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 months

Recordings per month over the last 12 months — 3 in all, peaking in Jun 2026 with 1.

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Bankless · "Fix the Money, Fix the World" — Michael Saylor's Master Plan (plus questions on Quantum and Ethereum) · 13 Apr 2026 podcast

Because

Because the business model is within reason infinitely scalable.

For example, we could sell $100 billion of credit or a trillion of credit and buy a trillion of Bitcoin and everything just works perfectly.

better you see so diversifying this isn't a question about diversifying this is a question about is accumulation fundamental to strategy or will there become a target that you hit or maybe not a target but just a period of less aggressive issue to understand i'm describing the business model which is we issue credit we acquire capital if we stop issuing credit we'll stop acquiring capital

But there's $300 trillion in the credit market, which is currently yielding SOFR plus a spread.

And the spread is like 80 basis points to 200 basis points.

So consider, what if we just wanted to convert 5% of that, right?

You're getting to $15 trillion of credit.

And can you pay better than 280 basis point credit spreads?

Sure you can.

So if you issue the credit, in order to actually make good on the credit, remember I said, where's the dividend coming from?

It's coming from the capital appreciation.

The real brilliance of the business model

is you're acquiring a capital asset that you're holding in perpetuity and you're never realizing the capital gain on it.

If you pay the dividend by remitting the unrealized capital gain back to the credit investor, the dividend becomes a return of capital dividend, which means it is also tax deferred.

So the basic principle is I'm entering into a capital investment that I expect to hold in perpetuity, and I'm paying a dividend on the unrealized capital gains through issuing a derivative instrument that allows the credit investor to collect dividends for a decade, tax deferred,

And should they die and pass that credit instrument to their heir, they get a step up in the basis.

So you could be a retiree, collect dividends for 10 years, not pay tax, pass it through to your heir.

They get a step up and they get 10 years of dividends that are also tax deferred.

So the thing that makes the entire structure work

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