Michael Saylor: The Bitcoin Multi-Millionaire Window Closes Before 2030| Millions Will Miss It!

Added: 2026-05-26

[00:00:00]subject of my speech today is the evolution of the early crypto industry into the modern global digital asset economy. And I think it's uh there's there's no better place to deliver this uh speech than Washington DC as this city has been instrumental in catapulting the early crypto industry into a global digital asset economy and and the entire industry and most of the ideas of the industry uh that were developed by the libertarians, the cipher punks, the crypto entrepreneurs, the cowboys the idealists, the dreamers, the entrepreneurs. All of those ideas over the past 12 months have been legitimized, institutionalized, are being commercialized.

[00:00:57]And what we can see now is a new consensus forming globally. And uh I I don't think you could have said this 12 months ago. literally in the past 12 weeks I believe there is a consensus that's forming and a and a set of shared ideas uh that are emerging in the industry and I'm excited to share them with you. So with that let's just start uh discussing all the the basis of crypto ideas. The the first big idea was a digital commodity. the idea of an asset without an issuer. That was the Bitcoin dream. Peer-to-peer cash. Uh something that you could own through possession of uh private keys, something you could transfer without asking anybody's permission, something that existed apart from a bank, from a corporation, from a government. That was Satoshi's dream. Um that idea of a digital commodity, an asset without an issuer, has spawned extraordinary enthusiasm and excitement. It is in essence in essence the basis of the the entire Bitcoin movement. But there are a lot of other nuances, a lot of other ideas that uh that actually came to the forefront along the way over the past 15 years. Uh, one of them, uh, is not just the idea of a digital commodity, but what does it mean to have a digital scarcity? Uh, I can create an asset without an issuer. Um, silver and gold and timber and soybeans meet that description, but they're not scarcities.

[00:02:37]I can create an asset without an issuer uh, that has an inflation rate of 5% a year at infin item. It would meet the requirement of a digital commodity but it would not be a digital scarcity. Uh one of the fortunate happen stances of history is that Satoshi chose a monetary policy that wasn't uh just calculated to be predictable because you can predict 2% inflation forever. But he actually chose a monetary policy that asmtoically approached 21 million which meant that it was absolutely scarce. So in so doing with the creation of Bitcoin, we didn't just create the world's first uh globally accepted digital commodity. We we created the world's first globally accepted digital scarcity.

[00:03:30]And it turns out that we are now realizing that the killer use case of digital scarcity is digital capital. That is the preservation of economic energy over time, not just over space. If you have a digital commodity, you can transfer in a permissionless fashion. You can transfer money through space.

[00:03:54]But you know, we can transfer dollars through space and pesos through space.

[00:03:58]That doesn't make it a good in store of value for a thousand years. So when and even gold for example which has got let's just say a 2% inflation it makes it sort of appropriate for transferring economic value and energy over time but 2% inflation means a halflife of 35 years 0% inflation means a halflife of forever like you the difference between immortality and living 70 years is 2% versus 0%. So the early crypto economy, it had this idea of a commodity and a scarcity. People thought about it and then along the way a lot of other ideas manifested themsself. I mean one of the the great compelling ideas is self-custody and self-custody means and implies digital property.

[00:04:52]There's digital information like uh Beethoven's fifth symphony. It's non-conservative. You can transfer it to anyone. You can copy it. Nobody owns Beethoven's fifth symphony. But when you actually create uh a piece of information that you can convey ownership of via private keys, you can own it. And therefore it goes from being just digital information to digital property. So, so the dream of digital property also motivated this industry for a long time because with that came the idea of of uh inaliable property rights, unfettered property rights, absolute property rights. Another great dream of the industry, an exciting idea was was the idea of being able to transfer your assets, you know, non-censorship transferability.

[00:05:48]And uh that meant that this wasn't going to be uh local property. This was going to be global property. So the crypto industry was all about global property rights. And when we think about that um the 20th century gave us property in the form of real estate you know in form of livestock in the form of physical commodities in the form of art in the form of financial assets but uh every other piece of property you hold at the pleasure of someone more powerful than you. And generally they're either permanently local property or they're conditionally global property. Try to take um a bar of gold through an airport and you'll find that you don't really have property rights. Um and and so the idea in the crypto industry was what if you could own it? What if you could transfer it? What if no one could stop you? And then um along the way people struggle with this idea of medium of exchange. And one of the big things that came out of the crypto industry was stable coins. How do you tokenize uh currencies? And of course we saw we saw that start slow and then it got a little bit stronger. But what you had was uh small experiments with stable coins and some of them were good and some were bad and some were ugly and some crashed to zero like US or the Terral Luna complex.

[00:07:20]Um, but the idea was there. Now, um, another interesting idea, and it's not it's not a bad idea, the idea of being able to move currencies at the speed of light between billions and billions of smartphones. Not a bad idea. It's pretty it's pretty obvious on the surface why you might want that. The other ideas that came out of the crypto industry were tokenizing brands uh, and and, uh, tokenizing real world assets. and they experimented with them, you know, with uh CryptoKitties and all sorts of NFTTS and um what what did they have? The industry had a lot of wonderful, interesting, exciting ideas. The idea of tokenizing a brand is every celebrity on earth or every small business on earth could uh could raise capital and could change their business model. You could tokenize memberships. You could tokenize fan clubs. you could tokenize uh just about anything. Um and the idea of tokenized currency is money at the speed of light a billion times a second between computers. And the idea of digital property was property rights to 8 billion people that that can't be they can't be deprived of.

[00:08:36]And the idea of of uh global was uh a network of the highest common denominator. The I the the most profound idea is uh I buy Bitcoin in Arkansas. I bury my Bitcoin hardware wallet in the ground behind my house. I go to sleep for 30 years and I wake up and I find that an entrepreneur in Beijing and Singapore and Abu Dhabi and London found, you know, andor, you know, a dude that sailor, you know, in uh in Miami Beach, comes up with a way to buy hundreds of billions of dollars of Bitcoin, drives the price to $10 million a coin, and I got rich without understanding what they did, without knowing anything about them. Maybe I get rich because someone in Russia, China, and the Middle East, and Nigeria did something that makes me rich. That's never gonna happen to you if you just invested in Arkansas real estate or Arkansas timber or Arkansas art or Arkansas financial assets. The idea that there's a global economy that's conspiring by any means necessary to make you rich, it's like a first in human history. Uh, very powerful. Now, what did the crypto economy not have? Okay, here's what it didn't have. It didn't have legitimacy.

[00:09:54]It didn't have corporations.

[00:09:57]It didn't have banks. It had no support from insurance companies. Uh it didn't have adult supervision. Uh it didn't have a lot of common sense. People did stuff in the industry that's just crazy.

[00:10:09]Um, you know, if you if you find one of the uh the ambitious banks of the world today, they're just lightening up and they're beginning to offer 20% advance rates against IBIT that they have clear line of sight to. That's 20% leverage.

[00:10:28]You go to a crypto exchange, you can trade cross margin 20x, that's 2,000% leverage.

[00:10:36]40x, 4,000% leverage. We had, you know, we're not, if you actually found a bank that gave you 80% advance rates, they would consider to be cavalier and irresponsible today, but we're talking about a complete wild west in crypto where people could give you 4,000% leverage. And if you daisy chain three of these assets together, you get 40x 40x 40x. And you know, and people are wondering, you know, what could go wrong?

[00:11:06]People say to me,"Well, why won't the crypto winner happen again? And what caused it?" Well, what caused it was daisychaining 2,000% leverage across three different assets, you know, and having irresponsible risk managers or non-existent risk managers. Um, trust me, it's not possible to do that with JP Morgan or Bank of America or Goldman Sachs or Morgan Stanley with any other conventional asset. So, so the industry, it didn't have the bankers. It didn't have capital. There's no money.

[00:11:40]Uh, when we bought $250 million worth of Bitcoin, um, I put it out on the wire. I didn't realize at that time we were the first public company to buy Bitcoin in any size. And I didn't realize that was the largest investment of actual capital in a crypto network in the history of the industry.

[00:11:59]Okay? It just didn't occur to me. I I had other things on my mind. I was trying to save my company. Um but think about that for a second. There was no capital. That the trans the early years were 2009 to 2000 to 2020. Then the transition years were 2020 to 2024.

[00:12:22]And that was the time period when we still didn't know what this was. It still wasn't quite legitimate.

[00:12:27]you had of 12 cabinet members in the Biden administration, one was neutral, skeptical to Bitcoin, hostile to everything else and all the other ideas, you know, uh digitizing a brand, tokenizing a security, tokenizing a currency, um free 24/7, 365, trading at the speed of light. All those ideas were dismissed as irrelevant, unnecessary, and you know, and the entire um view of the industry was uh a bunch of scam artists. We should shut it all down. The Bitcoin thing I don't like, but I can't kill it. I acknowledge that it's sort of an asset with an issuer, but I'm not going to help anybody embrace it. I'm going to fight a rear guard action to slow it down as long as I can. Hence, there are no inkind creator redemptions of Bitcoin ETF. The ETFs, they dragged their heels. It took 10 years to approve a Bitcoin ETF, right? If you cover that from 2013 or something to 2024, that's how long it took to even approve one.

[00:13:34]When they were approved, they were crippled. Uh they were crippled in in their uh dynamics like in kind creates.

[00:13:41]They were also their options markets were crippled. They had no options market. In fact, the options market on IBIT was crippled until about two a few weeks ago. So, that gives you a sense of how long the establishment took dragging their their feet on just basic Bitcoin.

[00:13:58]But there was no love for anything else.

[00:14:01]And these other ideas, they're not awful ideas. Why can't uh 400 million small companies in the world raise capital over the weekend instead of taking three years?

[00:14:13]It literally takes three years to go public. That's why like 0.01% of companies can ever do it. Um so what happened uh over the past 12 months that's so extraordinary.

[00:14:27]Um what's happened is we had a a switch in administration in DC and you went from 11 cabinet members ignorant and one uh ambivalent and skeptical to 12 cabinet members that are supportive, enthusiastic, a supportive president, uh a supportive uh set of financial regulators, head of the Treasury, a supportive CFTC, a supportive SEC, a supportive OC, um a supportive uh Federal Housing Authority, intelligence, right? Uh Tulsi Gabbard or Cash Patel, the FBI supportive. Um it makes a big difference, right? Uh Howard Lutnick at Commerce supportive, Kelly Laughler supportive. Um, and now I I would mark the era of institutional adoption and the commercialization of the entire crypto industry and perhaps the evolution of the early crypto industry into the emergent legitimate digital assets economy. I would mark that inflection point to November 5th, 2024, the red sweep. That was the inflection point.

[00:15:46]And uh the market sensed something was going to happen then, but it wasn't quite clear what was going to happen.

[00:15:52]And uh here uh it's a little bit clearer um what's going to happen. And it is this um now companies companies, celebrities, politicians, lobbyists, lawyers, institutions, adults, capital markets, capitalists, capital, governments, municipalities.

[00:16:22]They are all uh being integrated into this crypto economy.

[00:16:29]uh one way or the other and there are things that are you that we are going to lose and there are things that we are going to gain. Um you know there'll be a little bit of uh liberty and chaos right and uh and uh and speed lost. Some of the global nature of the industry will be lost. Um but there's going to be an extraordinary amount of utility and power and wealth and um and empowerment that will be gained and the economy is going to evolve uh in in various degrees of localized spheres of influence and continental spheres of influence. And uh I'll give some examples. First of all, uh we were the first company to dare put Bitcoin on our balance sheet. People were waiting to see if we would get zapped by the SEC or shut down by regulators and there was literally object terror. Then there were 20 companies. Then there were 100 companies. Uh there were like maybe 60 about a year ago. There are about 185 Bitcoin treasury companies existent today.

[00:17:45]And that was one wave. And that that rippling adoption will continue. Just about every day I read a press release of some company buying more Bitcoin for its treasury.

[00:17:57]The second thing that happened was the copying of that business model and you and you now see emergent digital asset treasury companies. Uh there are about 10 uh Ethereum treasury companies, public companies holding Ethereum. The most well-known uh being Bit Miner Immersion led by Tom Lee. Tom Lee has emerged as probably the uh the most visible influential spokesperson in the entire Ethereum ecosystem in a matter of months, maybe a matter of weeks. Uh what does that represent? Well, first of all, they they have10 billion dollars of capital. Second of all, Tom Lee is is part of the Wall Street establishment.

[00:18:42]He was never part of the cryptoic establishment. You saw Wall Street merges with the crypto economy. Capital flows because it trusts Tom Lee. And then the next thing you know you have Tom Lee having conversations with the early Ethereum entrepreneurs with the Vitalics of the world or you know and the like. And um what's interesting there is that entire movement becomes commercialized, institutionalized, legitimized, rationalized, uh becomes a bit older, a bit more credible. and there's 10 other companies that copy and now you've got a now you what you see is a conversion of the crypto idea of foundations. It used to be it was like Ethereum Foundation in Switzerland or Salana Foundation in Switzerland or Cardano found all these foundations in Switzerland because they could not legitimately start a company.

[00:19:42]And now those foundations will become companies. Those companies will become public. Those those public companies have corporate governance, have boards of directors, have civil and criminal liability for their action. They are onshore. they are they are answerable to traditional structures in Wall Street.

[00:20:00]Uh and and that is going to change the nature of everything that happens in that industry uh quite a bit. Uh following that, not not long thereafter, you see the explosion of Salana treasury companies and now there's about half dozen of them including forward that just raised about$1 and half billion dollars of capital led by Kyle Salmani and there's not one again there's six and and they'll be competing with each other for capital and then if you look at the interviews and if you look at the industry like like u what is the killer use case of these networks. What is the killer use case of Bitcoin? Um, well, this is this is probably the most important thing I'm going to say right now, which is the world uh the entire digital assets economy is uh evolving.

[00:20:53]And I think there's a global consensus building that Bitcoin is digital capital.

[00:20:59]The right technology base for digital capital is proof of work. It is secured by physics, by energy. And if you want to create a scarcity, if you want to create a global commodities of scarcity that can be used as a capital base, you're going to want to use physics to secure it. It's uh it's the most robust, most powerful, uh hardest to tamper with, least fragile, uh way to establish a digital asset in the world. Um there's maybe a dozen, you know, well-known cryptos that use proof of work. There's one that is a hundred times more successful than everything else. That one is Bitcoin. Bitcoin has emerged as the digital capital base of the entire crypto economy. It's emerging as the digital capital base of the world.

[00:21:48]What's the killer application for a Bitcoin treasury company? It's to issue digital credit. Right? It's instead of issuing credit on gold, which is how the world ran for 300 years, now we're going to issue credit on digital capital.

[00:22:04]Digital credit on digital capital. Um, that's that's one branch of this industry. How big is it? Hundreds of trillions of dollars big. Very big. What does it compete with? real estate, art, gold, private equity, public equity, bonds held as a store of value, all wealth, right? That is that is a branch and that is going to grow. Um, so people say, well, what what's going on with Ethereum and Salana and uh and the rest of these crypto assets? uh and there what you see now and you hear it in the words of uh Paul Atkins he says you know I I look forward to a world where we tokenize securities on chain okay what's happened is there's an emerging consensus that in fact the proper way to tokenize a security or real world asset is on a is on a chain a smart chain and there are three that are well known today there's BNB Binance smart chain Binance has 270 million customers.

[00:23:11]There's Salana and there's Ethereum.

[00:23:13]Now, there are other chains that are emerging, right? If you talk to the people at Salana, they'll say, "We're faster and better than Ethereum." And if you talk to the to the people at at B&B, they'll say, "Well, we do more than Salana does. And if you and then there'll be all the crypto entrepreneurs, Sooie, and they'll say, well, you know, we're better than Salana. We're the next generation." So, how are you going to tokenize a security? And by that, I mean a share of Apple stock or a share or or tokenize a currency like uh the US dollar or the peso or the euro. How are you going to tokenize a brand and here I'm talking, you know, Joe Rogancoin or Katy Perry token, you know, we call the meme coins in the crypto era, you know, Trumpcoin, memecoin, such and such coin. It has no functionality. Well, let me tell you why it had no functionality. It had no functionality because it had no legitimate corporate or celebrity backers behind it because there was a hostile regulatory attack on the entire idea. There was nothing constructive.

[00:24:17]Now, think about this for a second. What happens when you have legitimate companies, McDonald's, Coca-Cola, legitimate celebrities, Katy Perry, Joe Rogan with legitimate products issuing a digital token. Well, at that point, it becomes a digital product, a digital product. Like, I've tokenized my country club membership. I've tokenized my fan club membership. Well, what am I going to get? I just get Katy Perry token? No, I get front row seats to every Katy Perry token for every Katy Perry concert for for life. Huh? Yeah, I get front row tickets for life. Okay.

[00:24:52]Well, that sounds like an asset. Yeah, it's like a membership. You've tokenized a membership. Well, how many people want to tokenize a membership? like everybody >> everybody like right the the Bitcoin community has been very focused upon pure perfect money and that's fine but there's 40 million small businesses in the United States and their issue is how do I raise money how you know I'm the dude that does the chess podcast or I'm the I'm the upand cominging you know celebrity or I'm a restaurant I to you know there's a lot of tokenized or membership restaurant clubs I sell you a membership to the restaurant. What do I get? Uh reservations, good ones, right? There's a lot tickets. Tokenize the ticket. There's a lot of What are those? They're digital products and digital services.

[00:25:44]You can't Why are they crappy 10 years ago? Because MC No is going to tokenize anything good. How about season tickets to the Commander games? I'm not going to tokenize them if I'm getting sued by the SEC, right? If I'm if I'm uh, you know, a famous actor, Blackpink, a famous singer, you know, Blackpink or pick your favorite, you know, musician dour.

[00:26:11]They're not going to do it when they're getting sued all the time without that clarity. What's happening right now is as soon as the SEC says, by the consensus is, hey, these are not securities. That doesn't mean they're as good a commodity as Bitcoin. There are various degrees of decentralization.

[00:26:30]And I think that some of these look more like federations or they look less decentralized. And some of them look like assets with issuers. But you can have an asset without with an issuer that doesn't make you a security. Just because you have a country club membership, you know, and you can play golf.

[00:26:48]The fact that you make it transferable doesn't necessarily make you a security, right? So what we've got is this emerging idea that maybe we want to tokenize securities, bonds and stocks.

[00:27:00]Maybe we want to tokenize real world assets, a bar of gold, a bar of silver.

[00:27:05]Maybe we want to tokenize brands, every celebrity in the world. Maybe we want to tokenize products and services and memberships and clubs. Maybe we want to introduce entirely new business models.

[00:27:15]You buy this token and then you'll get this privilege in cyerspace or in the real world, etc. Right? There's an evolving market dynamic there. Um there's already millions of these things issued [music] 10 million, 20 million, 40, 40 million. Sometimes I see most of them don't have any real value. But that doesn't but that's because they don't have celebrities, corporations, and real movements behind them. They will have value. And as they do have value, you're going to see an explosion in tokenized brands, tens of millions or more. an explosion of tokenized securities. Uh, you know, why wouldn't you want, for example, why wouldn't you want to be able to take personal custody of your Apple shares on your Android phone in India on Saturday? Okay, now this is interesting. We've given some property rights to Indians. We've given them the ability to move their Apple shares on Saturday afternoon. We've freed them from the tyranny of tradi. 20th century economy, which is, you know, every mega bank. If if if if you see an organization or a company that's got a building that's 20 stories high or 100 stories high, you know, that's part of the traditional finance economy. The traditional economy developed a certain way and uh and it's very expensive and it's very inefficient.

[00:28:38]And now we're seeing the 21st century economy. And um you know the way this looks like it's going to emerge is tokenized securities and currencies and brands and and products are going to circulate on smart contract networks secured by proof of stake networks secured by finance.

[00:29:01]Capital is going to circulate on on a network like Bitcoin secured by proof of work by physics.

[00:29:09]The killer application of the tokenized economy is going to be new products, new services, capital raising, innovation, efficiency, moving money at the speed of light, you know, ma maybe, you know, moving anything at the speed of light, you know, computer to computer. Um, the killer app of digital capital is going to be credit.

[00:29:34]How many people get 5% interest from their bank account right now?

[00:29:42]Okay. A bank account. How many people have a bank account?

[00:29:46]Okay. What you own is bank credit, right? A bank account is bank credit.

[00:29:52]Okay. Bank credit pays minus 50 basis points in Switzerland, 50 basis points in Japan, 200 basis points or less in Europe, 400 basis points right now in the US. It's taxable. At least in the US it is. Uh our company created a product stride STRD. It pays 12.7 or 12.6% interest.

[00:30:15]It's a return of capital. It's 12.6% tax deferred.

[00:30:21]You have a million dollars of capital in the bank. In the US, you're getting about $30,000 a year after tax. A million dollar of capital in stride is $126,000 a year.

[00:30:34]Okay. $126,000 a year is a comfortable retirement. $30,000 a year is scraping through.

[00:30:43]$15,000 in Europe is destitution.

[00:30:47]You know, $5,000, $2,000 in Japan is a joke.

[00:30:54]Okay, the credit system in the world is broken, right? It is broken. And so, it can be fixed. Uh, how do you fix it? You issue credit instruments on top of digital capital that will outperform the S&P. At least perform the S&P. Um, in the first year, by the way, I I spent 30 years of my life in business. In 2020, I had pretty much given up. I had invented one thing worth a billion dollars. I had one bill one one billion dollar idea. It was micro strategy, business intelligence, software. And then I spent after I invented that idea, I spent like 15 actually 20 years, 20 years trying to come up with the second billion dollar idea. I tried alarm.com and angel.com and wisdom.com and emma.com and alert.com. I traveled the world. I circled the world six times selling ussher.com. I probably forgot half of them. Every one of them didn't work.

[00:31:55]Okay, $1 billion idea in my life.

[00:32:00]And in 2020, I thought, um, well, that's it. I'm not going to come up with a second act. I just should retire. COVID hits, lockdown hits, currency hits. I discover Bitcoin and then all of a sudden putting Bitcoin on the balance sheet of a public company is the second billion dollar idea. And then [applause] I would like to take credit for it. It was inflicted upon me. This is my humbling observation to you. For 20 years, I tried to use my brain and you know, my arrogant ego was I have to invent the next billion-dollar idea. And when I finally humbled myself and concluded I couldn't do it, the heavens opened. Satoshi gave me the next billion dollar idea. Thanks, Satoshi. But this is where the story gets interesting.

[00:32:55]>> [applause] >> Then we discover convertible bonds and that's the third billion dollar idea.

[00:33:02]Then we discover digital equity via the ATM. That's the fourth billion dollar idea.

[00:33:09]Then we struggle and think about it a bit and and uh and but not just a billion like the convertible bomb was a10 billion idea. Uh and then uh this year, strike, strife, stride, stretch. That's four1 billion dollar ideas. The year's not even over.

[00:33:31]Okay. And so, and by the way, it was 30 years, thousands of people, hundreds of thousands of person years, circling the world over and over again, working 3,000 hours a year, couldn't find the second billion dollar idea. And then this year, you accept this idea of digital capital.

[00:33:57]You accept this idea digital intelligence, AI. I sat on my little laptop and in four hours, that's the fourth billion dollar idea. That's the fifth two week two months go by. This is the fifth billion dollar idea. Two months go by. This is the sixth billion dollar idea.

[00:34:17]Go off to Europe, try to do something, run into some legal thing. Here's the seventh billion dollar idea.

[00:34:25]And uh there's a point to the story. And the and the point is the people that are changing the world, they're not doing it by working harder. They're not doing it with good intent. They're doing it with technology.

[00:34:40]Right? And the extraordinary technologies of today, digital intelligence, use it or you'll be slow and stupid.

[00:34:51]Embrace it. You'll be smart and fast.

[00:34:54]digital capital, use it or you'll be poor and weak otherwise you'll be rich and powerful right um and then start to start to ask the question can I issue digital credit can I issue can I create digital products can I create digital services you know can I create digital currency right don't allow your mind to be consumed with hate or paranoia or skepticism ism. We saw what that gets you over the past four years. It's like, you know, I said to someone today, it's it's almost like the administration said, you know, robbers use cars, terrorists use electricity, let's outlaw cars and electricity, people die because they drink alcohol and drive cars. Let's just outlaw that.

[00:35:46]Um, you can look at the negatives in anything, any industry. Or you can just say, "Yeah, fire, electricity, cars, airplanes, they're complicated. There's some bad actors that used them to commit a crime once upon a time." But, you know, the uh the alternative is the shiver in the dark. And um I guess I will end with the thought right that uh the entire digital assets industry is is approaching the end of year one of institutional adoption.

[00:36:21]If it's like you're at the at the end of the first year when everybody agreed to use alternating current electricity.

[00:36:30]Don't let anybody tell you that all the good ideas have been implemented. Don't let them tell you everything's mature, right? A and uh spend your time thinking about how to construct beautiful new products and services. How to, you know, how are you going to empower eight billion people, 400 million companies. Now, now you can put together the companies with the celebrities, with the brands, with the technology, right? There there is a a four-year time frame during which uh there's a ferocious innovative opportunity available to all of us.

[00:37:11]Some people are going to sherk it, right? You're going to have traditionalists will say AI is dangerous. Digital assets are risky. We don't want to touch any of those. And they'll brag about it proudly.

[00:37:23]You should you you shouldn't be mad at them.

[00:37:27]You should be delighted because they are going to transfer all of their money and power and influence to you.

[00:37:35]Okay.

[00:37:37]Thank you.