Michael Saylor on Bitcoin to $13 Million & MicroStrategy’s Monster Run
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At C M E group dot com slash on the tape with Robin hood gold. You don't need a silver spoon to eat up the financial favors of the one percent. Robbin hood gold allows others to get the rates and perks usually reserved for the high society.

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The new gold standard is here with Robin hood gold sign up at robo od dot com slash gold terms supply for products disclosures visit Robin hood dut com slash gold investing involves risk rate may change, limitations applied to the retirement boost, the cash weep program and IOS offered by Robert od financial L C, member S, I, P, C, A leadership broke dealer gold membership is offered by Robin hood gold L L, C. Welcome to a special on tape podcast, guy adami da, and in a few seconds we're going to be joined by Michael seller, the executive chairman of microstrip. Gy, a man that needs no introduction.

Then guy, that was a thirty, as we say in the podcasting business, you're gonna want to listen to this. And by the way, if you want to listen to this also on tuesday, guy, you and me are k step. He is the C.

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Yeah, go to our website. Please register. It's going to be a great hour. We're looking forward to IT. We're also looking forward this conversation with Michael solar, ladies and gentleman. So sticking around well, welcome to an extraordinary special on the tape danaan guy adami, but were joined by my friend, dance friend, and obviously the friend of the entire cyp to currency community, the CEO of microstrip gies Michael seller, is joined. Michael, thank you so much for being here.

Yeah, thanks for my guys.

And we saw Michael a earlier the week anthy scaroons es bookmarking. You obviously wrote the forward for that. You were funny in your comments saying that, you know, anthy wrote this book and i'm using sort of air quotes and writing and anthy was part of the book.

But he said at the end of IT, you should have one to two percent of your portfolio in bitcoin. And after basically you writing this book, he comes up with two percent. You made the point way to second if you really passionate about this two percent to sort of a rounding era. So let's start there.

yeah. Well, I think that if you read an entire book of investment advice or financial advice, you don't want someone to end the box saying, I don't have a solution for ninety eight percent of your problem, but here's an insurance policy here. One or two percent is like buying an insurance policy but twenty thirty, forty percent, fifty percent, seventy five percent is like solving the problem. So I you know I I just said like I don't think you're gonna come up with fifty good ideas and I I think that um the whole idea of diversification uh makes sense when you don't know the answer but you don't want to make a mistake.

But I think in the field of engineering and many fields in life, it's like when your kid, uh, is a good basketball player, you don't say, I think you should spend your time between archery and dragging and swimming and basketball and football and hockey and sixteen other things, just case you tell the focus on basketball and you build the pain out of aluminum and you don't diversify the steel beam into clay and bronze and balls. Seward, right? If there's an answer, there's an answer and you just tell someone the answer when you don't know the answer you like, yeah will go to vegas and gamble, pick anything but you know don't bet more than two percent of your money, right? I don't don't you know? So my point really is there's a disconnect between giving someone a piece of advice to make their life Better and then saying, but I ninety eight percent don't believe in IT alright.

so let's go to the beginning and then mention how we met. I'll let the audience know. So I think you would just sort of come to the realization you spend some time working on bitcoin in coming to the conclusion that this made a lot of sense.

You joined Morgan, bryn and me. I was able to sort a cohoes power lunch with her. IT was one of your first interviews.

You did sort of an a meaningful way and you sort of outlined this vision for microstrip gies. And what are you going to do? I think it's now three or four years later.

My math is a little swishing, but let's just sort of split hairs a little bit. And that plan is absolutely coming. Information, as we sit here, you have now over four hundred thousand bitcoin on your baLance sheet.

I want want to say at an average cost of about fifty eight thousand dollars or so. You can correct me if i'm wrong, but everything you thought was going to happen is sort of playing out. So let's start there.

And you know maybe you can talk about some of the things you didn't see happening. You did see happening, uh, some of the pitfalls along the way. You know give a sort of that calendar that sort .

of timely yeah I think um the middle of two thousand twenty were running a five hundred million dollars with five hundred million in cash, generating seventy five million in cash flow a year growing zero to five percent competing gts microsoft locked down's hit our stock as zero options. Uh, two million dollars liquidity in a day. The options are worthless.

The stock is worthless. We have no investor interest. We're stuck in a in a competitive trap. There's no way to crawl out of the competitive trap.

We've got five other million cash generating four percent interest in all sudden one power cranks that down to zero percent interest. And then everybody's locked in their home and i'm staring IT. And then I watch all the magnificent seven socks double.

And then and then you realize that if you're sitting there, all your couples gonna sighed off by the magnificent seven, all your human capital is going to be sighed off by the magnificent seven, right? Even if you have a good product, IT won't be a good product in five years once all your engineers quite. And so we're kind of stuck in a trap.

So so at that point, you know you have three choices. You have a fash death, just sell the company and a lot of people do ninety nine percent. I had a hundred competitors guys, ninety nine of them or actually all hundred and sold themselves.

You does exit uh or is slow depth. I had my five hundred million. I'm just going to start to pay on my employees massive cash bonuses and not quit retention bonuses.

But he is gonna go through the cash at some point. You you're not gonna a good at your hole. You're gona， you're gonna link on as a zombie or you take a risk and and the risk is a transformational acquisition. It's like you know when you buy V M, where like can can you buy a company that's growing twenty to forty percent a year? That's a that's a monster world beer company.

And can you buy IT for cash or buy IT for stock and maybe you have a new lease on life? And so I looked at in option when I looked at option too, and I thought, well, is there some monster company we can buy with our five hundred million ash? Because right now it's a liability. And obviously I can't I couldn't find one.

But then I looked a bit coin, and I thought, big coin looks like facebook for money IT looks like IT looks like the global monitoring network IT looks like the dominant IT looks like the google or the facebook and so like, what's the big tech monster network for money? And bitcoin looked like that for me. So I thought, hey, maybe I can do a five hundred million dollar or acquisition.

I buy five hundred million a big corner. What if you could buy a company growing sixty percent a year at one times revenue with cash that you don't need? That was the idea and and IT was kind of about a frustration and desperation.

But IT was IT was a strategic hail mary, because your choices to sell the company give up, and the company would have been sold for six dollars a share and enterprise value. Okay, six dollars a share after thirty years of light. So we do that.

We get to the five hundred million coin rally is the stocks doubles, the stocks triples. Now we just have an alpatych tic run. Uh, we discovered the convertible bond market and they want to give us six hundred fifty million in cash.

Pretty much for free, for free, for not pretty much for free, for free.

If I came to you instead, i'll give you a six hundred fifty million dollars and seventy five basis points. Go invest in something. Can you come up with an idea for something to invest in that yells more than one percent?

Probably if you came at, right, you're not in business. right? Probably you can. So we did that in bitcoin reality again, and also variably raise a billion for zero.

okay? And then then we realize, well, much, well, take another five hundred million, and we, and we took a five hundred million dollar alone at six percent. And without will bitcoins gone up sixty, we will borrow at six, will loan at sixty or captive four.

You know, want to moved around and then at some point some banker call me and said, you know, you can do this A T M, where you can actually sell liquor, the market. I said, you are kidding me really as possible. Uh and actually the greatest innovation of the past thirty years, guys in the capital markets is the A T.

M. Shelf registration of equity because allows and ensure the issue to sell shares perp pursue to an investor you're basically on the same footing as anybody else is a fair thing. And for my entire career, if we wanted to solve a hundred million dollars of equity, our stock, we get hammer down twenty percent.

And so IT felt pretty good, did not get hammer twenty percent and be able a soul in the market whenever you want. And so now we hit upon this uh this new stage where we realized we have a commodity, the yellow that returns more than the S M P index that um that we can buy by selling our stock. So if if you know if you're an investor and I give you a return higher than the S.

N P, how much couple are you? Onna, give me infinite. So we started doing that. We sold a billion dollars then.

And the short of IT is we went from a five hundred million dollar investment to ten billion dollars of capital race, you know, on the stock, and I went to buy a factor of ten or twenty, and then we got, then we got to twenty twenty four. And twenty twenty four was, you know, trans. But I skipped the cyp dal winner, where everything crashes from six thousand and sixty thousand.

But there is a half hour podcast. So I just say IT was a roller coast. We went up to sixty six, down to forty, up to sixty six, down to sixteen back. But, uh, and that's all very colorful.

But the real point is we're buying bitcoin with equity with dead were refinancing the dead where we're at all pots generally, we're doing IT in an a creative way and we get to twenty twenty four and then we discovered the value of volatility. I mean, really understand IT because in january twenty, twenty four, bitcoin is at the asset class and the second week the c approves those etf. And then you started having the snide comments like one now we don't need microstrip gy anymore.

They're like to proxy. They're like, you know a the etf substitute, what is put our money in the etf. But what happened at the same time was the having was coming and all of the investors that all traders went through a secular rotation and they started selling the bitcoin mining stocks and looking for something else to trade.

So if you track the acquitted in the options market and in the equity market, there was a major shift in q one and early q two where a lot of the the volatile in the options traders and equity traders, they basically hopped off a dozen uh, bitcoin mining companies onto microstrip gy because the bitcoin miners were going to having where their rubbers could cut in half. So when that happened, our options interest exploded and we became the number one options market when the S. C.

C. Approved the etf. I didn't approve options. okay. So uh, today our options market is like nine, five billion dollars. Our options market is is the same size of a market cap. And then we discovered that the real strategic opportunity we had was we can construct a baLance sheet, permanent capital with leverage.

And um and when you take bit coin and make IT a hundred percent of your of your stock, you are going to trade a problem a bit is trade with the sixty wall. You're onna trade with the seventy five wall just because of the uncertainty of what the number of team is going to do. Like I have the option to sell, like what you not sell, like what we might do are not do something, have the option to do that or not do debt.

That option is gonna movie from sixty wall to seventy eighty wall. Then if you actually execute the option by selling equity at a premium or by issuing convertible bonds, you move to a ninety or a hundred wall. So all the sudden we had an active trading with a hundred.

I think today is like a hundred ball, basically double, uh, big coin equity. And now here's the big idea, right? Uh, the S N P is fifteen A R fifteen ball.

Bitcoin is sixty A R sixty ball. IT has been that way for four years. We take a company with permanent capital and we create something which is one hundred or one hundred twenty wall, one hundred to one hundred twenty A R R.

Okay, now that attracts all the options stratus, all the arbitrator res, all the bitcoin maximum list IT becomes hot money. Are you you know the core. If you said if you hold the dollar bill for thirty days, you're getting uh, so far thirty, you're getting foreign native basis points or something like that. If you hold a million dollars with the S M P index for thirty days, you can get like fifteen percent interest by selling the thirty day calls at the market. If you hold bitcoin, I bit for thirty days what you couldn't sell the options until just recently, but now you can sell them in, generate about one hundred percent interest if you sell the microstrip gy call option at the market is two hundred twenty percent interest rate.

Okay just hold the the the share um and so all the sudden what we done is we've created uh a little uh a levered fly wheel on top of a product which is already four access volatile and four access performance is yes and p the result is our liquidity explodes, our options interest explode and we do a convert bond in q one. A week later, we do another convert bond. That's the first time in history.

Nobody ever did two convert bones back to back two consecutive weeks. Then we do another one in q two. Then we do another one in q three. Then we do a billion dollars of A T, M in q three, and then we start to get to a group.

And we realized that I did in the day, you know, uh, the markets going to rally around some leader and you're either gonna lead in a decisive way or you're going to sneak around and an apologetically be opportunistic, or you're going to hide and weight. And so we just decided we're gonna lead. I mean, john e.

Rockfall decided to roll up the entire patra chemical industry, and he bought out all of his competitors, all of his customers, all of his vendors. And first he did IT for for a cash, and he would, they would say, okay, will pay me that. He got the bank, he borrow the money and he give the cash.

And at some point, people in the industry said, you know, standard oil stock is worth more money than the cash. And he just started issuing the stock. And Henry flag, or of course, built florida, was stated oil stock. And so there's this point in the market where the market decides IT trust you and IT wants to rally behind you.

And we got to the point, october thirty years, and we just said, look, we're going to put the question to our shareholders, do you want us to basically build this business or not? And after forty consecutive bitcoin purchases, after laying the foundation of a bitcoin in our development company, after actually rolling out the K P I B T C yellow, which is we just sold a billion of equity, IT was back by three hundred fifty million, and big coin we bought back a billion. And bitcoin we capture six hundred and fifty month of the arbitrage that works out of four percent.

That four percent is like, uh, a bitcoin divide and to the shareholders. But we going to keep IT on the baLance sheet, roll IT forward and reinvested. Once we constructed that model, we just had luck.

We're going to issue twenty one billion dollars of equity, and we're sure twenty one billion dollars of fixed income. Where is fortier bonds are preferred shares or bonds. And we're going to do the perfect income to say, levered.

We're going to do the equity when it's at a massive premium to the underlying assets to capture the yield and to um if you want to get behind us on that, that's the plan we put IT out there the next day. Stocks trades up. We all perform every magnetism in seven company.

We all perform bitcoin. We all perform every bitcoin company. Yeah so the shareholders spoke mean they bow IT. It's not a surprise to me. I was ninety five percent certainly would like IT because I meet with them and they were like, this is the most brilliant ever. Yeah, just keep doing this.

So after that, you know, we had a good week and november fifth came and h there's a red sweep, but all setting of a pro bitcoin White house, a pro bitcoin senate or pro bitcoin congress, pro bitcoin cabinet. Bacon rages from sixty eight thousand and ninety and nine thousand. The short of IT is we raised ten billion dollars in four years after our initial announcement, and that's like progressively work and learning.

You know we're learning and the markets learn to trust us, right? We're building a relation. My relation is not just with my equity investors, it's with the convertible bond investors.

Yeah you meet with a convertible bond us to say I saw you last quarter. I saw you. You know, you yelled at me for this and this I fixed this.

I'll do this where partners together. I promise you I will do this. I'm not going to i'm not onna mess with the year opportunity. I'm not gonna head IT i'm not gona, i'm not gonna steal your trading opportunity. I will do this in this in this the guy guess well and and i'm looking forward to this future that I thank you for your kind der five hundred billion or order fifty like if you have trust and people understand you, they'll give you your money so what happened next as we reach thirteen and a half billion dollars in four weeks and I you know, if you look at my tweet, my my tweet, uh, this morning is basically, yeah, we generated about a nine billion dollar red plus gain for our shareholders in those four a week. For making hundreds of millions of dollars a day.

Is tRicky for conventional investors to understand IT because you're not capturing shareholder value creation via gap accounting because for two reasons, one, bitcoins indefinitely intangible, but two, in the history of fifty years of the capital markets, everybody's been on the U. S. Dollar standard, which is zero wall, zero A R R.

Against the all. And this is the bitcoin standards, sixty wall, sixty A R R against the dollar. We don't have the math, the accounting to keep up without a traditional system. And that's why we have to put forward things like a BTC yield, a BTC spread, a BTC again. And those that understand BTC, they get IT and they're long and they love IT.

And those that don't understand BTC or don't understand this or just aren't really interested putting in the work, they just think it's sham, crazy and they just onna short IT or they're just gonna, whatever. So that's where we are today, is from desperation to opportunistic to strategic to to identity at this point where a bitcoin treasury company, i'm on a mission. My mission is i'd like to see the entire world recapitalize on bitcoin.

Every company, every family, every individual, every government, I think is an economic protocol for prosperity. I think it's as important as english or fire or electricity or steel. I just think it's good.

Technology is a good idea. We're reaching the fund stage the next four years, I think or kind of fun. We get to we get to do a lot of interesting things to help people.

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Michael, you know, it's interesting. And guy, I said this on fast money earlier the week. Also, i've been in the business for twenty six, twenty seven years. I've never seen anyone take the sort of time to explain what they're doing, which seems somewhat non traditional.

If you're speaking to an equity investor, which you were back in twenty twenty two when you are on our podcast, then you basically sense same exact thing that you just ended that commentary with the like what you'd like to see companies do, what you like to see households do. And I guess if they listen to you back then, um the outperformance relative to, let's say, them at seven, which you just describe, would have been pretty astounding. Now you also use the term traditional investors.

When I look at the holders of microstrip gy stock outside of you at almost ninety half percent, icc capital group, vanguard, borgian, stanly, gene street, black rock and state street. Now those six or seven investors are usually the largest investors in most of the the sop one hundred. We can agree on that, right? So when you are speaking to them about what you just described to us, what do they think the n game is? right? Because a lot of investors have exposure to this who don't really understand everything that you just talk about.

So what is the end game when you listen to an apple or a microsoft or any the next seven, they are laying out a ten year plan, how they are investing their capital, where they see their business going on, the macro O, O going. So what do you say to investors about what the end game is? You just described what your plan is right now.

yeah. I think the end game is to is to securitize the entire asset class, h securities, the asset class. And so when we say we're a treasury company, what we mean is where the institutional bridge between A A high energy void critter commodity, that thing we call bitcoin with sixty A R sixty volunteer ly, what that means is it's it's always going to be higher performance in the asp index.

It's always going to be more voluted in the S M P index as IT goes from a trillion to two hundred and fifty trillion. As IT merges, the S M P will adopt coin and their performance will uh will drift toward IT and bitcoins performance will drift toward the S N. But as long as we're sitting between conventional equity capital and this crypto capital, we can arbitrage the difference.

And as long as we're sitting between by sixty A R or sixty var and the bond market is six a or or six, four, five, five. So you have fixed income, which is five five. You have equity, which is fifteen fifteen, and the traditional market, you have this raw energy source, which is sixty sixty in the crypto economy, which is twenty four, seven, three, sixty five.

No one can stop IT. Chinese, russians, african, south americans, people can panic. Sell ten billion of IT on saturday night through one of the fourteen thousand exchange in the world or fourteen hundred. So you've got this wrong thing and then you've got this traditional market. And what we've said to our investors, and I think they are starting to understand now, is so we're going to strip the volatility, stripped the performance, stripped the risk off of the bottom of the capital structure, give you us like a six to twelve percent investment grade instrument to invest in a twelve, the twenty four percent high yield ld instrument to invest in a convertible investment that gives you seventy five percent of the upside to a hundred percent the upside, but ten percent of the downside.

And then when we strip those performances in those walls, buy a those fixed income instruments you're talking like, say, you raise a hundred billion in capital while you're grabbing sixty to sixty five percent of the economic boost for the equity, for the, for the M S T R equity. So when I saw a hundred billion of fixed income, i'm going to tack sixty billion dollars of boost onto forty billion of equity on the M S T R. side.

That's how we get to two H A bit coin or two and a half or three. And of course, the the real magic of the story is the baseline is bitcoin is raw commodity. You either buy that on coin base or bitcoin is rat.

You buy I bit from black rock, that's the baseline. But IT turns out most the world doesn't want that. I mean, a lot of the world wants high voltage.

They want ten x leverage sukhanov ce, ten actual leverage. Millenia sorrow. They want to be up there in the strate sphere.

And then some people won. You know that the M S T X, M S T U, those those two etf raised four billion dollars in a matter of weeks. No market. They want four x three x bitcoin microstrip gies one and after two x bitcoin.

So some people want to be up there above the baseline at luck, if you believe in bitcoin, and someone can give you two x bitcoin and they can do IT with with intelligent leverage or with the baLance sheet you trust. Why wouldn't you want two times whatever you want IT right? And then there's another world of crypto curious people.

They're just tired and bored like how do you feel about a portfolio of one hundred and eighty seven diversified preferred stocks that give you five hundred and twenty basis point? You know what IT is like? Okay, you on the sixteen chance of of the eighteen thousand regional bank and like and it's like q sip one nine, nine, seven, four, two, there's no volatility.

You can pledge IT is cloud. You can borrow against IT. So there's a world three hundred trillion dollars of board money that's waiting to die getting two, three percent and then there's another two hundred trillion of hot money microstrip. Gy is just going to to sell all of those instruments up and down the chain while we ignore the baseline.

And I just make this one point, like when you're when you're arbitraging this, you know you asking the question how fast is appreciating so big is plus sixty? And let's just say because it's push thirty to sixty versus the us dollar and my longing and forecasts is twenty nine percent for twenty one years. So so where plus thirty to sixty? Then the next question is how vote is adverse? The dollar bitcoin, sixty, volatile, but you can imagine it's going to be post thirty to sixty, more volatile.

Then you ask the question, how fast is the investment cycle if I borrowed a billion or or raise a billion of equity and I invested in a real estate project that takes five years, fifteen hundred days. If I invested in big one, IT takes one day, i'm running the investment cycle a thousand times faster. And then the last question is how a creative is the capital, ray? So if i'm selling IT at three times that asset value you're capturing and sixty six percent spread, the convertible bonds are capturing and eighty percent spread.

When you saw a convert in A A percent spread and you do a billion of IT IT literally means that you captured eighty percent hundred million dollars of capital gain on the day you did IT, and you capture all of the capital gain for your shareholders forever on the eight hundred million. And so when you're raising eight hundred million and then you're investing at sixty percent A R R or thirty percent, right, the amount of a creation is screaming, so what? What are we gonna what? We're gna do, this forty two billion dollars and then ranson repeat and double IT and double IT and double IT and double IT.

And you GTA say, like, well, where is the end? Well, I guess when we've taken one percent of the fixed income market, which is three trillion dollars, and when we'd levered IT up and we've got ten billion, now we've bought to retrod of bitcoin and we're trading at ten trillion dollars, and market cap will be grown in twenty percent a year, all right. So I mean.

that's the end game. So here's my question to you. So you know, gold is an extraordinary mature market. I'm around up here. So gold right now is an eighteen trillion market cap, industry asset, whatever you want to call IT bit point two days, about two trillion. So that's eleven percent. Where do you where should that ratio be? And then by giving us that ratio, we can back into a bit coin Price.

And big is gonna get a ten x go easy. Just keep in mind, right, a public company, it's gotto hold a commodity on its baLances sheet because I can't hold securities.

So you've either got a choice of the digital commodity called bitcoin, which is sixty percent A R, gold is seven seven percent, real state ten percent, bonds are five four percent, and and everything lesson fifteen percent doesn't beat cost capital, so that the action p sets the hurdle. So gold fails is a treasury asset for everybody in the world. Bitcoin succeed.

I I think you could, if you call a bitcoin, digital gold is tennis gold. But I still think IT undersells bitcoin, right, because big coin is digital capital. It's not just replacing gold.

It's gonna replace real estate, the S M P index and by any capital asset held by an institution or world, the family. So right now, wealthy, famous and wealthy families and investors don't use bonds or gold as capital asset. They would use the S M, P, index or stocks as capital set, but banks and regulated corporations, Operating companies, aren't allowed to use securities as a capital last set.

They're knock to down. They don't want to use gold is not liquid enough and fungible yeah it's not liquid enough. And so they use real state and you get ta read or a real state development company.

But the real state is in our less than the S P index are not volatile. If you give up the A, R, R and the all till the S, N, P, you're trading down. So that's that's not really a winner. And then you're stuck with bombs. And bombs are dead money a liability.

So yeah, I think but I ve said before, bitcoin IT should reason we become A A multi I hundred true dollar asset class right at my forecasts is thirteen million a coin by twenty forty five base case upside and downside. I just expect it's another way to say IT is is sixty percent A R is sixty wall. It's going to track toward twenty twenty percent A R and twenty fall when bein S M P S fifteen fifteen over twenty years it'll to step down as IT approaches that OK.

So here you go. This is my final question, I promise. So let's just say, president elect trump and his cabinet members and treasury secretary all listening to this podcast.

They just heard what Michael cellar said. This is going to come completely at the left field. But what if they say, way to second, this is, this is basically property.

And what if they say the four hundred thousand bitcoin on your business sheet? Eminent domain, Michael sale, the best interests of the untied states for us to have a met. Is that an existential risk? It's happened before. Thoughts on that.

You know, in a communist or socialist state in venezuela, north korea and cuba, that expropriate property. So if if a government becomes communism, socialist, then they're gona take your property. I suppose it's an existential threat.

But what I would say that is the smart thing to do is think about money as bifricated into currency and capital. And the U. S.

Dollar is destined to be the world's reserve currency. And the smart thing to do is just, is just Normalize stable coins or digital currency, and let banks and corporations issue U. S.

Dollar stable coin like tether. And then that market will go from one hundred and fifty billion to ten, and the U. S. Dollar will become the medium exchange in north korea, south korea, cuba, china, russia, africa, south amErica and probably most of europe.

Literally, if you want the dollar to become the world reserve currency and move between eight thousand people, the speed light on android phones, it's easy to do just Normalize a digital currency with a digital assets framework. You will have ten trillion dollars of demand for treasury bills to back IT. And then I would say, acknowledge that the world capital network right now is real state and equity.

And if you talk to any billionaire, no one is bragin about holding all of their well in cash or bonds. Its real state, its equity and big coin is the emerging world reserve capital network. This most intelligent thing you can do is just sell the gold by bit.

Coin is a free trade. Gold was a good idea in the sixth century. No one thinks gold is gonna the capital network of the twenty first century.

So just trade the goal for big coin. You'll love twenty five percent of big coin network. You make a hundred trail dollars on the trade.

If you don't want to trade the gold, just issue currency is a little bit of money. It's free print money by twenty five in the bitcoin network. When the chinese billionaire, the russian billionaire, the europeans, when they all basically started buying bitcoin, the big winner will be the united states.

It's it's not more complicated than you can have Louisa and a california elastic for free by writing a little paper check, you know, or sell the past, sell the stupid gold. Gold is going to, by the way. Gold is going the way of silver, which you went the way of glass bees, which will go the way of copper tokens, which goes the way of the giant stone coin of the yacht people.

It's going to be demonize zed, because you can't example a billion dollars of gold from an android phone to an iphone in one spite. Second, it's not complicated. Everybody's going to a hear IT out so so i'm willing to accept the existential risk of the expropriation of my property of the united states goes full on communist.

But you can expect that I will agitate in favor of capitalism between now and then and oman. Optimist, so I, I, I don't dismiss the presence of evil in the world. You see north korea, you see cuba, you see venezia a there is evil. IT did happen. I just happened to believe that at the end of the day, bitcoin is a force of good and it's going to bring people back from the brink and it's onna remind them that maybe they shouldn't embrace technology and freedom and capitalism and property rights and and all of those things that .

made amErica great right? Michael, one last one here. I suspect you're a sigh fie guy. So here's a deal. If we reach artificial general intelligence, the A G I, which I think a lot of you know folks who are in the bitcoin think we might do Better than later. Don't the machines take the bitcoin right .

out of the gate? They on't take IT. They will adopt IT, right? You're gonna have billions of the eyes and they can't get bank accounts right? And and by why the a eyes are smarter than us.

And so if you were an A I, you wouldn't invest in gold or silver or glass beds or copper tokens s and you wouldn't buy securities and you wouldn't buy real state, right for not because it's hard to buy IT, but by way, IT is hard to buy IT. They'll be blocked from the twenty years century economy. No one's going to sell the AI the house and they can't trade bb, right? So they'll be blocked from the 22 century economy。 But the truth is i'll look at and no go.

Well, don't we want to actually grab billions of dollars of stuff that's going to i'm going to grab five or ten percent of all the money in the world for that moves at the speed of light that's in cyber space that no one could steal for me. Why wouldn't you? I mean, I think they're smarter than us and they're faster than us.

So yeah, uh, bitcoin will be the reserve currency of cyber space. Let me reset before you get itself is the reserve capital of cyber space if you're going to store your capital asset and as the A I accumulated, uh, they're just going to drive the Price through the roof. And so if you're a person, the smart thing to do is front run the a eyes.

They don't can steal IT from you. They can't steal IT. They're just going to trade. You pay sows and rubles and real stay or whatever else services you want for your bitcoin and you're gonna ep IT because why wouldn't show is the .

smart thing to do. Michael seller, the executive chairman of microstrip gies, a visionary, clearly, and somebody I know, you think about steadfast people that have had their beliefs. You you mention rock fell.

I mean, there will be people, there will be books reading about you being this centuries rockpile or so. Michael, sell your time is valuable. We appreciated.

Thank you so much for joining. thanks.