Michael Saylor
👤 SpeakerAppearances Over Time
Podcast Appearances
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?
You're bleeding 10% of your capital a year. So they don't keep the capital. And Bitcoin is a major revolution because starting in 2025, you can account for Bitcoin on fair value basis, which means that Bitcoin is just as good as treasury bills. And it's a commodity, so you can have 100% of your balance sheet in Bitcoin.
You're bleeding 10% of your capital a year. So they don't keep the capital. And Bitcoin is a major revolution because starting in 2025, you can account for Bitcoin on fair value basis, which means that Bitcoin is just as good as treasury bills. And it's a commodity, so you can have 100% of your balance sheet in Bitcoin.
And what that means is Microsoft, if they just stopped divoting out their cash flow and stopped buying back their stock and they convert it to a Bitcoin buy, and you crank in like a conservative, like a 21% assumption, like half their cash flow in Bitcoin, you make a trillion dollars over 10 years. You know, you put all your cash into Bitcoin, you make $2 to $4 trillion for the shareholders.
And what that means is Microsoft, if they just stopped divoting out their cash flow and stopped buying back their stock and they convert it to a Bitcoin buy, and you crank in like a conservative, like a 21% assumption, like half their cash flow in Bitcoin, you make a trillion dollars over 10 years. You know, you put all your cash into Bitcoin, you make $2 to $4 trillion for the shareholders.
If Berkshire did that. No, if Microsoft did it. If Berkshire did it, they would make more. If they flipped that, put $300 billion into Bitcoin and grow 21%, you're generating $60 billion a year of investment income.
If Berkshire did that. No, if Microsoft did it. If Berkshire did it, they would make more. If they flipped that, put $300 billion into Bitcoin and grow 21%, you're generating $60 billion a year of investment income.
Michael, how much do you cold call? Meaning, how much do clients call you versus you call them? Are you also prospecting?
Michael, how much do you cold call? Meaning, how much do clients call you versus you call them? Are you also prospecting?
People contact me. Okay. Like I'm not out there trying to get in the doors to pitch this. I just do it as a public service. I mean, my day job is I focus on microstrategy and our capital markets activity. And, you know, we're going to do an equity or a debt raise or something. And then my copious free time, I advocate and educate on Bitcoin.
People contact me. Okay. Like I'm not out there trying to get in the doors to pitch this. I just do it as a public service. I mean, my day job is I focus on microstrategy and our capital markets activity. And, you know, we're going to do an equity or a debt raise or something. And then my copious free time, I advocate and educate on Bitcoin.
And then as a result of that, you know, I've got 3.7 million followers. So I get a lot of people, a lot of inbound people. I talk to people like similar scientific, you know, where the CEO calls me and says, I want to talk about what you did, explain it. And I'll get inbound calls from people that want to be on a Bitcoin standard. And I'll explain what we did and how we did it.
And then as a result of that, you know, I've got 3.7 million followers. So I get a lot of people, a lot of inbound people. I talk to people like similar scientific, you know, where the CEO calls me and says, I want to talk about what you did, explain it. And I'll get inbound calls from people that want to be on a Bitcoin standard. And I'll explain what we did and how we did it.
And sometimes I'll brief the board of directors or the officers and directors.
And sometimes I'll brief the board of directors or the officers and directors.
How often are those calls prime ministers or presidents of countries?
How often are those calls prime ministers or presidents of countries?
Sometimes it's politicians. Sometimes it's governors. Sometimes it's senators. Sometimes it's congressmen. Sometimes it's others.
Sometimes it's politicians. Sometimes it's governors. Sometimes it's senators. Sometimes it's congressmen. Sometimes it's others.
Billionaires. A lot of, you know, a lot. I guess what I'm asking a question is, like, I wonder if... If you would be, you know, open to the idea or would it even be that way? Because I think in this space, if you were to call somebody at Berkshire and say, guys, can I come? Can we spend an hour together? Can we get 30 minutes together to talk to you about this?