividend
  • 00:46:28
    they make $362 a
  • 00:46:31
    share right and if they get rid of the
  • 00:46:33
    BuyBacks
  • 00:46:34
    $477 so it's worth anywhere from $100 to
  • 00:46:37
    $500 a share do they have to change
  • 00:46:40
    their Core Business not at all right the
  • 00:46:43
    other catch is they double the value of
  • 00:46:45
    the
  • 00:46:46
    company right what happens to the market
  • 00:46:48
    cap of the company well status quo is
  • 00:46:52
    nothing
  • 00:46:53
    good that little change is worth a
  • 00:46:56
    trillion dollar
  • 00:46:58
    right if you go to full triple Maxi it's
  • 00:47:00
    $5
  • 00:47:01
    trillion right you can just be worth
  • 00:47:04
    five you know8 trillion instead of three
  • 00:47:06
    trillion or whatever what's the downside
  • 00:47:09
    no you just get
  • 00:47:12
    rich okay this is another way to see
  • 00:47:15
    Microsoft 5% of Microsoft's value is
  • 00:47:18
    based upon its tangible assets it's it's
  • 00:47:21
    actual liquid assets right now 95% is
  • 00:47:25
    based upon forward expectations
  • 00:47:28
    when you actually start to reinvest in
  • 00:47:31
    Bitcoin your stock is valued 41% on on
  • 00:47:35
    your assets and only 59% based on
  • 00:47:39
    expectations so conventional wisdom says
  • 00:47:41
    value the company based on forward
  • 00:47:43
    expectations but but you know the
  • 00:47:45
    richest people in the world aren't
  • 00:47:47
    valued based on expectations of how hard
  • 00:47:49
    they're going to work Bernard Arno and
  • 00:47:51
    Jeff Bezos and Elon Musk they're not
  • 00:47:53
    valued based on how hard they're going
  • 00:47:55
    to work they're valued based on what
  • 00:47:57
    they own your family's value based so
  • 00:48:00
    why wouldn't you want to own something
  • 00:48:03
    right Bitcoin is the thing to own so the
  • 00:48:07
    snapshot here is you know you can crank
  • 00:48:12
    the stock price up improve the ARR you
  • 00:48:15
    know the growth rate for the investors
  • 00:48:17
    create trillions of dollars of value all
  • 00:48:20
    you have to do is manage your balance
  • 00:48:21
    sheet differently you're capitalizing on
  • 00:48:25
    bitcoin not capitalizing on
  • 00:48:28
    bonds and I'll just end with some
  • 00:48:30
    observation if it's good for your family
  • 00:48:32
    and good for your portfolio and good for
  • 00:48:34
    your company it's probably good for your
  • 00:48:36
    country why not power your country based
  • 00:48:38
    on bitcoin so this is Senator lum's
  • 00:48:42
    proposal the idea is to buy some Bitcoin
  • 00:48:45
    for the United States actually a million
  • 00:48:47
    Bitcoin over the course of five years
  • 00:48:50
    why because it's a peaceful Equitable
  • 00:48:53
    solution for solving political
  • 00:48:55
    differences it'll actually lay in place
  • 00:48:58
    a foundation for the US to lead lead
  • 00:49:01
    economically and ideologically without
  • 00:49:04
    violence in the 21st
  • 00:49:06
    century it's because you're harnessing
  • 00:49:09
    you're you're assuming economic and
  • 00:49:10
    Technology leadership in the world
  • 00:49:13
    trillions of dollars of money is going
  • 00:49:15
    to flow into this network and you can be
  • 00:49:18
    the primary beneficiary if you're the US
  • 00:49:21
    and you own it the US already has the
  • 00:49:23
    world Reserve currency why wouldn't you
  • 00:49:26
    want to own the world's Reserve Capital
  • 00:49:28
    Network that's what Bitcoin is the
  • 00:49:30
    world's Reserve Capital Network and what
  • 00:49:33
    you're doing when you support it is
  • 00:49:35
    you're attracting the capital from the
  • 00:49:37
    Chinese the Russians the Africans the
  • 00:49:39
    South Americans the Europeans into the
  • 00:49:42
    network all that capital is going to
  • 00:49:45
    flow and we're going to be the
  • 00:49:48
    beneficiaries if you plug that Bitcoin
  • 00:49:50
    24 model in the lumus bill what it does
  • 00:49:53
    is cut the US debt in half over 20 years
  • 00:49:58
    but if you think about the
  • 00:49:59
    Precedence we bought the Louisiana
  • 00:50:02
    Territory for next to nothing $15
  • 00:50:05
    million and then we bought California
  • 00:50:07
    and Mexico and uh and Texas from in in
  • 00:50:11
    the Mexican War and then we bought
  • 00:50:13
    Alaska look at all those
  • 00:50:16
    purchases when we bought Alaska we
  • 00:50:18
    bought a bunch of territory not even
  • 00:50:19
    knowing what it was
  • 00:50:21
    worth and then a hundred years later
  • 00:50:24
    there's a trillion dollars of uh mineral
  • 00:50:26
    rights under underneath it they weren't
  • 00:50:28
    thinking that in
  • 00:50:30
    1867 right and
  • 00:50:32
    so we paid I think 40 million do for
  • 00:50:36
    three quarters of the United States $40
  • 00:50:39
    million if you know where the people are
  • 00:50:42
    going if you know the future California
  • 00:50:45
    what could they possibly do in
  • 00:50:47
    California right we bought California
  • 00:50:49
    for 18 million bucks so Bitcoin is
  • 00:50:54
    simply cyber Manhattan
  • 00:50:57
    all the AIS are going there all the
  • 00:50:59
    global capital is going there all we
  • 00:51:01
    need to do is buy it it's all going to
  • 00:51:04
    arrive so if you think about the
  • 00:51:06
    greatest deal of the 21st century it's
  • 00:51:09
    just buy 20 25% of cyber space when the
  • 00:51:13
    US buys it every company will follow
  • 00:51:16
    every country will follow all the
  • 00:51:18
    capitalists will follow and we end up
  • 00:51:21
    you know in the extreme case the Trump
  • 00:51:23
    Max case you make $81 trillion doar just
  • 00:51:27
    buying the future what you're doing is
  • 00:51:30
    you're tipping you're inverting the
  • 00:51:33
    entire world
  • 00:51:34
    order uh instead of relying upon 20th
  • 00:51:38
    century Capital
  • 00:51:40
    assets that 450 trillion will flow into
  • 00:51:44
    21st century digital assets if you know
  • 00:51:49
    that the world is moving from the 20th
  • 00:51:51
    to the 21st century if you believe in
  • 00:51:54
    the progression of Technology if you
  • 00:51:56
    think that people would rather have a
  • 00:51:58
    billion dollars of Bitcoin than a
  • 00:52:00
    billion dollars of frozen tundra in
  • 00:52:02
    Siberia or natural gas rights in Cuba or
  • 00:52:06
    whatever then you can just buy it now
  • 00:52:09
    you can buy it for next to nothing and
  • 00:52:12
    so that's the logic of the Bitcoin
  • 00:52:14
    strategic reserve for the United States
  • 00:52:17
    and it works for any country it works
  • 00:52:20
    for any company right and and uh I guess
  • 00:52:24
    the best thing I can say about Bitcoin
  • 00:52:26
    is is is it's happening everybody needs
  • 00:52:30
    it nobody can stop it very few people
  • 00:52:33
    understand it and it's just volatile
  • 00:52:35
    enough to be scary enough that if you
  • 00:52:37
    don't do the work and get the conviction
  • 00:52:39
    you'll just stare at it and watch it
  • 00:52:41
    pass you by but I don't really mind the
  • 00:52:45
    volatility because what I say to people
  • 00:52:47
    is if Bitcoin appreciated at 60% a year
  • 00:52:51
    in a perfect exponential with no
  • 00:52:53
    volatility people stupider than me
  • 00:52:57
    richer than me would own it all and I
  • 00:52:59
    would have no opportunity and so I kind
  • 00:53:02
    of like the way it's evolved and um I
  • 00:53:05
    want to thank everybody for your time
  • 00:53:07
    today and just leave you with the
  • 00:53:08
    thought do the right thing for your
  • 00:53:11
    family for the country for your
  • 00:53:13
    investors and adult Bitcoin
Tags
  • Bitcoin
  • investiții
  • MicroStrategy
  • Saylor
  • active digitale
  • creștere economică
  • strategii financiare
  • volatilitate
  • ETF-uri
  • capital