Man Who Owns 4% Of All Bitcoin: Sell Your Kidney But Keep The Bitcoin, UNLESS… | Michael Saylor
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"Fix the Money, Fix the World" — Michael Saylor's Master Plan (plus questions on Quantum and Ethereum)
Michael Saylor thinks Bitcoin is headed to $21 million, but the real story in this conversation is how he believes it gets there. In his first appearance on Bankless, Saylor breaks down Strategy’s evolving capital machine, why STRC may be the most ambitious instrument the company has built yet, how he thinks about quantum risk without panic, why his view on Ethereum has become more constructive, and what he means when he says the endgame is giving the world an 8% bank account forever.
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TIMESTAMPS
0:00 Intro
1:00 Michael Saylor’s $21M Bitcoin thesis
4:33 What has to go right for Bitcoin to get there
11:00 Has Bitcoin adoption stalled out?
13:20 Why STRC became Strategy’s breakout product
18:05 The pitch behind a Bitcoin-backed money market
21:13 How STRC is engineered to stay stable
27:31 Where the 11.5% yield comes from
36:35 Is Strategy taking too much risk?
46:50 Does Strategy ever stop buying Bitcoin?
58:48 Quantum, panic, and the Bitcoin response
1:16:18 Michael Saylor on Ethereum today
1:25:46 “Fix the money, fix the world”
1:38:39 The crypto reactor and Strategy’s endgame
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RESOURCES
Michael Saylor
https://x.com/saylor
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Not financial or tax advice. See our investment disclosures here:
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MicroStrategy's Michael Saylor on gold, Ordinals and Bitcoin ETFs
Michael Saylor is the Executive Chairman of MicroStrategy.
Since 2020, MicroStrategy has amassed an eye-catching bitcoin reserve, making it one of the largest corporate holders of bitcoin in the world. Critics have been vocal, but Saylor and his company have stood firm in their belief and commitment.
In this episode, Saylor explains why bitcoin's performance over the last two years relative to other asset classes is indicative of relative strength, and gives his opinion on recent bitcoin developments including the flurry of ETF applications as well as the Ordinals/BRC-20 debate.
Outline:
1:59 - Inflation & Bitcoin
8:29 - MicroStrategy's leverage
9:12 - Bitcoin's volatility regime
13:48 - Technocrats
15:19 - Bitcoin legitimization
19:34 - Bitcoin Maximalism
25:31 - Saylor on Ordinals
28:39 - Unregistered securities
30:20 - Crypto crackdown conspiracies
34:38 - Spot Bitcoin ETF
39:54 - Bitcoin dominance
51:50 - Work/life balance
53:30 - MicroStrategy's miscalculation
55:09 - Thermodynamically sound economic energy
This episode is brought to you by our sponsors PayPal and CleanSpark.
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The Bull Case for Crypto — with Michael Saylor
Michael Saylor returns to discuss the various use cases he sees in the crypto market as well as the dire need for regulation. Follow Michael on Twitter, @saylor
Scott opens with his thoughts on the real estate market as well as why TikTok is an existential threat.
Algebra of Happiness: feel something.
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#276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money
Michael Saylor is the CEO of MicroStrategy and a prominent holder and proponent of Bitcoin. Please support this podcast by checking out our sponsors:
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EPISODE LINKS:
Michael’s Twitter: https://twitter.com/saylor
MicroStrategy: https://microstrategy.com/
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Book mentioned: https://amzn.to/3jwsIaP
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OUTLINE:
Here’s the timestamps for the episode. On some podcast players you should be able to click the timestamp to jump to that time.
(00:00) – Introduction
(07:09) – Grading our understanding
(19:27) – Inflation
(39:03) – Government
(1:00:13) – War and power
(1:11:23) – Dematerializing information
(1:42:45) – Digital energy and assets
(1:54:23) – Oil barrel vs Bitcoin
(2:03:43) – Layers of Bitcoin
(2:20:53) – Bitcoin’s role during wartime
(2:25:37) – Jack Dorsey
(2:41:58) – Bitcoin conflict of interest
(2:48:39) – Satoshi Nakamoto
(2:54:04) – Volatility
(3:06:30) – Bitcoin price
(3:18:46) – Twitter verification
(3:27:42) – Second best crypto
(3:33:24) – Dogecoin
(3:37:57) – Elon Musk
(3:43:26) – Advice for young people
(3:54:54) – Mortality
(3:57:59) – Meaning of life
#161 with Michael Saylor - Why Michael Saylor Believes Bitcoin is Hope
Want to be featured in a future episode? Drop your question/comment/criticism/love here: https://www.mfmpod.com/p/hotline/
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Sam Parr (@TheSamParr) and Shaan Puri (@ShaanVP) discuss:
5:30 How Michael sells domain names for millions
23:19 Why Bitcoin is the solution to every company's treasury problems
37:34 How Michael forecasts the cost of capital
45:25 Why fixing MicroStrategy's balance sheet, fixed the whole business
51:28 What Michael's role at the company is today
52:40 Warren Buffett calls Bitcoin rat poison. Is he right?
1:01:30 How employees feel working at MicroStrategy
1:14:58 Shaan and Sam give their reactions to the interview
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Editing thanks to Jonathan Gallegos (@jjonthan)
Why Bitcoin Now: Michael Saylor on the Best Way for Companies to Buy Bitcoin - Ep.209
Michael Saylor, CEO and founder of Microstrategy, explains how he decided the publicly traded business data firm needed to put its excess cash in bitcoin and what happened afterward. In this episode, we discuss:
why Microstrategy decided to buy Bitcoin, and how the pandemic spurred that
whether his previous experience with Microstrategy stock imploding after accounting irregularities were revealed had any bearing on the company's decision to buy bitcoin
the reactions of the officers and board members to his suggestion to invest in bitcoin
why they put all the excess cash into bitcoin as opposed to some percentage
what parts of the bitcoin industry could be improved to better serve corporate interests
whether Microstrategy intends to take any money off the table at the top of any future bubbles and reinvest when the price hits a new low
whether it hurts Microstrategy that GAAP rules require the company to mark Bitcoin down to the lowest price it traded at during the quarter
how his life has changed since Microstrategy bought bitcoin
what he thought of Citi downgrading Microstrategy stock
what he thinks of Renaissance Technology being the third-largest buyer of Microstrategy stock since the summer
what will happen to Microstrategy stock in a bitcoin bear market
whether or not there was any further conversation after his tweets with Elon Musk
what types of companies, and how many, have been talking with him, expressing interest in buying bitcoin
what will happen at the Bitcoin for Companies conference
what type of bitcoin data products they are contemplating offering
what he thinks will happen to the USD’s global reserve currency status
what it would take for him to sell any bitcoin
Thank you to our sponsors!
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Episode links:
Michael Saylor: https://twitter.com/michael_saylor
Microstrategy: https://www.microstrategy.com/en
Bitcoin for Corporations: https://www.microstrategy.com/en/resources/events/world-2021/bitcoin-summit
Microstrategy purchases an additional $10 million in bitcoin:
https://www.microstrategy.com/content/dam/website-assets/collateral/financial-
documents/financial-document-archive/Form-8-K_jan-22-2021.pdf
Unchained interview with Saifedean Ammous:
August 11, 2020: Microstrategy adopts Bitcoin as its primary reserve asset:
August 11, 2020: Microstrategy makes tender offer to purchase up to $250 million of its common stock:
September 11, 2020: Microstrategy to purchase $60.5 million of common stock:
Plan to offer $550 million in convertible notes: https://www.theblockcrypto.com/linked/87120/microstrategy-550m-convertible-notes-bitcoin
Microstrategy announces over $1 billion in Bitcoin purchases in 2020:
Michael Saylor’s 2013 tweet on Bitcoin: https://twitter.com/michael_saylor/status/413478389329428480?s=20
Forbes expose on unusual accounting practices by Microstrategy back in 2000: https://www.forbes.com/global/2000/0306/0305024a.html?sh=46312df01674
April 2000 profile of Michael in The New Yorker: https://archives.newyorker.com/newyorker/2000-04-03/flipbook/034/
SEC enforcement action against Microstrategy: https://www.sec.gov/litigation/admin/34-43724.htm
Forbes profile after the SEC enforcement action: https://www.forbes.com/2000/12/18/1218faces.html?sh=523061e03bf9
Forbes announcing Microstrategy would restate earnings after its expose: https://www.forbes.com/2000/03/20/mu3.html?sh=21efe89d1ee6
Summary of SEC action:
Citi downgrading MSTR:
Renaissance Technologies has been third-largest buyer of Microstrategy’s stock since the summer: https://www.theblockcrypto.com/linked/87194/renaissance-technologies-microstrategy-bitcoin
Microstrategy contemplating bitcoin data products: https://www.theblockcrypto.com/post/85310/microstrategy-bitcoin-data-products
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Michael Saylor, the CEO Who Turned a Software Company Into a Bitcoin Company
This past summer, the business intelligence software company MicroStrategy made waves when it put some of its extra cash into Bitcoin. Then, as Bitcoin ran up, it bought more, and the stock has now soared thanks to the bet. But what's the reasoning behind the move? We speak with MicroStrategy’s CEO, Michael Saylor, on why he thinks Bitcoin is the best reserve asset for any company.
See omnystudio.com/listener for privacy information.
State of Play: Bitcoin and Cryptocurrencies
Michael Saylor, the co-founder and CEO of MicroStrategy, joins Scott to give us the 411 on Bitcoin and the cryptocurrency space. Michael explains why he’s been making big bets on Bitcoin and investing his company’s treasury into the cryptocurrency. He also shares his advice on navigating our world of superabundance. Follow Michael on Twitter, @michael_saylor. (14:47)
Scott opens with his thoughts on Tesla joining the S&P 500 on December 21st and Disney’s mammoth content announcements.
This Week’s Office Hours: why WhatsApp is Facebook’s most valuable asset, investing in the cannabis industry, and the second-order effects of remote work. Have a question for Scott? Email a voice recording to officehours@section4.com. (45:35)
Algebra of Happiness: a call to arms. (57:26)
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