Michael Saylor

Probably, you know, even if SOFR is 370, we won't have an 800 basis point credit spread

against SOFR will probably have a 400, 500, 300 basis point credit spread.

So if you look out over time, you know, it's like, would you agree to pay 8% or 9% in order to buy an asset, which is going up, you think 29%?

Sure.

And what if we're wrong?

And what if it goes up 10%?

Okay, we'll just make a little bit of money.

What if it goes up 0%?

Well, I mean, anything is possible except for the fact that I just told you there's only $30 million of Bitcoin available for sale every day and we're buying all of it.

So it's not clear to me that it's going up 0% a year.

What's the best way to predict the future?

It's to determine the future, right?

If we basically buy $100 billion of Bitcoin, it's probably not going up 0% a year for the next decade.

We're laser focused.

We're just laser focused, right?

Look, for 300 years, the world ran on gold-backed credit.

I have a bunch of gold.

I issue credit on top of the gold.

That was basically all the sovereign debt.

That was all corporate debt.