Michael Saylor

And so what is Bitcoin? Bitcoin is the next frontier. We've already gone as far west as we can go. Now we have to go to cyberspace. I mean, eventually we'll go to outer space, but we're waiting for upgrades and propulsion to go to Mars and the asteroids. But between now and then...

You go to cyberspace, and the real point is Chinese billionaires, Russian billionaires, African billionaires, South American billionaires, every company on the planet would rather have their money in the U.S., but they can't get it to the U.S. So where else can I put it? I can put it into the city of Bitcoin.

You go to cyberspace, and the real point is Chinese billionaires, Russian billionaires, African billionaires, South American billionaires, every company on the planet would rather have their money in the U.S., but they can't get it to the U.S. So where else can I put it? I can put it into the city of Bitcoin.

I buy Bitcoin, I sell Africa, I sell Venezuela, I sell Russia, I sell Siberia, I sell China, I buy Bitcoin. Bitcoin is digital capital. Everybody wants it. Everybody knows about it. No one can steal it from you. And what's the use case? Well, the use case is to get rich or stay rich, which is like half of everything. The great irony is people can't figure out what it's good for. It's like...

I buy Bitcoin, I sell Africa, I sell Venezuela, I sell Russia, I sell Siberia, I sell China, I buy Bitcoin. Bitcoin is digital capital. Everybody wants it. Everybody knows about it. No one can steal it from you. And what's the use case? Well, the use case is to get rich or stay rich, which is like half of everything. The great irony is people can't figure out what it's good for. It's like...

For the last 10,000 years, people have been trying to figure out how to get money and keep it. What it's good for is the wealth that allows you to power your family, your country, your company.

For the last 10,000 years, people have been trying to figure out how to get money and keep it. What it's good for is the wealth that allows you to power your family, your country, your company.

Yeah, I saw in an article where you were suggesting Apple should buy $100 billion in Bitcoin. You said, Bill Gates, call me if you want to make the next trillion, meaning buy Bitcoin. And then when I saw a number that just recently came out is that Berkshire Hathaway, if I'm not mistaken, they're sitting on $325 billion of cash. $325 billion of cash where they're sitting at.

Yeah, I saw in an article where you were suggesting Apple should buy $100 billion in Bitcoin. You said, Bill Gates, call me if you want to make the next trillion, meaning buy Bitcoin. And then when I saw a number that just recently came out is that Berkshire Hathaway, if I'm not mistaken, they're sitting on $325 billion of cash. $325 billion of cash where they're sitting at.

If you right there, yeah, $325 billion of cash. Are any of these guys in communication with you? Have you spoken to Bill Gates or Warren Buffett or Tim Cook, any of them?

If you right there, yeah, $325 billion of cash. Are any of these guys in communication with you? Have you spoken to Bill Gates or Warren Buffett or Tim Cook, any of them?

I mean, I speak to anybody about this in confidence, but that I never disclose what I say or that I spoke to them. But I do speak to a lot of mega billionaires and public companies about it. And I make a few points on this one. That $320 billion, that is destroying $32 billion a year.

I mean, I speak to anybody about this in confidence, but that I never disclose what I say or that I spoke to them. But I do speak to a lot of mega billionaires and public companies about it. And I make a few points on this one. That $320 billion, that is destroying $32 billion a year.

They are destroying $3 billion a month in capital because they're generating a 3% after-tax yield at best, and the cost of capital is 15%. So take 12% negative real yield on that. That is the cost. Multiply $325 billion times 12%. That's what the shareholders are paying right now for that.

They are destroying $3 billion a month in capital because they're generating a 3% after-tax yield at best, and the cost of capital is 15%. So take 12% negative real yield on that. That is the cost. Multiply $325 billion times 12%. That's what the shareholders are paying right now for that.

The second point I make is if you look at Microsoft, for example, 98.5% of the equity value of Microsoft is based on forward expectations of quarterly earnings. And 1.5% of the value of Microsoft is based upon tangible liquid assets. And another way to say it is Microsoft is 144 times levered to their quarterly earnings.

The second point I make is if you look at Microsoft, for example, 98.5% of the equity value of Microsoft is based on forward expectations of quarterly earnings. And 1.5% of the value of Microsoft is based upon tangible liquid assets. And another way to say it is Microsoft is 144 times levered to their quarterly earnings.

If they earn $3 billion a quarter or X billion, whatever the number is a quarter, more than that, I guess, but you multiply it by 144X, right? And if they miss by a billion... It's $144 billion where you move.

If they earn $3 billion a quarter or X billion, whatever the number is a quarter, more than that, I guess, but you multiply it by 144X, right? And if they miss by a billion... It's $144 billion where you move.

And the reason why operating companies are like that is because the SEC 33 Act and the SEC 40 Act required that operating companies hold no more than 40% of their liquid assets in securities. So normally they'd use treasury bills. And treasury bills, as we just showed on that chart, are toxic. It's toxic capital. It's poison. You might as well just inject poison into your veins, right?