Michael Saylor

But at some point, if you're around it enough, if there's a need, if you have a need to know, maybe you get pushed and you realize, I need to open my mind and I need to embrace a new idea, find a new idea for growth. Maybe it's defensive. Maybe it's a growth initiative.

And then sometimes when a critical mass of people that you respect begin to speak with you about it, then you open your mind and then you take the position that, This is actually a new profound revolutionary thing. It's digital capital. I misunderstood it before. I was wrong. I see a place for it in the world. We have this saying, which is everybody's against Bitcoin before they're for it.

And then sometimes when a critical mass of people that you respect begin to speak with you about it, then you open your mind and then you take the position that, This is actually a new profound revolutionary thing. It's digital capital. I misunderstood it before. I was wrong. I see a place for it in the world. We have this saying, which is everybody's against Bitcoin before they're for it.

Everybody is against Bitcoin before they're for it. And so, yeah, it's not unique. It's pretty common. It's like one hour to denier. You know, after 10 hours, you know, you're a trader. It's like, well, it's an asset. I'll buy it cheap and sell it when it's too expensive. After, you know, 100 hours, you know, you start to move to be more of an investor.

Everybody is against Bitcoin before they're for it. And so, yeah, it's not unique. It's pretty common. It's like one hour to denier. You know, after 10 hours, you know, you're a trader. It's like, well, it's an asset. I'll buy it cheap and sell it when it's too expensive. After, you know, 100 hours, you know, you start to move to be more of an investor.

Like, you know, maybe this is a good investment like Apple or Facebook. And after 1,000 hours, you're a maximalist. You're like, actually, this is an ethical good. This is freedom and economic and property rights to 8 billion people. this is a chance for 400 million companies to capitalize on an asset which isn't toxic.

Like, you know, maybe this is a good investment like Apple or Facebook. And after 1,000 hours, you're a maximalist. You're like, actually, this is an ethical good. This is freedom and economic and property rights to 8 billion people. this is a chance for 400 million companies to capitalize on an asset which isn't toxic.

Wouldn't it be great if you could just buy something and get richer forever without taking risk? Pretty profound idea.

Wouldn't it be great if you could just buy something and get richer forever without taking risk? Pretty profound idea.

And so I think it's... You'd have to buy in and you'd have to be patient. And those are two things that are very hard because the American people, the investor flips very quickly and they change their mind very quickly. And that's why the buy and hold concept... Remember back in the days, the mutual fund... by American Funds Investment Company Act of 1934. I don't know if you remember that.

And so I think it's... You'd have to buy in and you'd have to be patient. And those are two things that are very hard because the American people, the investor flips very quickly and they change their mind very quickly. And that's why the buy and hold concept... Remember back in the days, the mutual fund... by American Funds Investment Company Act of 1934. I don't know if you remember that.

And it would say, if you were with us since the fund started, just type in Investment Company Act of 1934. If you would have started with us since 1934, we would have been at... you know, 12.5%. And it would say, but if you miss the top five best days, you're at 8%. If you miss the top 20 best days, what, remember that whole thing? That's the challenge, right? The buy and hold discipline.

And it would say, if you were with us since the fund started, just type in Investment Company Act of 1934. If you would have started with us since 1934, we would have been at... you know, 12.5%. And it would say, but if you miss the top five best days, you're at 8%. If you miss the top 20 best days, what, remember that whole thing? That's the challenge, right? The buy and hold discipline.

How do you teach that? Michael, how do you teach the discipline of buy and hold? Do you think there must be conviction for somebody to fully buy into the buy and hold?

How do you teach that? Michael, how do you teach the discipline of buy and hold? Do you think there must be conviction for somebody to fully buy into the buy and hold?

Every day for the past four and a half years, I get up and I say, buy Bitcoin. And then you do not sell your Bitcoin. Very simple mantras. And I don't recommend anything else. There's 100,000 other investment ideas where it might be appropriate to sell them at some point. That's why I don't talk about them. I just talk about Bitcoin.

Every day for the past four and a half years, I get up and I say, buy Bitcoin. And then you do not sell your Bitcoin. Very simple mantras. And I don't recommend anything else. There's 100,000 other investment ideas where it might be appropriate to sell them at some point. That's why I don't talk about them. I just talk about Bitcoin.

And I say, if you're going to buy it, be prepared to hold it more than four years. The short period is four years. The mid period is 10 years. The right period is forever. Buy it so you can give it to your grandchildren so your family will be rich in 250 years. That's what I would say about Bitcoin.

And I say, if you're going to buy it, be prepared to hold it more than four years. The short period is four years. The mid period is 10 years. The right period is forever. Buy it so you can give it to your grandchildren so your family will be rich in 250 years. That's what I would say about Bitcoin.

You know, Patrick, when you look at generations, you know, when you're in your 20s, you know, you have a lot of time on your hands and you want respect and you want prosperity. You want to make it in life. I need to make money so I can buy a house, have a family, buy a car, do whatever I want. And so you take your time and you invest it in making money.