Michael Saylor

I wonder who shorted you guys. I'm looking at Carisdale Capital, a hedge fund that has shorted MicroStrategy, right? Who else? Anybody else that's known that shorted you guys that was against you?

Well, first of all, I think there's like $35 or $40 billion of put interest, short interest in the options market, a lot. And there's probably $10 billion of short equity. But they fall into two categories. Some people don't like crypto or they don't like Bitcoin. Actually, so that's one reason. They might short it because they don't like the asset class and they just short it naked.

Well, first of all, I think there's like $35 or $40 billion of put interest, short interest in the options market, a lot. And there's probably $10 billion of short equity. But they fall into two categories. Some people don't like crypto or they don't like Bitcoin. Actually, so that's one reason. They might short it because they don't like the asset class and they just short it naked.

Another group of people might be macro traders and maybe they're shorting it to hedge another bullish play or because... they think there's going to be a negative macro event and Bitcoin is a macro asset. So if you want to take a negative short macro play, like a,

Another group of people might be macro traders and maybe they're shorting it to hedge another bullish play or because... they think there's going to be a negative macro event and Bitcoin is a macro asset. So if you want to take a negative short macro play, like a,

Like when there's a missile scare, the Iran-Israeli missile crisis, and people think there's going to be war in the Middle East, Bitcoin trades down. And so on Saturday night or something, or if you think something like that, you might want to take a short macro view. And because you can't short Bitcoin with leverage, but you can short micro strategy. with these options.

Like when there's a missile scare, the Iran-Israeli missile crisis, and people think there's going to be war in the Middle East, Bitcoin trades down. And so on Saturday night or something, or if you think something like that, you might want to take a short macro view. And because you can't short Bitcoin with leverage, but you can short micro strategy. with these options.

So if you wanted just a macro handle, you might do it. And then the third class are these arbitrageurs that think that they want a short micro strategy and go long Bitcoin because they're going to bet that the premium we trade against is going to compress. And that was the Kerrisdale trade.

So if you wanted just a macro handle, you might do it. And then the third class are these arbitrageurs that think that they want a short micro strategy and go long Bitcoin because they're going to bet that the premium we trade against is going to compress. And that was the Kerrisdale trade.

I got it. And I'm looking at an article that says over the next three years, you're planning on buying another $42 billion of Bitcoin.

I got it. And I'm looking at an article that says over the next three years, you're planning on buying another $42 billion of Bitcoin.

Yeah.

Yeah.

So you can't get enough of this.

So you can't get enough of this.

No, I mean, look, I think Bitcoin was, you know, it was a $90 billion asset class in March of 2000 when I was first looking at it. And then by August, it was about $180 billion asset class. And right now, four years later, it's $1.8 trillion asset class. And I think it's going to $18 trillion, then $180 trillion, and then it's going to go beyond that. So I think it's a very simple thing.

No, I mean, look, I think Bitcoin was, you know, it was a $90 billion asset class in March of 2000 when I was first looking at it. And then by August, it was about $180 billion asset class. And right now, four years later, it's $1.8 trillion asset class. And I think it's going to $18 trillion, then $180 trillion, and then it's going to go beyond that. So I think it's a very simple thing.

I think Bitcoin is going to grow from 0.1% of the money in the world to 7% of the money in the world over the next 21 years. And of course, you should just go long and keep buying it.

I think Bitcoin is going to grow from 0.1% of the money in the world to 7% of the money in the world over the next 21 years. And of course, you should just go long and keep buying it.

0.1% to, you said, 7%?