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
And they've got a long time horizon.
They've got a high tolerance for volatility.
And...
There's a stack of derivative investors, the people that are trading the call options and the put options.
They actually want the leverage and they want the volatility because that makes their options more valuable and it gives them more leverage.
And so you're creating a derivatives market and equity market.
You're feeding a capital market and you're creating a credit instrument.
And those are four different sets of investors with four different profiles.
And they need a public company that is transparent in order to create those securities.
Like they can't create them.
A private investor with a Bloomberg cannot create MSTR stock, nor can they create STRC.
So we're creating two instruments that are, in both cases, derivatives of Bitcoin that
that people would rather trade than the underlying Bitcoin because they have a capital mandate or they have a certain view of the world or economic investment policy.
Okay, well, Brian, there is no margin.
There is no margin in the capital structure.
Let me make a point.
Margin loans are when I borrow against an underlying asset with the obligation to meet a collateral call on one or two days notice.
So margin debt is one day money.
And if you actually borrow it against the underlying Bitcoin, if you're a retail investor, you're basically borrowing the money for a day.
And when you have volatility, that creates a lot of anxiety.
Showing 1161–1180 of 2,284 · page 59 of 115
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