Michael Saylor

How's your relationship with him, with Elon?

We all love Elon.

We all love Elon.

Okay. But you're also a super psycho competitor as well. I don't think you're a guy that's sitting on the sidelines just wanting to be. You're also a very competitive guy.

Okay. But you're also a super psycho competitor as well. I don't think you're a guy that's sitting on the sidelines just wanting to be. You're also a very competitive guy.

I stay in my lane. He does rockets and satellites and cars and robots. I'm going to stay in my lane. I'm just about Bitcoin. Okay.

I stay in my lane. He does rockets and satellites and cars and robots. I'm going to stay in my lane. I'm just about Bitcoin. Okay.

So let me ask this. When somebody sits there and you're like, okay, I'm going to build a company, right? If you build a company and you're going to take the money, you're going to say, I'm going to reinvest it in whatever I operate, okay? And what I operate, I can foresee growing it, pick a number, 100% a year, okay?

So let me ask this. When somebody sits there and you're like, okay, I'm going to build a company, right? If you build a company and you're going to take the money, you're going to say, I'm going to reinvest it in whatever I operate, okay? And what I operate, I can foresee growing it, pick a number, 100% a year, okay?

If a person started a business today that did a million dollars this year and they grew at 100% the next 20 years, even in 20 years when you're a $10.5 trillion company, they're just going to be a trillion dollar company.

If a person started a business today that did a million dollars this year and they grew at 100% the next 20 years, even in 20 years when you're a $10.5 trillion company, they're just going to be a trillion dollar company.

So you're seeing this as rather than operating a company, we're going to be better off just knowing what's going to happen to Bitcoin because Bitcoin is going to be the next Manhattan.

So you're seeing this as rather than operating a company, we're going to be better off just knowing what's going to happen to Bitcoin because Bitcoin is going to be the next Manhattan.

Basically, what I'm saying is that the 29% ARR is the risk-free cost of capital in the crypto economy. And the way you get to that number is Bitcoin's been going up about 55% or 60% a year for the past four years. It's been going up a little bit faster before that. But right now, Bitcoin's appreciating 60% a year.

Basically, what I'm saying is that the 29% ARR is the risk-free cost of capital in the crypto economy. And the way you get to that number is Bitcoin's been going up about 55% or 60% a year for the past four years. It's been going up a little bit faster before that. But right now, Bitcoin's appreciating 60% a year.

The S&P index, which is the conventional cost of capital, is more like 14%, 15% a year. So you've got like a 4x difference. The mainstream economy is plus 15 points. Bitcoin is 60. They're going to converge. As Bitcoin gets to the size of the S&P, when it's 100 trillion or 200 trillion and it's close to the S&P, It's going to be 1.5x the performance of the S&P and 1.5x the vol.

The S&P index, which is the conventional cost of capital, is more like 14%, 15% a year. So you've got like a 4x difference. The mainstream economy is plus 15 points. Bitcoin is 60. They're going to converge. As Bitcoin gets to the size of the S&P, when it's 100 trillion or 200 trillion and it's close to the S&P, It's going to be 1.5x the performance of the S&P and 1.5x the vol.

The VIX, which is the S&P volatility, is about 15. The ARR is about 15. Bitcoin is like 60-60. And you can figure it out from the law of large numbers. When Bitcoin is $100 trillion asset class, it's not going to be as volatile. And of course, at some point, companies in the S&P are all going to hold Bitcoin.

The VIX, which is the S&P volatility, is about 15. The ARR is about 15. Bitcoin is like 60-60. And you can figure it out from the law of large numbers. When Bitcoin is $100 trillion asset class, it's not going to be as volatile. And of course, at some point, companies in the S&P are all going to hold Bitcoin.

And so if MicroStrategy gets in the S&P and Tesla owns Bitcoin and other companies, if Microsoft starts buying Bitcoin, pretty soon the performance of Bitcoin is going to goose up, is going to improve the performance of the S&P, and then Bitcoin is going to converge. Bitcoin is always going to be more volatile because it's 24-7, 365.