Michael Saylor: "Don't Sell Your Bitcoin NOW" (Expensive Mistake of Your Life)

本站添加: 2026-05-26

[00:00:00]The Bitcoin is a is a stronger form of capital preservation than your house, than a bar of gold, than a bunch of silver.

[00:00:08]>> And when it comes time to sell something, sell something else. Don't sell the thing that will make your children's children wealthy, right?

[00:00:18]Bitcoin is going to have economic value 500 years from now. Most currencies collapse. The most successful currency in the last 100 years is the US dollar.

[00:00:30]The US dollar has lost 99.9% of its value over the hundred years. And that's the best one.

[00:00:41]>> You know, I see Bitcoin as that lifeboat. It's available to anybody anywhere, right? For the first time in history.

[00:00:49]And that's what makes it so inspirational. I think we'll buy it at 100,000. We'll buy it at 200,000.

[00:00:56]We'll buy it at 500,000. We'll buy it at a million, 2 million, 4 million, 8 million. So, it's a very simple business, which is just dry Bitcoin to millions of dollars.

[00:01:05]>> Forget gold, real estate, or the US dollar, which has lost 99.9% of its value. According to Michael Sailor, Bitcoin is the ultimate lifeboat for your wealth. It's not just a digital asset. It's Cyber Manhattan, a crown jewel built to outlast collapsing currencies and enrich your family for the next 500 years. Sailor's message is clear. When you need cash, sell your depreciating crap, but never sell the thing that secures generational wealth.

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[00:01:50]>> The message I have really is the Bitcoin is a is a stronger form of capital preservation than your house, than a bar of gold, than a bunch of silver, >> than the stock, than an index, than a credit instrument, than a, you know, a stock of currency. All of those things are weaker. And when it comes time to sell something, sell something else.

[00:02:15]whatever the something else you probably have crap in your life. Like I, you know, I'll see someone and they're like, I have a I have a sexy sports car. You know, that's got a half life of seven years.

[00:02:25]>> You know, Bitcoin will keep you well.

[00:02:27]You know, you've got $200,000, you bought a sports car. Good for you.

[00:02:30]You'll be wealthy for a decade.

[00:02:33]You have $200,000, you buy Bitcoin, you'll be wealthy forever. M >> so when it comes time to sell something, sell the thing that has a halflife of seven years or two years or 10 years or 20 years. Don't sell the thing that will make your children's children wealthy, right? Bitcoin is going to have economic value 500 years from now.

[00:02:57]>> It's the crown jewel.

[00:02:58]>> Like the royal family of of Britain, they still own the center of Britain.

[00:03:04]the you know the royal the emperor of Japan still owns the middle of Tokyo and the royals in the UAE they own all the good property so own the stuff that's going to have value in a thousand years they would never sell Windsor you know Windsor Castle Buckingham Palace you know just like you're a New Yorker don't sell Central Park I'm going to sell Central Park to make a dollar it's like Jesus it's worthwhile thousand years from now, you might want to cultivate it. And Bitcoin, I think, is even more valuable than the nicest, most desirable real estate in your favorite place on Earth. Bitcoin is going to be around.

[00:03:47]It's cyber Manhattan. A thousand years from now, your children's children's great great 10x grandchildren will be rich if you kept it. And it, you know, >> and if they kept it, >> and if you sold it to buy a Ferrari, you know, it's like, oh yeah, my my great great great great grandfather had a very sexy horse and carriage. I could have been the richest guy in Florida, but my great great great grandfather wanted velvet in his horse and buggy, and he wanted a nice little bridal because he wanted to impress a girl. I'm like, dude, sell the horse and buggy. Keep the Bitcoin.

[00:04:28]>> Keep the kid. Keep the kidney as well.

[00:04:30]>> Yeah, keep the kidney.

[00:04:33]>> Where is Bitcoin price when strategy and Michael Sailor's job is done?

[00:04:39]>> Um, first of all, my job will be done when I can't do it anymore and I will gracefully retire and move on. But strategy is a corporation with an infinite life expectancy. You know, the next generation of leadership is is the CEO Fong Lee and and Andrew Kang and CJ and they're much younger than me and they'll be going for 10, 20, 30 years after I am and then they'll pass the torch to someone else, you know, Lloyds of London has been been around for hundreds of years, you know, and so I don't know why the company can't continue for hundreds of years. It'll its job will always be done and its job will be to create the credit from the capital you know in order to create an on-ramp a low volatility highly liquid on-ramp for people to create their digital money digital currency digital yield and all the other derivative products. Um it's it's a it's a mission and you know why wouldn't you just keep doing it as long as the civilization needs the money fixed.

[00:05:44]Where do you think the Bitcoin price would be trading today if Michael Sailor never had his haha moment and didn't dedicate his life to buy as much Bitcoin as possible?

[00:05:55]>> I I don't know the exact number. I my view is Bitcoin would have been successful without me and if and without our company and if we hadn't done it, someone else would have stepped into that role.

[00:06:06]>> But you know, presumably somewhere between 10,000 and 80,000, it wouldn't be as high as it is right now. We've spent $62 billion to support the network and we spent a lot of time advocating it. I don't know, halfway between. Maybe it'd be 40 or 50,000 instead of 80,000.

[00:06:23]It's hard to know, but generally it'd be a little bit lower than it is right now. But on the other hand, the other theory, the counterfactual is maybe somebody else would have become the strategy and if we left a vacuum, they would have done everything that we did. And and so that's always possible. The the beauty of a decentralized network is is uh there's always a vacuum to be filled and there's millions of companies and everyone ha has the ability to uh plug into that network and add value to it wherever they see a vacuum or a niche.

[00:06:59]So, you know, maybe, you know, maybe there would be someone else that would have done it done it better than us and Bitcoin would be higher and maybe no one would have done it and it would have not grown as fast, but it's probably somewhere in between that.

[00:07:11]>> Explain stretch STRC.

[00:07:14]>> Sure. STRC is a preferred stock. Uh, it's targeted to trade around $100, between 99 and $100. It's senior to the common stock. So, it has liquidation preferences and the and the companies, you know, it it is uh a preferred stock with about $8 billion outstanding and an enterprise that has $85 billion of enterprise value. So, you could think of the senior 10% of the enterprise is stretch and the mission of stretch is to pay a monthly dividend such that it trades around 100. And so right now that monthly that variable monthly rate is 11 a.5%.

[00:07:56]Uh we pay that each month. It was like 95 cents or something 90 something cents last month. It's a return of capital dividend. And what that means is that when you receive the dividend, you reduce your basis in the investment by the amount of the dividend. So if we pay you $10 in dividends on a $100 share, you reduce your basis to $90, but you pay no tax. And then the next year you reduce it to $80 and you pay no tax. And after 10 years of $10 a year, you would reduce it to 0. At that point it would become a qualified dividend distribution. So you would start paying long-term capital gains tax on it. But the the way to think of it is it's ex it's taxdeerred fixed income and the company uses all of its resources to strip the volatility to make it trade pretty close to $100. If it trades below $99, we'll raise the dividend or we'll raise capital or we'll do something to get it back to 100. uh and when it trades at $100, we sell that uh security in order to raise capital. So, we we wouldn't sell it at 99. $99.99, we won't sell it. But at $100 and one penny, we sell it to the market in order to allow other people to access it without overpaying. We we never want someone to pay more than $100 and a penny for it.

[00:09:28]And uh you know, you could think of it as it's like a a digital money market like instrument. It's not a pure money market. It's a little bit riskier. It's a little bit more volatile than a money market, but but it is a stable instrument and it's designed to generate three times, you know, the performance of a money market for people that believe in digital assets. And and it's the most taxefficient credit instrument that you can buy because if you buy bonds, you pay ordinary income. Yeah.

[00:10:04]You have to pay 40% 50% tax on a corporate bond. If you bought a bank preferred stock, it's qualified dividend distribution. You'd pay long-term capital gains tax at the federal and the state level. But with Stretch, you get these two big advantages >> for generational wealth. One advantage is when you buy a $100 share, you get a $100 of dividends tax deferred and you can reinvest them and it compounds.

[00:10:31]And then if you pass the share to your heir, if you give it to your daughter or you give it to your son in your will, they get a step up in the basis to $100 and they collect another $100 worth of dividends tax deferred. So your family might very well collect dividends for 20 years all tax deferred which you can reinvest and you can't do that with a bond and you can't do that with a normal preferred stock and and so it's a very interesting way to preserve wealth if you don't want to see your principle fluctuate. you don't like volatility and uh you aren't really pleased with the bank providing you with zero or a money market where you get like 2% after tax.

[00:11:19]>> So my mom has her $500,000 in savings and she sees I can make 10% a year, 50k, that's amazing.

[00:11:28]Should she invest her entire 500k savings into STRC?

[00:11:33]I think allocation's a decision that everybody has to make and it all comes down to, you know, how comfortable are you with the risk you're assuming. So, probably the answer is not probably not overnight. you wouldn't want to uh a Bitcoin maximalist, you know, a person that's got a lot of money in Bitcoin and they believe in Bitcoin, they might very well prefer to put most of their working capital, the money they need in the next four years. They might put that into STRC or digital credit because they're a Bitcoin maximalist.

[00:12:07]The average investor would probably say I want to have my investments across um you know two, three, four different sources of credit and uh I really just think it depends upon you know what's your time horizon and how comfortable are you with Bitcoin and you you have to basically you have to trust Bitcoin and you have to trust the issuer. M >> so the issue is would you put all your money in one bank called strategy and then would you would you trust that the Bitcoin network is robust and is not going away and uh you know that's a stat a statistic decision so probably some portion depending upon how comfortable they are with digital assets and digital capital sailor's philosophy extends beyond personal ownership into corporate finance and capital markets through strategy formerly known as Micro Strategy. He envisions an entirely new financial architecture built around Bitcoin as reserve capital. In this framework, Bitcoin becomes the foundational asset upon which new forms of credit, yield, and financial products are constructed. The core idea is relatively simple.

[00:13:20]>> What's the endgame for Strategy?

[00:13:22]>> Our endgame, we're like a reserve bank.

[00:13:25]We have a reserve asset, you know, uh, Bitcoin. So we've accumulated 6070 billion dollars of Bitcoin. We will sell credit. We are stripping the performance and the risk off of the Bitcoin.

[00:13:38]Bitcoin's got 40 V and it's got high performance, but most of the world wants zero V. What they want a bank account that pays them 10 or 11%. M >> they don't want a roller coaster where they're pulling G's and throwing up that pays them 40% but they have to wait a decade. So what if you walk down the street and ask a 100 people what do you want? Do you want to work hard for a decade and be rich at the end of the that's like being a doctor, right? Do you want to go to med school and work hard for nothing for a decade and stay up all night and stress out that you're going to flunk out, but then at the end of 10 years you'll be comfortable? Or do you just want to be comfortable now?

[00:14:22]And most people, they want the bank account that pays them the 10%.

[00:14:28]They uh they want to live happily ever after. Or another way to say it is they want to compound their wealth comfortably.

[00:14:35]If you want to be more aggressive, it's like, okay, well, give me the 10% and I'll lever it up 3 to one and I'll get 25% yield like in DeFi. But I want to preserve my principle. And the general the general idea is people if they have a certain amount of wealth, they don't want to risk it all in order to make more. They want to put it to work in a responsible way and they want to and they want to comfortably compound their wealth.

[00:15:01]>> They want to manage it. And so our endgame is to create that digital credit. For every dollar of equity capital of Bitcoin that we have, we call it digital capital. For every dollar digital capital, you can create 10 to 20 cents of credit.

[00:15:18]>> And so we will, you know, we've sold about 10 billion dollars of credit.

[00:15:23]We've created 10 10 plus billion dollars of digital credit. We'll create 20 billion of digital credit over the next year or more. Then we'll grow that 30 to 50% a year. So 20 billion to 40 billion to 60 billion to 80 billion. And what's the long term? And so say we have a trillion dollars of Bitcoin of capital.

[00:15:46]Well, we can have 200 billion to400 billion dollars of credit and that then pays a fraction 10% yield of the performance of the capital. Longterm the capital should be going up 20% a year and then the credit could be paying 10%.

[00:16:07]And uh and so what we're doing is we're creating this digital credit and that becomes the basis the fuel of the mon the money economy of digital money digital yield defi tradfi you know how big is the market for 10% return of capital dividends on a investment grade credit instrument there's $300 trillion credit and that $300 trillion of credit gives you after tax about 350 basis points.

[00:16:43]So what if I could give you three times that much? Okay. So I is there $30 trillion market there? Yeah. The addressable market is trillions and trillions of dollars. So our our endgame is create that credit and strip away we strip away the risk. We're stripping the currency risk. We're stripping the economic risk. We're stripping the volatility. We're distilling the yield, compressing the duration, and we're handing people that want to that want to invest their capital on credit this very uh low volatility, call it like a digital money market fund for people that trust digital assets and believe in digital capital, >> right? And then because we're doing that, that creates amplification for the equity. So our common shareholders, MSTR shareholders, they outperform Bitcoin.

[00:17:41]So Bitcoin does 20% over the long time term, they would do 30, we would expect or 40, right? And and right now, say Bitcoin has been it did 40% a year for the past five and a half years and our common stock is 60% a year. So, we give amplified Bitcoin to the equity holders.

[00:18:02]We give damped low-risk Bitcoin with cash flows to the creditors. And then because we're actually raising that money, we're the biggest buyer of Bitcoin. So, we're powering up the Bitcoin network. And if you're a capital investor in Bitcoin, well, we the Bitcoin price was 10,000 when we started. It's 80,000 now. There's >> trillion dollars of wealth that's been created. We're not the only actor, but we're an actor. So, our job is to power up the Bitcoin network and keep driving that network. And I think we'll buy it at 100,000, we'll buy it at 200,000, we'll buy it at 500,000, we'll buy it at a million, 2 million, 4 million, 8 million. So it's a very simple business which is just dry Bitcoin to millions of dollars, >> expand the capital network to hundred trillion dollars, hundreds of trillions of dollars, create trillions of dollars of digital credit, and then create a lot of money for our common stock shareholders.

[00:19:06]And then the last point I'll make is there's a thriving ecosystem right now.

[00:19:11]If you look downstream of us, corporations are using our credit to power them. People are using our credit to power the ETFs. Companies like Apex and Saturn are creating yield coins that like uh like stable coins that pay you 8% or 10% or 15%. And those tokens or yield coins are going into D5 protocols and people will loop that and generate 25 or 30%. So there are yield products, investment products, yieldcoin products, digital tokens, public funds. At some point, I think a bank, wouldn't it be nice if your bank just said, "We'll just give you 8% on your money instead of 0% or 3%."

[00:19:54]You know, why why not, right? And so at some point we will power bank accounts, we will power crypto accounts, we will power uh yieldcoin tokens, we'll power DeFi and and finance and trading. And of course, we'll power the people that don't trust any of it. Like let's say you hate all of it and you and you don't trust corporations and you don't trust crypto. You just want to hold the Bitcoin, hold your own keys, you know, be self- sovereign. We're powering you up, too, right? We're going to you're going to own Bitcoin. is worth a million dollars a coin and you're not going to have to trust anybody. So, everybody kind of gets what they want.

[00:20:32]>> And we're even powering the tradey people like investors that have buy private credit or junk bonds or investment grade bond. They're buying illquid low yielding risky instruments and we're going to give them something twice as good or three times as good.

[00:20:48]So, we're really just in the business of fixing the money and digitally transforming the capital markets and we're creating this digital equity class, MSTR, digital capital, BTC, and digital credit STRC.

[00:21:04]And I don't know why that just can't continue year after year at a bigger and bigger scale. If you live in uh Africa, there's not a single currency that works that holds its value and the banks don't work very well. So if you're the Uber driver in Africa and someone wants to give you $50, if if they give you $50 of BTC, it's going to appreciate probably 20 30% 30% a year against the US dollar. And when your local currency loses 10% a year against the US dollar, if you give that uh you know when your currencyy's collapsing 20% a year, the halfife of your money is three years. So whatever I gave you is worthless in 10 years. So if you want to store economic energy, you have you have to get out of that collapsing system. Uh you can't buy any currency in a collapsing system. You can't buy a credit instrument or a bond in a collapsing system.

[00:22:06]You can't buy the real estate either because the real estate is a derivative of the currency and if no one's got any money in the collapsing economy, they won't be able to pay the rent and the real estate won't have that much value.

[00:22:17]So you see this hyperinflation uh it's come to Brazil, it's come to Argentina about once every 25 years. It, you know, every single currency in Africa has collapsed. Um, uh, the German currency collapsed a couple of times.

[00:22:35]>> You know, most currencies collapse. The most successful currency in the last 100 years is the US dollar.

[00:22:43]The US dollar has lost 99.9% of its value over the hundred years. And that's the best one.

[00:22:54]>> So the issue really is where are you going to put your money? And the answer is you put it in cyerspace. a bank in cyerspace that's owned that's controlled by nobody you know I see Bitcoin as that lifeboat it's available to anybody >> anywhere right for the first time in history and that's what makes it so inspirational Michael Sailor's Bitcoin thesis is ultimately a vision about time scarcity and civilization itself believes humanity is transitioning from an industrial economy built on physical scarcity to a digital economy built onorked capital. In that world, Bitcoin becomes the apex form of monetary energy, portable, incorruptible, scarce, global, and permanent. His message is not about chasing quick profits or timing market cycles. It is about understanding the long arc of monetary history and positioning accordingly. To Sailor, Bitcoin represents the first truly durable form of digital property ever created, capable of preserving wealth across generations and across borders.