Michael Saylor Finally Admits It Won't Happen Anymore, Bitcoin & Ethereum Update.

Añadido: 2026-05-25

[00:00:00]I lived through seeing our stock go to 333 and I watched it go to 42 cents.

[00:00:04]>> In 2000, you lost $6 billion.

[00:00:07]>> That wasn't the worst of it. That was just in one day. The worst of it was a couple years later when the stock had gone from $100 down to 42 cents.

[00:00:15]Calculate this, like 99.8% drawdown. Michael Saylor, [music] the founder and executive chairman of strategy.

[00:00:22]>> The world's largest corporate holder of Bitcoin and a leading voice in the future of digital capital markets.

[00:00:29]>> Sell the kid maybe if you have to, but keep the Bitcoin. The Bitcoin is a stronger form of capital preservation than your house, bar of gold, a bunch of silver. When it comes time to sell something, sell something else. Don't sell the thing that will make your children's children wealthy. I could have been the richest guy in Florida, but my great, great, great grandfather wanted velvet in his horse and buggy.

[00:00:53]Dude, >> [laughter] >> sell the horse and buggy, keep the Bitcoin. There's no second best crypto asset. There's only one crypto asset and that's Bitcoin. Do you still believe the same?

[00:01:03]>> I do. Human civilization settles on protocols. We're speaking [music] English cuz all the rich, powerful people speak English. There is no second best language. The human civilization settles upon the highest powered money and Bitcoin is the [music] most thermodynamically sound because it's like worth $1.5 trillion. Where do you think the Bitcoin price [music] would be trading today if Michael Saylor never had his aha moment and didn't dedicate his life to Bitcoin? Bitcoin has crashed to 74,300,000, the largest two-week ETF outflow in months at $2.26 billion and a prominent billionaire investor just announced he sold most of his Bitcoin because it failed to act as a hedge, but simultaneously SpaceX disclosed a $1.9 billion Bitcoin stash in its IPO filing. The largest corporate Bitcoin disclosure since strategy and the SEC approved NASDAQ to list cash settled Bitcoin index options for the first time ever. Michael Saylor watched his company's stock fall 99.8% from $333 to $0.42 and emerged to build the world's largest corporate Bitcoin treasury. And his framework for today is precise. Volatility is vitality, sell something else, and 7 months is a blink.

[00:02:15]Let's watch and discover.

[00:02:16]>> The volatility I read that in 2000 you lost $6 billion of paper wealth. Is this what you're talking about?

[00:02:24]Yeah, well, that was that wasn't the worst of it. That was just in one day.

[00:02:28]>> [laughter] >> Right? That was one day a bad day.

[00:02:33]No, the worst >> $6 billion loss.

[00:02:35]>> it was a couple years later when the stock went from, you know, it had gone from $100 down to a dollar, down to $0.80, $0.60, $0.50, $0.48, $0.46, $0.42.

[00:02:48]And we were, you know, 3 days from bankruptcy, failing. So, you know, that's probably like I think my calculate this, like 99.8% drawdown. Mhm. So, like when people are like, "Oh, yeah, you're down 20%. Are you stressed out?" I'm like, "No, I'm not stressed out." You know, on October 6th, on October 6th, Bitcoin hit an all-time high.

[00:03:14]Okay, that's October, November, December, January, February, March, April.

[00:03:21]We're 7 months 1 week 7 months.

[00:03:26]You know how long it take Okay, so 7 months ago we were at an all-time high, and people are and everybody's losing their mind and throwing in the towel and giving up. You know how long it takes to make a baby?

[00:03:37]Bitcoin has fallen to $74,300, approaching the 50-day EMA support at $76,716, and testing the technical floor that has held every meaningful dip since the February 6th low. The 2-week ETF outflow total has reached $2.26 billion, the largest sustained institutional exit from Bitcoin ETFs since January 2026.

[00:04:01]Fear and greed is back in extreme fear territory. Social media is flooded with capitulation posts, and a prominent billionaire investor, unnamed in initial reports but described as having significant institutional credibility, announced this week that he sold most of his Bitcoin, concluding it failed to act as a hedge during recent geopolitical turmoil and dollar weakness.

[00:04:23]This specific statement from the unnamed billionaire is the most instructive data point of the week, not because it is right, but because it is the classic error that Saylor's framework is specifically designed to identify and avoid the billionaire's logic. Bitcoin should have risen when geopolitical risk rose and the dollar weakened. When it did not rise as expected, the asset failed its stated role, and selling was the rational response. This is the wrong model. Bitcoin is not a passive hedge that automatically rises on any geopolitical shock. It is a store of value that outperforms over multi-year time horizons against the structural debasement of fiat currency. The Iran war created a specific 7-month window of underperformance as the correlation one selling that accompanies any global liquidity shock hit Bitcoin alongside every other risk asset. Anyone who expected Bitcoin to rise 20% while oil spiked in global equity markets fell was applying the wrong model. Saylor's model, maximize Bitcoin per share over 7 years, not 7 months, is the correct one.

[00:05:25]The billionaire sold at $74,300 strategy bought at $66,385 average cost. One of them will be right in 4 years.

[00:05:36]You said something in a podcast recently that working hard is the worst advice you can get.

[00:05:42]You don't want to make money by being talented and working hard.

[00:05:45]Can you explain?

[00:05:48]Heinlein had a quote. He said, "You don't You don't win wars by dying for your country. You win wars by making the other guy die for his country."

[00:06:00]You could also say, "I don't want to be a martyr.

[00:06:04]I want to be a winner."

[00:06:07]You can also say, "Better to work smart, not hard."

[00:06:13]You could also imagine, you know, do you want to be the dude, uh you know, the 6'6" tall, 300-lb Hercules with a shovel, or do you want to be, you know, the ordinary person with a forklift?

[00:06:32]You know, and um the moral of John Henry, if you remember, John Henry was the was the strongest worker on the railroad, and he worked himself to death, and his heart burst.

[00:06:43]And at some point, don't try to outwork a forklift.

[00:06:47]So, and you look at the modern era right now, you want to work smart, not hard. I've worked hard.

[00:06:54]I I've worked 3,000 hours a year, 10 years in a row, done everything possible, and I have beat my head against the wall and made no progress. I So, I've lived it, you know?

[00:07:07]And and you want to do it, go take a shovel and start digging ditches, you know, and don't don't get a caterpillar tractor and don't use machines.

[00:07:17]Well, you can just start walking across the country right now, too, instead of using a car.

[00:07:21]It's like I guess I would say, you know, don't run fast, drive your car, right? And um And today, the issue is is um you uh use it uh to build a building, you keep 80% or 100% of the equity, you put the rest 80% of the building is debt. So, maybe you have um a hundred 1.1 billion dollar building and you find a way to raise 100 million of equity and you have 1 billion dollars of debt. And then the money supply expands at 7% and the building increases at 7% a year and that means after 10 years the value of the building's doubled. So, in 10 years you have a 2.2 billion dollar building.

[00:08:05]Right? And maybe you paid um you know, a hundred million few hundred million dollars in um and interest, but you've now made 400 million dollars in equity.

[00:08:18]And so, you made 400 million dollars in 10 years or 40 million a year with other people's money.

[00:08:24]Right? With uh with intelligent uh financing.

[00:08:29]Every real estate developer who's ever been successful anywhere that you've read about used that financing to do that. It's it's almost never an example where you see someone who says, "Oh, yeah, I just kind of used equity and I just paid for it with my own money."

[00:08:45]Um with Bitcoin, Bitcoin's been appreciating about 40% a year for the past 6 years.

[00:08:51]In 2020, 2021, you could have got a 30-year mortgage for 2.7%.

[00:08:57]Or two and people got two and a half percent mortgages.

[00:09:00]So, imagine the government wants to give you money for 2.5% and you can invest the money at 40%.

[00:09:08]If you could borrow a million dollars, then you're getting 37.5% of a million dollars a year.

[00:09:15]Okay? So, you're getting paid $375,000 a year to do what?

[00:09:22]To borrow money from the government and buy a scarce asset.

[00:09:27]Okay, so how many people can make $375,000 a year after tax?

[00:09:37]How How hard do you think you have to work, right? To make You have to make $700,000 a year in New York or $800,000 a year in New York. So, you can either work yourself SpaceX, Elon Musk's rocket and satellite company valued at approximately $340 billion disclosed in its IPO filing a Bitcoin treasury position of approximately $1.29 billion.

[00:09:59]This is the largest corporate Bitcoin disclosure by any company outside of strategy in the history of the asset class. SpaceX holds more Bitcoin than any public company except strategy, and it has been holding it quietly without any public announcement until the mandatory IPO disclosure requirements forced the revelation. The market reaction was immediate. Bitcoin recovered from its session lows when the SpaceX disclosure hit financial news terminals as institutional investors processed the implication. The strategic significance of the SpaceX disclosure operates on multiple levels. First, it confirms that the world's most valuable private company, a company that Elon Musk has called the most important technological enterprise in human history, considers Bitcoin a core treasury asset rather than a speculative position. SpaceX does not make financial decisions casually. Its treasury management is overseen by some of the most sophisticated financial minds in Silicon Valley. $1.29 billion in Bitcoin is a deliberate analyzed long-term treasury decision. Second, it reveals that the corporate Bitcoin treasury playbook is being replicated by non-strategy companies at a scale that has not been publicly known. If SpaceX has $1.29 billion in Bitcoin without ever announcing it, how many other large private companies have undisclosed Bitcoin positions that will be revealed when they eventually pursue public listings. The SpaceX disclosure is not a singular event. It is the first visible part of a much larger corporate Bitcoin treasury ecosystem that operates invisibly until regulatory disclosure requirements make it visible. Michael Saylor's thesis that Bitcoin is the inevitable treasury reserve asset for sophisticated corporations is validated by the company that is literally sending rockets to Mars. 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.

[00:11:52]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 a collapsing economy, then won't be able to pay the rent and the real estate won't have that much value.

[00:12:03]So, you see this hyperinflation, uh it's come to Brazil.

[00:12:09]It's come to Argentina but once every 25 years, it you know, every single currency in Africa's collapsed. Um uh the German currency collapsed a couple of times.

[00:12:21]You know, most currencies collapse.

[00:12:24]The most successful currency in the last 100 years is the US dollar.

[00:12:29]The US dollar has lost 99.9% of its value over the 100 years and that's the best one. Mhm. Okay? You know, an acre of land in Miami Beach used to cost $10,000.

[00:12:47]The same acre of land cost $10 million today. Maybe $20 million. So, So, if you do [clears throat] the math, that's north of 7% collapse a year and by the way, 7% doesn't sound that bad but when you compound it over 100 years and I tell you you're going to start with $1,000 and you're going to end with $1. Mhm. That's the best it's going to get, you know?

[00:13:10]Now, if that's the best it He's one of the top Michael Saylor memes.

[00:13:15]>> [snorts] >> Do you still believe the same?

[00:13:18]I do. I think Bitcoin is the dominant digital monetary network of the world.

[00:13:24]Human civilization, it settles on protocols.

[00:13:28]There for example, with mathematics, there was Babylonian math.

[00:13:33]Ba- you know, 360°, 60s, 12, 24 hours.

[00:13:39]There was Greek math.

[00:13:41]There was Roman math, Roman numerals.

[00:13:45]So, Arabic wasn't the first protocol. It was just the best. Arabic math, zero It wasn't Greek, it wasn't Roman, right?

[00:13:55]Why are Christians in northern Europe using Arabic math?

[00:14:01]Cuz it was a better protocol.

[00:14:03]Right? And that's been good for a thousand years.

[00:14:07]There is no second best math protocol.

[00:14:10]Right? If you look at um language, Eng- We're speaking English. Why? Cuz all the rich, powerful people speak English, cuz the British won the Napoleonic War. If Napoleon had won, we'd probably be speaking French.

[00:14:24]If the Russians had won, right? We'd be speaking Russian.

[00:14:29]Billions of people speak English. If you speak English, you'll get your message across better. You'll sell something at a higher price. You'll buy things at a lower price. More people will listen to you. You'll make more money. There is no second best language. It's the best language. That's why this podcast is in English, even though my mother tongue is Yeah. definitely not English.

[00:14:49]It's It is what it is. And And with Bitcoin, Bitcoin is digital capital.

[00:14:55]Right? What you've got glass beads? You got bales of tobacco? You know, in in the biblical times they used ox, cows, cattle as capital.

[00:15:04]You know, bushels of wheat.

[00:15:07]We've used bars of silver, you know, for a while, you know, I think India was on the silver standard.

[00:15:13]Then there was the gold standard.

[00:15:15]And at the end of the day, the human civilization settles upon the highest powered capital asset, the highest powered money.