Michael Saylor Bitcoin 2024 Keynote Speech w/ Presentation Slides

Summary

In this engaging talk, the speaker discusses the Bitcoin Revolution and its potential to transform the global economy. Highlighting the limitations of traditional financial and physical assets, he presents Bitcoin as a digital capital with an unparalleled lifespan and resistance to inflation and decay. The speaker advocates for a strategic shift towards Bitcoin, illustrating its value through historical trades and forecasting its significant impact on wealth accumulation by 2045, emphasizing the importance of embracing this technology for economic prosperity.

Takeaways

• 🎙️ The speaker emphasizes the importance of embracing Bitcoin and new technology to revolutionize the global economy and overcome 20th-century limitations.
• 🌐 The current global wealth is based on outdated ideas and technology, with Bitcoin offering a modern, digital alternative to traditional assets.
• 📈 The speaker presents Bitcoin as a long-duration asset with an almost infinite lifespan, contrasting it with the limited lifespans of financial and physical assets.
• 💰 The concept of 'useful life' of money is introduced, highlighting the cost of maintaining assets and how Bitcoin significantly reduces these costs.
• 📊 A comparison of asset lifespans shows Bitcoin's potential to last thousands of years compared to traditional assets that may only last decades.
• 🚀 The speaker forecasts Bitcoin's value to reach $13 million per coin by 2045, based on its current growth trajectory and adoption.
• 🤖 The potential impact of AI and technology on the economy is discussed, suggesting that digital capital like Bitcoin will be favored over physical assets.
• 💼 Strategies for individuals, corporations, and nations to leverage Bitcoin are suggested, including converting assets to Bitcoin and utilizing it as a store of value.
• 🏦 The speaker advises against financial practices that dilute capital, such as high management fees and short-term assets, advocating for Bitcoin as a superior option.
• 🌍 The potential for Bitcoin to be a game-changer for both wealthy and indebted nations is discussed, with strategies for each to maximize benefits.
• 🔮 The script concludes with a call to action, urging the audience to consider Bitcoin seriously as a part of their financial strategy, as it has already proven its value and potential for growth.

Q & A

What is the main theme of the speaker's presentation?

The main theme of the speaker's presentation is the Bitcoin Revolution and the concept of rebuilding the global economy with digital capital.

What does the speaker suggest is the current state of the global economy?

The speaker suggests that the global economy is currently based on 20th-century ideas and technology, which is slow, expensive, and not conducive to prosperity in the 21st century.

What is the significance of the $900 trillion global wealth figure mentioned in the script?

The $900 trillion figure represents the total value of global wealth, which includes both physical and financial assets. The speaker uses this figure to highlight the relatively small proportion that Bitcoin currently represents within this wealth.

What is the 'useful life' equation presented by the speaker?

The 'useful life' equation presented by the speaker is 'Useful Life = Value of an asset / Cost to maintain that asset'. It is used to determine how long an asset can maintain its value before depreciation or decay.

How does the speaker relate Tesla's quote about the universe to the concept of money?

The speaker relates Tesla's quote by translating it into the 'physics of money', where energy equates to capital or wealth, frequency refers to the duration or lifespan of an asset, and vibration is associated with the trading or transformation of assets.

What challenges does the speaker identify with financial assets in terms of preserving capital?

The speaker identifies challenges such as inflation, tariffs, taxes, and other forms of dilution that reduce the value of financial assets over time, making them less effective for long-term capital preservation.

What is the speaker's view on physical assets as a means of preserving capital?

The speaker views physical assets as being subject to entropy, depreciation, and various forms of taxation and political interference, which limit their effectiveness as long-term stores of value.

What is the speaker's forecast for Bitcoin's role in the global economy by 2045?

The speaker forecasts that Bitcoin will become a significant part of the global economy, with a gradual deceleration of its growth rate until it is growing about twice as fast as the S&P index, predicting a value of $13 million per Bitcoin by 2045.

What strategies does the speaker recommend for individuals, corporations, and nations regarding Bitcoin?

The speaker recommends making Bitcoin a primary treasury asset, converting cash flows to Bitcoin, and using favorable laws and tax strategies to invest in Bitcoin. For corporations, this includes issuing equity or debt to buy Bitcoin when accretive. For nations, it involves reallocating treasury assets to Bitcoin and supporting its integration into the financial system.

What is the potential outcome if an individual or a nation adopts a 'triple Maxi' Bitcoin strategy according to the speaker?

Adopting a 'triple Maxi' Bitcoin strategy could lead to substantial wealth accumulation. For individuals, it could result in millions or even billions of dollars in wealth. For nations, it could transform a heavily indebted country into one with significant financial reserves, strengthening national security and financial stability.

Outlines

00:00

🚀 Introduction to the Bitcoin Revolution

The speaker expresses excitement about the gathering of Bitcoin enthusiasts in Nashville, a city known for music and freedom. They introduce the topic of the Bitcoin Revolution and the potential of digital capital to rebuild the global economy. The current financial system, based on 20th-century ideas and technology, is criticized for its inefficiencies and high costs. A chart is presented to illustrate the small proportion of global wealth held in Bitcoin, which is positioned as a significant yet undervalued asset. The speaker also introduces the concept of the 'physics of money,' relating energy, frequency, and vibration to the useful life and maintenance costs of assets.

05:02

💵 The Challenges of Financial and Physical Assets

The speaker discusses the limitations of financial assets like currencies and funds, which are subject to inflation, taxes, and management fees that erode their value over time. Examples are given, such as the Argentinian peso with its high inflation rate, and the costs associated with maintaining assets like hedge funds and mutual funds. Physical assets are also critiqued for their maintenance costs and vulnerability to depreciation, with the useful life of various assets ranging from years to decades. The speaker emphasizes the need for a better system to preserve capital against these forces.

10:05

🌐 The Emergence of Digital Capital

Bitcoin is introduced as a form of digital capital that is immune to the issues plaguing financial and physical assets. It is described as having an infinite lifespan, free from the effects of weather, entropy, and inflation. The speaker argues that Bitcoin is the solution to the economic dilemma of capital preservation, offering a transformative shift from traditional assets to digital ones. The potential lifespan of Bitcoin, when maintained through institutional-grade custodians or self-custody, is estimated to be in the thousands to hundreds of thousands of years, making it a revolutionary asset for capital preservation.

15:06

📈 Historical Trades and the Value of Bitcoin

The speaker recounts historical trades that resulted in significant wealth generation, such as the Dutch purchase of Manhattan and the Louisiana Purchase, to illustrate the potential of strategic asset acquisition. They then apply this concept to Bitcoin, suggesting that its value as a digital asset could be immense. The speaker provides a macro forecast for Bitcoin's growth, predicting its value in the coming decades and the impact it could have on global wealth distribution.

20:07

💼 Strategies for Individuals and Corporations

The speaker outlines various Bitcoin investment strategies for individuals and corporations, ranging from conservative to aggressive. They discuss the potential outcomes of these strategies, emphasizing the significant financial gains that can be achieved by allocating a large portion of assets to Bitcoin. The speaker also warns against risky practices such as margin trading and encourages maintaining a strong capital structure.

25:07

🏛️ Institutional and National Bitcoin Strategies

The speaker extends the discussion to institutions and nations, suggesting that they should modify their charters to invest in Bitcoin and reallocate from short-term to long-term assets. They also propose that nations should consider Bitcoin as part of their treasury strategy, offering various scenarios for how different levels of Bitcoin investment could impact national debt and wealth.

30:08

🌍 Global Implications and the Future of Bitcoin

The speaker contemplates the global implications of widespread Bitcoin adoption, predicting a shift in the value of various asset classes and the potential for Bitcoin to become a significant part of national and international financial strategies. They also consider the unique positions of wealthy and indebted nations in relation to Bitcoin and the potential for Bitcoin to enhance national security through its digital nature.

35:09

🏆 The Triple Maxi Strategy and the Future of Wealth

The speaker concludes by emphasizing the potential of the 'triple Maxi' strategy for individuals, corporations, and nations, suggesting that a full commitment to Bitcoin could lead to unprecedented wealth and financial security. They highlight the simplicity of the strategy and the transformative potential of Bitcoin, urging the audience to consider its long-term implications and the opportunities it presents.

🎉 Closing Remarks and the Bitcoin Conference

In the closing segment, the speaker quotes Satoshi Nakamoto, the creator of Bitcoin, and reflects on the prophetic nature of his words regarding the potential of Bitcoin. The speaker then promotes an upcoming Bitcoin conference in Las Vegas, inviting the audience to participate in what is positioned as a significant event in the Bitcoin community.

Keywords

💡Bitcoin

Bitcoin is a decentralized digital currency that operates without a central bank or single administrator. It is the primary focus of the video, which discusses its role in the future of capital and its potential to revolutionize the global economy. The script mentions Bitcoin's current market share and its potential to grow to a significant portion of global wealth.

💡Digital Capital

Digital Capital refers to capital or assets that exist in digital form, such as cryptocurrencies like Bitcoin. The video emphasizes the transition from traditional physical and financial assets to digital assets, highlighting the benefits of digital capital in terms of longevity, immutability, and resistance to inflation and physical decay.

💡Stock to Flow

Stock to Flow is a financial model used to estimate the value of commodities, including Bitcoin, based on their current supply (stock) and the rate at which new supply is created (flow). The video script uses this concept to discuss the lifespan and value maintenance of assets, particularly in the context of Bitcoin's scarcity and long-term potential.

💡Inflation

Inflation is the rate at which the general level of prices for goods and services is rising, and subsequently, the purchasing power of currency is falling. The script discusses how inflation erodes the value of traditional financial assets and contrasts this with Bitcoin's potential as a store of value that is not subject to inflationary pressures.

💡Physical Assets

Physical assets are tangible properties such as real estate, vehicles, and commodities. The video script contrasts these with digital assets, pointing out the maintenance costs, depreciation, and other challenges associated with physical assets as stores of value, suggesting that they are less efficient compared to digital assets like Bitcoin.

💡Financial Assets

Financial assets include stocks, bonds, and other investment vehicles that derive value from their ability to generate cash flows or appreciate over time. The script argues that financial assets are subject to various forms of decay, such as inflation and taxation, which can significantly reduce their value over time.

💡Scarcity

Scarcity refers to the state where the demand for a resource exceeds its availability. In the context of the video, Bitcoin's scarcity is highlighted as a key attribute that could drive its value higher due to its capped supply of 21 million coins, unlike traditional currencies which can be printed in unlimited quantities.

💡Self-Custody

Self-custody in the context of Bitcoin refers to individuals managing and securing their own private keys, thereby having full control over their digital assets. The script promotes self-custody as a means to maintain control and security over one's Bitcoin holdings, as opposed to entrusting them to third-party custodians.

💡Macro Bitcoin Forecast

A macro Bitcoin forecast involves predicting the future performance and adoption of Bitcoin on a large scale, often considering economic trends and market dynamics. The video presents a forecast for Bitcoin's growth over the next two decades, suggesting that it could become a significant component of global wealth.

💡Triple Maxi Strategy

The Triple Maxi Strategy, as mentioned in the script, refers to an aggressive investment approach where an individual or entity allocates a large portion of their capital into Bitcoin, potentially using leverage. The video suggests that such a strategy could lead to substantial wealth accumulation if Bitcoin's value increases significantly over time.

💡National Bitcoin Strategy

A National Bitcoin Strategy would involve a country's approach to integrating Bitcoin into its economic and financial systems. The script suggests that countries should consider allocating a portion of their treasuries to Bitcoin and encouraging its adoption among citizens, which could potentially strengthen their financial security and economic growth.

Highlights

The speaker discusses the Bitcoin Revolution and the potential of digital capital to rebuild the global economy.

The world's economy is based on 20th-century ideas and technology, which are slow and expensive, hindering prosperity in the 21st century.

A chart is presented showing $900 trillion in global wealth, with Bitcoin as a small but significant asset.

The concept of energy, frequency, and vibration is applied to the physics of money, relating to the lifespan and maintenance of assets.

Financial assets like the Argentine peso and US dollar have limited lifespans due to inflation and other economic factors.

Physical assets, such as real estate and precious metals, also have a limited lifespan due to various forms of decay and taxes.

Bitcoin is presented as a solution with its immortal, immutable, and immaterial nature, offering an infinite lifespan for capital preservation.

The cost of maintaining Bitcoin is significantly lower than traditional assets, suggesting a 10,000-year lifespan for self-custodied Bitcoin.

A strategy for wealth accumulation is proposed, emphasizing the trade of temporary for permanent assets, such as Bitcoin.

Historical examples of great trades are given, such as the Dutch buying the best port in the new world for trinkets.

The value of digital capital is calculated, suggesting it could be worth hundreds of trillions of dollars.

A macro Bitcoin forecast is presented, predicting Bitcoin's value in the year 2045, ranging from $13 million to $49 million per coin.

Individual, corporate, and national Bitcoin strategies are discussed, with various levels of investment and commitment to Bitcoin.

The implications of adopting a Bitcoin strategy are explored, including potential wealth accumulation and national security benefits.

A call to action is made, encouraging the audience to consider Bitcoin as a significant part of their financial future.

The speaker concludes with a quote from Satoshi Nakamoto, emphasizing the potential of Bitcoin if it catches on widely.

Transcripts

[Music]

[Music]

[Applause]

[Music]

thank

[Music]

you thank

[Music]

[Applause]

you what

a what an awesome Gathering of

bitcoiners I am delighted to be here in

Nashville i c know for music a city

known for freedom and uh I'm honored to

to follow Senator Hagerty and uh address

you

today uh today I've decided to use

slides and for those of you seen my

presentations some are with slides some

are without

slides I got a lot of a lot of good

comments on the ones with slides and so

I figured the best way to make this

presentation better was more

slides so number go

up and with uh with no no more delay I

want to talk about the Bitcoin

Revolution and I also want to talk about

rebuilding our global economy with

digital

Capital the world as we know it it's

based on 20th century ideas and 20th

Century technology stocks trade 9:30 to

4: unless there's a bank holiday you

can't do things on the weekend

everything is slow everything is

expensive if we want to prosper in the

21st century we need new ideas and they

need to be based on new

technology this chart you've seen before

I popped it up it's $900 trillion do of

global

wealth it's that 900 trillion it's

spread across physical assets and

financial assets that are 20th century

ideas 20th century technology and in the

upper left corner is a little orange

blip the little orange asset that could

what we call Bitcoin it's one

trillion it seems like a lot if you

started with zero but when you look at

it against the greater scheme of things

in the world it's

.1% here's another way to see that same

chart it's not 900 trillion of assets

it's a bunch of assets held for their

utility value and a bunch of assets held

as a store of value long-term capital

when I buy a house I want to live in it

but when I buy a bunch of bonds I just

put my money there because I didn't know

what else to do with the money and when

you start to see the world as a big a

big chunk of long-term capital

$450 trillion or more of capital and you

start to think about the way we store

that Capital you see you see the engine

for the

revolution the global economy struggles

because we're relying upon imperfect

assets and imperfect systems to store

that Capital it's crippling our Capital

preservation so how do we engineer a

better

system well this is Tesla and Tesla had

a quote he said you want understand the

universe think in terms of energy

frequency and

vibration I'm going to translate that

I'm going to talk about the physics of

money now what are the physics of money

energy is money or capital or wealth you

could use them interchangeably for this

speech frequency is about the duration

or the lifespan how long will it take a

minute an hour a year a century and and

we vibrate money every time we trade

with each other or we transfer from one

local to another or we

transform a a property into another type

of

asset and so here is an important uh

important

equation this is uh useful life is equal

to the value of an

asset divided by the cost to maintain

Ain that asset um if you're looking for

the useful life of your money in an

asset then the way to figure it out is

ask how much does it cost every year to

maintain that asset in pristine

condition what do I have to spend in

order to avoid depreciation or

Decay it turns out that that L that

useful life is very close to something

we know in the Bitcoin Community as

stock to flow they're very related if

you're measuring them in

years many individuals and most

corporations they use Financial assets

to preserve

capital and this is the source of a

challenge for us let's talk about

financial assets I want to keep my money

for a long period of Time start with a

billion dollars put it in the peso and

the money is decaying in two years right

a 98% inflation rate strips you of your

eon ecomic energy or your Capital this

is not a good long duration asset the

Turkish lra your Capital last three

years the US dollar under under

traditional monetary inflation for the

past Century might last 14 years but

it's not like you have it for 14 years

the life is being sucked out of you

linearly over the 14

years put your money in a head hedge

fund what's the annual cost it's 2%

management fee and then 20% of The

Upside about 4% a year if you're

investing in normal assets that means

it's a 25-year

asset

treasuries you're going to get a yield

but the 3 and a half% after tax yield

goes against the 7% monetary inflation

maybe your money last 30

years capital and a mutual fund where

you pay a 1% fee years that's about the

best you're going to get if you manage

to buy a diversified portfolio at 10

basis points the counterparty risk is

going to drive you to a 1% cost so those

are your financial assets we're running

the world on a 20th century set of ideas

and on average a financial assets going

to last you 30

years we all know inflation dilutes the

value of financial

assets but inflation is just the tip of

the iceberg

you're also going to get diluted by

tariffs and tolls and torts and

transfers taxes we got all sorts of

taxes income tax capital gains tax every

time you vibrate and move the money you

get taxed on the

money and then if the taxes don't take

you and and and the torch don't undo you

you've got weather and competition and

obsolesence and politics

catastrophe those are the things that

dilute the value of your capital over

time and if if you want to maintain

economic energy you have to fight

against that

friction well most people realize that's

a frustrating Endeavor and it's a no win

Endeavor so they give up on financial

assets and they start turning to

physical assets to preserve Capital well

here's the physical asset of Ferrari not

a good way to keep your money forever

though because after 5 years you've

spent as much on the insurance and the

upkeep and the depreciation is it's

worth Yachts aren't much better if you

spend 10% of your money operating it you

also get hit with depreciation don't

store your money in

Yachts a home in Miami Beach if you buy

a $10 million house you better come up

with $10 million to maintain the house

over 17 years now you've got no money

left silver 22 years a warehouse 40

years maybe 50 years

bar of gold 62 years a painting 72 years

land the average property tax in the

United States is

1.1% that means your money is going to

last 91 years unless the government

reassesses the value of your property

then it's going to last less than 91

years the oldest family ranch in the

United States is King Ranch they made it

173 years every other family and the

country

failed and here's the here's the longest

held property the crown estate in the

United Kingdom you could say the royal

family held it since

1066 but on the other hand it passed

from the

plantagenets to the stewards through the

lancasters and the Yorks and eventually

found its way to the Handover family and

so maybe seven different families split

that none of them got to take it with

them so physical assets you might think

might last a thousand years probably

about 50 to 75 years is the best you're

going to do

entropy is deluding the value of your

physical assets it's sucking the capital

the energy out of them there's a reason

it's called Earth and not

heaven because politicians are very

creative they got a city tax a county

tax a state tax a federal tax a transfer

tax a Usage Tax on the property and if

that doesn't get you there's rent

control price control or a culture shock

then you got competition you might get

discriminated against there's recession

the currency can collapse your tenants

won't pay you someone will slip and fall

on the front sidewalk and sue you

there's weather War crime and

catastrophe and if Energy prices go

through the roof it's going to be hard

for you to make a go of

it physical cap capital is not a simple

solution something I learned at

MIT the three laws of

thermodynamics you can't

win you can't break

even but you can't get out of the

game so you could stop right here and be

a little bit

depressed but then again we don't want

to lose

so you start thinking what if we could

find a way out of the

game then we could break

even then you could

win Satoshi found a

[Applause]

way he gave it

away and he went

away and that's Bitcoin Bitcoin is

digital Capital that's what he

created bitcoin's Immortal immutable and

immaterial capital and I use that in

this sense it's it's got an infinite

lifespan it's not being attacked by the

forces of weather and entropy and

inflation it's immaterial in the sense

that it's not in the physical world it's

not it's not suffering from all of those

parade of horribles that the scourge of

Financial and physical

assets and it is the solution to our

economic

dilemma the transformation of our

capital from financial and physical

assets to digital assets it solves the

problem that we're all

facing now how long lived is Bitcoin

well take your Bitcoin and put it at

scale with a custodian an Institutional

grade custodian you pay 10 basis points

you know by the you know first law

money that means you're going to last a

thousand years the custodian might not

last a thousand years but that doesn't

matter because you can move the Bitcoin

every year or every decade and you can

stay one step ahead of the custodians

failing you can't teleport a building

you can't teleport to King Ranch you

know and so Bitcoin is that is that

thing that you can

move say you custody your Bitcoin you

can self- custody your Bitcoin for about

one basis point a year assuming you buy

good Hardware wallets and signing

devices and spend a day a year to keep

track of it now you've got a 10,000 year

asset and what happens if you give it to

the

AI well the AI or a computer program can

maintain those private keys for the cost

of

electricity you've got a 100,000 year

asset the AIS are going to want the

Bitcoin if they have a choice between

owning the Bitcoin and owning The Ranch

in Texas or owning the bar of gold or

owning the Argentine peso it's pretty

obvious what they're going to want and

you can see here why they're going to

want it digital assets are in a class

all their own

when you compare them to all the other

assets that you can use for Capital

preservation you can see they're off the

scale everything else is living in the

domain of 30 40 50 years and and you're

in the domain of a thousand to 100,000

years it's a breakthrough in capital

preservation but it makes it a

revolution in

economics if you would be W if you would

be rich trade wisely

and here's very simple principle trade

temporary for permanent trade s you know

trade your ice cream cone that's melting

for the peso the peso for the dollar the

dollar for the land and the land for the

Bitcoin trade the currency for Capital

trade something fragile for something

resilient trade something local for

something global trade something

physical for something digital trade the

security for the commodity

trade the commodity for the scarcity you

can't go wrong moving in that direction

so let's talk about some great trades in

history some trillion dollar

trades the Dutch understood Naval power

they they understood ships they had

thousands of them they bought the best

port in the new world for a couple

hundred dollars in plastic and textile

Trinkets and that's worth two and a half

trillion dollar

today okay it's it was an investment

that's returned 6% for 398 years

straight it it's a

10.5 billion

x return and if you think about it

you're like why why would I actually

give up the best port in America for a

bunch of textiles and plastic and glass

but the people that sold the thing to

them didn't understand Naval

power if you don't appreciate the reason

you're going to want the property you

won't value the

property Napoleon wanted to gallivant

Across the old world and Jefferson

wanted to expand in the new world so

France sells Louisiana to the US for $15

million in

1803 the $15 million probably lasted a

few months fueling the French army it's

gone Jefferson got that he got 27% of

the United

States it's at 800 ,000 X return wor 12

trillion or more it'll be worth more

Jefferson had some Vision as did this

man seart pays $7 million for Alaska two

years after the country is decimated by

the Civil

War John D Rockefeller was trying to

start an oil company today there's a

trillion dollars of oil underneath

Alaska it's a massive

return for a piece of paper

how much is digital Capital

worth take the $450 trillion multiply by

3% that's your entropy cost or your

inflation cost it costs the world 13.5

billion dollar a year to take to take

all of those parade of horribles when

they're trying to preserve their wealth

if you put a 20 pte on it like you value

a company or a long duration Bond that's

worth $270

trillion so digital capital is worth 10

20 15 trillion a year and it's worth

hundreds of trillions of

dollars reality

check is he full of

BS well digital capital is returning 55%

for the past four years Financial

Capital the best in the world is the

bond it's minus

5% imagine capitalizing your company or

your country on a minus 5% instead of a

plus 50

55% it's obviously

working and now let's come back to my

chart

here Global wealth we can look at it

like this and we see the little Bitcoin

you know Square in the left

corner but what's

happening here's my macro Bitcoin

forecast it's 21 years goes out to the

year

2045 what do I think will happen well

I've got a barricade in a bull case but

what I think will happen is that 55% AR

goes to 50% 45 40 35 30 2520 it's

between 50 and 20 it'll gradually

decelerate till it's growing about twice

as fast as the S&P

index and at that rate bitcoin's $13

million a coin in the year

2045 13 million it could be it could be

a 3 million barri case it could be a 49

million bull case but what is bitcoin 7%

of the world's assets

then what about the rest of the

assets well I actually think that Ai and

Technology going to revolutionize Tech

we had no companies worth the trillion

then we had a bunch of trillion dollar

companies you're going to see more

because you're going to see companies

with a 100,000 AIS and no employees and

they're going to do the work of

companies that used to have 100,000

employees you're going to see Mega

corpse develop you know shipping robots

and self-driving cars and a company that

gives a personal physician to a billion

people without any doctors on the

payroll so clearly Equity is going to

grow fast Gold's going to get

demonetized land will be less

monetized but look here's the future in

2045 doesn't look that revolutionary it

looks like today it's just that Bitcoin

is visible on the chart to you when

Bitcoin is

visible that's going to be the base case

now what are the implications of

this how do you make money well let's

talk about individual Bitcoin strategy

what should you do uh make Bitcoin your

primary treasury asset convert your

excess earnings to

bitcoin utilize subsidized credit if the

if the government will loan you money

borrow the money at cheap rates and buy

Bitcoin and find a tax efficient way to

invest the Bitcoin what shouldn't you do

don't quit your day

job don't lose your focus on

bitcoin don't use margin loans and trade

with leverage you get wiped out while

you're asleep on a Saturday night that's

not good good 30-year loan for 3% back

by the government on your land bad

overnight 10x

leverage so what's typical person well

we actually model an individual and we

said what if you had 750,000 in net

assets and you made 200 Grand a year and

you're going to make 5% more every year

and you got a savings rate of

25% and you can invest 50,000 a

year well there's a lot of

strategies you could be the Normie and

do a normal strategy Diversified

portfolio

you can be a 10center and you can put

10% of your assets into

Bitcoin you can be a BTC Maxi and put

80% of your assets and put 80% of your

earnings into

Bitcoin you could be a double Maxi and

that's when you basically take an extra

$250,000 loan against the

house and then the triple Maxi is you

finance the house for Bitcoin you buy

Bitcoin you flip all your assets to

bitcoin and then you move to a cheap tax

jurisdiction where you actually can

avoid some taxes and invest an extra 50

Grand in Bitcoin maybe a Singapore UAE

or

something what's the

result well this is the result the Normy

ends up with 8 million in 21

years the BT the 10center will more than

double that the Maxi ins up with 100

million the double Maxi 150 the triple

Maxi 214 million

you can see the power of Leverage and

the choice is

yours and you can also see you know it

takes 15.9 Bitcoin to be a triple

Maxi you know 6.25 Bitcoin will make you

a wealthy

person let's talk about

corporations dues convert your Capital

to BTC convert your cash flows to BTC

issue Equity to buy BTC when it's

accretive issue debt to buy BTC when

it's accretive don't don't bleed your

Capital with taxable dividends don't

surrender your Capital with stock

BuyBacks don't dilute your shareholders

with risky overpriced m&a

activity here's our typical Corporation

$100 million of cash flow a billion

dollars of Enterprise Value it's grow

it's generating a lot of cash flow it

share price is 100 bucks and now the

issue is what's your strategy Normie

Maxi double Maxi triple

Maxi well the Normie is going to be okay

you'll make you'll be have a $1,200

stock price but just 10% allocation

doubles it the Maxi is going to nearly 8

exit the double Maxi

$177,000 stock the triple Max ma he

28,000 what kind of company do you want

to

run reality

check this is a triple Maxi strategy at

work right now this is micro

strategy it will be it will be 48 months

on August 10th of this year since we

started down this road 48

months and uh you know if you're running

a company and there's 300 million

companies out there if you're running a

company and you think you can do what

Microsoft and Apple and Google

do then good for you you can get to a 20

to 25%

ARR if you want to copy

Nvidia you will beat

everybody but I think that right now in

the boardrooms of Microsoft and Apple

and Google and Tesla they're stressed

out about copying

Nvidia and the irony is it's easy to

copy micro strategy I just gave you the

Playbook it's

simple this is how it compounds over

four

years right four years of doing that

gets you to 1300%

Improvement

so bottom line build a strong capital

structure avoid dilutive Financial

practices let's talk about an

institution you got a church a charity

an endowment of Harvard you know any

nonprofit what should you do modify your

Charter to invest in

BTC reallocate from short-term duration

assets to long duration

assets you know you wouldn't invest in

ice cream cones don't invest in the peso

but why are you holding 20-year

financial instruments don't own 50y year

physical land instruments buy a

Thousand-Year instrument use BTC BTC is

the cost of capital not the S&P the S&P

is 133% BTC is

55% right think of 55% that's your cost

of capital and then use intelligence

leverage okay here's our model a billion

doll

portfolio you want to be a Normy a maxi

a triple Maxi here at the at the Maxi we

just said put 100% in at the Double Maxi

and triple Maxi is take 10% leverage and

that's what happens you start with a

billion dollars and in 21 years you'll

have 5 billion of your enormi and you'll

be patting yourself on the back talking

about what a good job you've done

managing the

endowment but it could have been 300

billion it could have been

100x not that hard very

straightforward now let's talk about

Wealth of

Nations this is the interesting one

what's the national Bitcoin strategy dos

and don'ts

well reallocate your treasury from gold

and bonds their short duration assets

to a 10,000-year asset issue currency to

buy Bitcoin issue debt to buy the

Bitcoin encourage Bitcoin ownership with

favorable laws protect self- custody for

individuals and

corporations and support integration

with the banking system of your country

those are all dues the don't don't

pursue policies hostile to bitcoin and

Bitcoin holders

this one's not

complicated now let's say you're an

indebted country you're actually in debt

you're running a a deficit I could name

these countries but I won't I'm just

going to say you owe a lot of money and

you're struggling your interest rates

are high and you don't know what to

do well here's your strategies are you a

normie or a 10center or a maxi double

Maxi or triple

Maxi the Maxi is you put a third of your

treasury into this a double Maxi is

65% and a triple Max is put all your

treasury into it and start issuing

debt for those of you who can actually

read right the sub the sub text of this

is the first country to buy Bitcoin by

issuing its own currency

wins this is simple you print

paper remember that sewer check you

issue the check you be like well you

know you could whine oh we couldn't

afford it you know it was two years

after the Civil War the country was

bankrupt millions of people are dead the

south is in disrepair the north is angry

and this guy Seward comes up with an

idea to buy frozen tundra a lot of it

from a bunch of Russians that wanted the

paper

okay so people have done things under

worse situations but you can see here

the Normy strategy is you owe $3

trillion you're not getting anywhere the

Maxi strategy pays off your

debt the double Maxi strategy makes you

rich the triple Maxi strategy makes you

very

rich why because you're buying the

property that everybody is running to in

a hundred years and you just go buy it

now

like Standard Oil was nothing there was

no gasoline there were no automobiles we

had no diesel locomotives in

1867 we invented all that stuff but

common sense says oh I can buy something

that's equal to about 1 of the size of

the nation for a few dollars why don't I

just grab

it Bitcoin strategy for wealthy foreign

countries let's say you have a lot of

money you know maybe you're Saudi Arabia

Norway and you make a lot of

money well what's your strategy you want

to be a normie a maxi a double Maxi a

maxi puts 25% of their money into

Bitcoin a triple Maxi goes 75% and

converts their surpluses into

Bitcoin here's what happens you just get

insanely

Rich $58 trillion of rich but you know

more than that this strengthens your

National security because you end up

with 50 trillion doll or more of digital

Capital nobody can take you know they

can't steal it right they bomb your

country they invade your border they're

not getting the

Bitcoin right so this is good for your

financial security and your National

Security but note if you are Saudi

Arabia or Norway and if you pursue the

triple Maxi

strategy sailor says it's very easy to

do but it's 4.2 million Bitcoin you end

up with at the end of that line that

means there's not a lot of room for

triple Maxis not at the nation state

level right there's going to be one

there might be two at some point right

this is an opportunity for an aggressive

mover you can have a lot of triple Maxi

families and a lot of triple Maxi

corporations not a lot of room for

triple Ma Mai

Nations and let's look at the US US is a

special case well the rules are still

the same right buy

Bitcoin sell the paper get rid of your

gold go long range and the don'ts are

still the same don't harass the

bitcoiners don't send the industry

overseas don't send the capital overseas

but what's our base case here well we

you know we think that a I and new

technology is going to drive growth I

mean you know I'm going to assume that

the United States is going to be run by

competent Executives and they're going

to harness technology and we're going to

actually take advantage of AI and we're

going to we're going to uh create robot

cars and robots and you know billion

person websites that give you free

accounting and legal and medical advice

and all that's going to grow our

revenues faster than our grows our

expenses and we'll eventually get to the

point where interest rates come

down but the question is what's the

United States Bitcoin

strategy and we could be normies you

could be a 10center that's kind of like

buying 500,000 Bitcoin you could buy a

million Bitcoin a double Maxi is 2

million Bitcoin a triple Maxi is by4

million Bitcoin and then start sweeping

the surplus of the nation when it comes

into Bitcoin and the

consequences well if you're a normie you

know if you're a normie and you have

great productivity growth and Brilliant

technology and the robots do all the

work for us you're still going to be in

debt it just won't get much worse I mean

that'll save us we need

that if you're a maxi you'll pay off

half the debt if you're a double Maxi

you got a surplus and if you're a triple

Maxi instead of owing 30 trillion the

nation has 30 trillion right bit Bitcoin

is not the solution to all our

problems it is the solution to half our

problems and the important point is the

other half are very complicated they'll

take a lot of people in energy this half

is simple this is a very simple thing to

solve half our

problems so Bitcoin is cyber in

Manhattan hundreds of trillions of

dollars of capital going to go there

we're going to demonetize Russian Tundra

and Chinese real estate and everything

in Africa and all of the crappy

buildings everything anybody bought that

they didn't need it's getting

demonetized you buy a Bitcoin you oil

building otherwise a Boulevard otherwise

the entire neighborhood it's only 276 to

the3 that's what you're looking at right

now and I'm going to leave you with one

quote Satoshi

Nakamoto kicked off the Bitcoin Network

January 3rd

2009 on January 17th of 2009 14 days

later 16 months before Pizza day when

Bitcoin was worth nothing and it was not

going to be worth anything for

year Satoshi Nakamoto said it might make

sense just to get some in case it

catches on if enough people think the

same way it becomes a self filling

prophecy and never has have wiser words

been spoken you're staring at a trillion

dollars of

proof but there's still thousand X to

come and you have a lot more information

in your fingertips the writing is on the

wall Bitcoin is the future of capital

it's the future of money it might make

sense to get some because it has caught

on thank you

love you

[Applause]

Michael next year we are bringing the

Bitcoin conference to the American West

Las

Vegas the brightest mines in the world

will converge to deliver Bitcoin

history buy your tickets now at B.T

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