Michael Saylor
speaker
2,284 appearances
6 recordings
5 series
first heard Nov 2024
last heard 14 Jun
Michael Saylor’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 3 in all, peaking in Jun 2026 with 1.
Appearances
Maybe you sell the Bitcoin itself.
you would probably take the highest cost basis of the Bitcoin and you would sell it, capture the tax gain and remit the cash flows.
And that's the way you would do it.
And you might at some point dabble in the derivatives market where you actually sell out of the money call options or enter into the basis trade, or you do swaps against the underlying Bitcoin collateral.
That
That you have to consider the tax consequences and the counterparty risk and the economics.
But if volatility is high, then you sell the volatility.
And if volatility is cheap, maybe you don't.
And then finally, as a buffer, you hold two years worth of cash.
And if you just don't like the equity markets or the derivative markets or the capital markets, you just use the cash to pay the dividends.
But ultimately, the fundamental idea you got to understand is you're holding a capital asset that you expect over the course of 30 years to go up X 10% a year.
And you're paying the credit investor a fraction of that.
One third X, one half X.
And the capital investor has a long time horizon.
They can hold it for a decade.
The credit investor isn't willing to accept the volatility for a week.
And so the reason it works is because credit investors will accept a lower return if you can strip the volatility and give them principal protection and over collateralization.
And the equity investor wants to outperform the capital asset.
They want more leverage on that.
They want 2x Bitcoin.
Showing 1141–1160 of 2,284 · page 58 of 115
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