Michael Saylor Bitcoin 2024 Keynote Speech w/ Presentation Slides
Summary
TLDRIn 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- 🌐 The current global wealth is based on outdated ideas and technology, with Bitcoin offering a modern, digital alternative to traditional assets.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
🚀 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.
💵 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.
🌐 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.
📈 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.
💼 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.
🏛️ 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.
🌍 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.
🏆 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.
Mindmap
Keywords
💡Bitcoin
💡Digital Capital
💡Stock to Flow
💡Inflation
💡Physical Assets
💡Financial Assets
💡Scarcity
💡Self-Custody
💡Macro Bitcoin Forecast
💡Triple Maxi Strategy
💡National Bitcoin Strategy
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
ccon
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