Michael Saylor

But now look at the other side, right? Bitcoin is 4x that. So if I said you could put $100 billion into bonds or $100 billion into the S&P or $100 billion into Bitcoin, which of the three charts do you want? It's pretty obvious. You take the 60%. So what MicroStrategy did is...

We capitalized on Bitcoin, which is 60%, and then we levered it up with cheap convertible debt and equity raises, and we got to 120%. And that's how we ran 30x. That's why we outperformed NVIDIA. We're 2x or 3x NVIDIA over this time period because we're actually capitalized. Now, coming back to the idea of growth,

We capitalized on Bitcoin, which is 60%, and then we levered it up with cheap convertible debt and equity raises, and we got to 120%. And that's how we ran 30x. That's why we outperformed NVIDIA. We're 2x or 3x NVIDIA over this time period because we're actually capitalized. Now, coming back to the idea of growth,

Look, the big idea here is there's $450 trillion of money invested in bonds, invested in real estate, invested in equity by wealthy individuals, families, and institutions, and it's just for a long-term store of value. People that are wealthy just want to stay wealthy. People just want to keep their money. So they're buying these store of value assets from the 20th century

Look, the big idea here is there's $450 trillion of money invested in bonds, invested in real estate, invested in equity by wealthy individuals, families, and institutions, and it's just for a long-term store of value. People that are wealthy just want to stay wealthy. People just want to keep their money. So they're buying these store of value assets from the 20th century

And those store of value assets, they kind of bleed 3% energy because of famine and hurricane and war and inflation and competition and obsolescence and accident and torts and unions. Fill in the blank with all the things that cause your investment not to work. That's 3% of $450 trillion. That's like $10 to $15 trillion of entropy, of chaos every year. So the big idea is Bitcoin is just here.

And those store of value assets, they kind of bleed 3% energy because of famine and hurricane and war and inflation and competition and obsolescence and accident and torts and unions. Fill in the blank with all the things that cause your investment not to work. That's 3% of $450 trillion. That's like $10 to $15 trillion of entropy, of chaos every year. So the big idea is Bitcoin is just here.

The money is just running from the 20th century to the 21st century. It's moving from physical space to cyberspace. It's moving from the finance space to the digital economy, the analog to the digital. What we're saying is sometimes the most lucrative thing you can do is do nothing. That is to say, I'll give you an example. You have a billion dollars. You're in Africa.

The money is just running from the 20th century to the 21st century. It's moving from physical space to cyberspace. It's moving from the finance space to the digital economy, the analog to the digital. What we're saying is sometimes the most lucrative thing you can do is do nothing. That is to say, I'll give you an example. You have a billion dollars. You're in Africa.

And I tell you, you can go and invest in anything in Africa. You got to hold it for 30 years. I'll give you a thousand guys to analyze everything. Or you can buy a billion dollars of Bitcoin. And you're like, well, the billion dollars of Bitcoin is doing nothing. I'm like, yeah, you're keeping the billion dollars forever and you're doing nothing.

And I tell you, you can go and invest in anything in Africa. You got to hold it for 30 years. I'll give you a thousand guys to analyze everything. Or you can buy a billion dollars of Bitcoin. And you're like, well, the billion dollars of Bitcoin is doing nothing. I'm like, yeah, you're keeping the billion dollars forever and you're doing nothing.

The billion dollars invested in Africa is I'm taking Egyptian risk. I'm taking South Africa. I'm taking Zambia, Central Africa risk. I'm taking Nigeria risk. I'm taking risk on that ranch. So most of the time people have to take risks and then they got to worry about it. Bitcoin is risk stripped away from the capital, right? and inflation stripped away from the capital.

The billion dollars invested in Africa is I'm taking Egyptian risk. I'm taking South Africa. I'm taking Zambia, Central Africa risk. I'm taking Nigeria risk. I'm taking risk on that ranch. So most of the time people have to take risks and then they got to worry about it. Bitcoin is risk stripped away from the capital, right? and inflation stripped away from the capital.

So when I evaluate any investment, my view is, okay, well, is it going to give me a risk-free 29% ARR? By the way, coming back to that, it's like 60% ARR collapsing down to like 20% over 21 years, and the average works out to 29%. And the assumption is the dollar supply keeps growing at 7%, 8%, 9%. And then you get an additional gain because we invent robots and AI and flying cars.

So when I evaluate any investment, my view is, okay, well, is it going to give me a risk-free 29% ARR? By the way, coming back to that, it's like 60% ARR collapsing down to like 20% over 21 years, and the average works out to 29%. And the assumption is the dollar supply keeps growing at 7%, 8%, 9%. And then you get an additional gain because we invent robots and AI and flying cars.

And so the actual S&P index is growing because the U.S. prints more dollars. But it's also growing because we invent obscenely cool, useful things like the iPhone or like electric cars. So the future is good. But at the end of the day, Bitcoin's future is just pure digital capital. And I look at it as, why don't I just keep buying something going up 29%?

And so the actual S&P index is growing because the U.S. prints more dollars. But it's also growing because we invent obscenely cool, useful things like the iPhone or like electric cars. So the future is good. But at the end of the day, Bitcoin's future is just pure digital capital. And I look at it as, why don't I just keep buying something going up 29%?

All I got to do is borrow the money or raise the money at a cost of capital less than 29% over 21 years. And it makes sense for us because we're a pure play, right? People want us to do that. I mean, the people that are short, they want us to be pure play. The people that are long want us to...

All I got to do is borrow the money or raise the money at a cost of capital less than 29% over 21 years. And it makes sense for us because we're a pure play, right? People want us to do that. I mean, the people that are short, they want us to be pure play. The people that are long want us to...

That makes sense. It's a very honest relationship both ways. The guys that want you to fail, they want you to think long term because they want you to fail long term. So you're patient about it. So they're going to make money off you. But the guys that are also pro you, they also want you to be long term, that you're patient with it. And I get that part.