MICHAEL SAYLOR PRODAJE BITKOIN?! 😳

追加: 2026-05-21

[00:00:00]I'm very famous for saying never sell your Bitcoin and that's why the internet went crazy when we said we might sell it. We bought a hundred million dollars of Bitcoin an hour. It doesn't move the price.

[00:01:25]I'm very famous for saying never sell your Bitcoin and that's why the internet went crazy when we said we might sell it.

[00:01:32]But if I was being more precise, I'd say never be a net seller of Bitcoin. It just wouldn't have been so viral or so catchy to say never be a net seller of Bitcoin. I think that in these periods, even if we were to sell one Bitcoin, we'd be buying 10 to 20 more Bitcoin. So you're really talking about a situation where we buy 10 Bitcoin, sell one Bitcoin, buy nine net Bitcoin and continue to create Bitcoin. It's it should be a non-issue after people understand it.

[00:02:01]But right now it's a colorful area of commentary. The number one Bitcoin accretion engine is stretch. We sold $3.2 billion of STRC in April.

[00:02:13]So we bought $3.2 billion of Bitcoin.

[00:02:16]The dividend is about 80 to 90 million.

[00:02:20]So in the month when we're raising 3 billion, we're we need to come up with 80 or 90 million dollars to pay the dividend. So you would be in essence, you would be buying 30 Bitcoin, selling one Bitcoin.

[00:02:35]I think that you should be a net accumulator of Bitcoin. Like when I say never sell your Bitcoin, I mean make sure that if you were to spend it on something, you replenish it in the time you spend it. So there are there also a lot of crypto people or a lot of Bitcoin people that say they want to spend Bitcoin to buy things. And if you were to spend Bitcoin, I would say just replenish the Bitcoin. So you don't want to be a net seller of Bitcoin because Bitcoin is capital. You want to you want to end every year with more Bitcoin than you started the year. Sometimes you spend money to make more money. So if you're spending one Bitcoin to make 10 Bitcoin, I think it's fine for Bitcoin.

[00:03:13]I think it's fine for the company.

[00:03:15]I think it strengthens our company because if our company has the ability to tap the crypto liquidity market, if we can raise liquidity by selling spot Bitcoin, that's a $20 spot market and a $50 derivative market every day.

[00:03:32]That's a powerful energy source.

[00:03:35]So we want to be able to to tap that market when the equity capital markets aren't as liquid as the as the commodity market for Bitcoin.

[00:03:47]Bitcoin is is kind of like tech capital squared. And so the things that drive the Bitcoin market are trade wars, hot wars, foreign policy, the state of the state in the Strait of Hormuz, and the Iran situation.

[00:04:03]And then currency wars, you know, whether or not we're expecting SOFR to fall to 200 basis points, and or [clears throat] or whether the yield curve is is being bent. And you can see right now we're in a fairly restrictive monetary environment.

[00:04:19]So those macro factors are the primary driver of Bitcoin. I can tell you for a fact, for example, we bought a hundred million dollars of Bitcoin an hour. It doesn't move the price.

[00:04:30]We bought two hundred million dollars of Bitcoin an hour. It doesn't move the price. We have bought two hundred million dollars of Bitcoin an hour, three hundred million in an hour, and stopped. The price goes up.

[00:04:42]Okay. So for anyone that thinks that they have enough power, well, you know, maybe if you're going to bring thirty billion dollars to the market in one afternoon, maybe, but I have spent lots of money. We bought more Bitcoin than anybody that I know of. We think I think we probably acquired sixty-two billion dollars of Bitcoin. What I believe is that it's a global market. It's got dynamics, you know, all its own. It's driven by foreign policy, and if the Chinese government has a certain announcement that drives the price of Bitcoin.

[00:05:13]The market's very liquid. It's extremely liquid.

[00:05:17]You know, again, so let's say I had a big day and I bought a billion dollars. Well, a billion dollars is 1/50 of 50 billion.

[00:05:25]If you If you talk to the traders, they'll say that the spot market's 20 billion, but the derivatives is 80 billion sometimes.

[00:05:33]So what's a hundred million dollars in a 40, 50, 60 billion dollar bucket? It's like It's a very deep liquid market. It's the world's deepest, most liquid capital market.

[00:05:46]Right? That's what makes it special.

[00:05:48]On the weekend, you want to put a billion-dollar trade on with 20X leverage, you can do it in Bitcoin. You want a billion dollars of credit in an hour, you can do it in Bitcoin.

[00:05:56]It's a very deep market. Uh and I do think macro factors drive it.

[00:06:02]And sometimes it's got a life of its own.

[00:06:05]I think micro factors drive it. I mean the the industry factors are like the formation of digital credit, the formation of bank credit, and and uh investor sentiment with regard to digital assets, and those drive it as well.

[00:06:17]But I think that it's greater than all of us, and that's actually why we have confidence in it, because there is no one actor that's either supporting it or holding it back.