EVERYONE Who Owns Bitcoin or MicroStrategy Needs To Hear This" - Michael Saylor

本站添加: 2026-05-15

[00:00:00]How much unencumbered Bitcoin do you have?

[00:00:02]It's all unencumbered. It's eight 818,000 Bitcoin. We might sell 20 basis points of Bitcoin, like 0.2% of Bitcoin in a month. We'd probably buy 5x or 10x that much in the same month. So, I say I'm buying the top forever. I'm happy to buy at 60,000. I'm happy to buy at 80,000.

[00:00:21]I'm happy to buy at 120. I will be happy to buy at 200,000, 500,000, a million, 2 million, 4 million, 8 million, 16 million. And people will make fun of me for doing it. But, you know, Bitcoin will be trading at 16 million a coin, and they can make fun of me all they want. What if the most controversial statement in Bitcoin history is evolving right in front of us?

[00:00:43]For years, Michael Saylor became famous for one simple phrase, never sell your Bitcoin.

[00:00:49]But, now he's revealing a much bigger strategy. One that could completely reshape how Wall Street, corporations, and even retirees interact with Bitcoin.

[00:00:59]This isn't about abandoning Bitcoin.

[00:01:00]According to Saylor, it's about turning Bitcoin into the foundation of an entirely new financial system built on digital capital, digital credit, and eventually digital money itself. And if he's right, we're watching the early stages of a multi-trillion-dollar transformation happening in real time.

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[00:01:43]Thanks, and enjoy the video. Obviously, as you said before, you've always said never sell your Bit- Bitcoin. You floated the idea in your earnings call, said, you know, inoculate the market to it, which I think is just an evolution in my opinion, right? Because you have to at least let them know that it's there to be sold in theory. How much unencumbered Bitcoin do you have?

[00:02:05]It's all unencumbered. It's 818,000 Bitcoin. The real key there, Scott, is is we own about $65 billion of Bitcoin. If the market thought we would never sell it, the credit rating agencies would say, "Well, then I guess it's not an asset." And there's 20 to 100 billion dollar liquidity in the Bitcoin market that is not correlated to our equity or to our credit. If we were to say we're never going to take advantage of that liquidity and we're never going to use that asset, then we're impairing the asset which 98% of the company is built on. It's pretty important for us to send the signal that if we need to, we can.

[00:02:47]Now, that's not the same as decrease our Bitcoin stack. The truth is we might sell 20 basis points of Bitcoin, like 0.2% of Bitcoin in a month. We'd probably buy 5x or 10x that much in the same month. So, so people are getting caught up on that, but if you sell $100 million of Bitcoin in the same month that you buy a billion or 2 billion dollars of Bitcoin, we're still net buyers of Bitcoin. We're still net holders of Bitcoin, but the benefit to being able to fund with Bitcoin is we have the option to never sell a share of stock again, and that really rips the faces off of the shorts. That's good, right? And then we also have the option to capture the tax credit because we have billions of dollars of tax credits that if we were to simply sell the high basis Bitcoin, we would capture the tax benefit and we could fund the dividend, and then with STRC we're selling so much STRC that we'll buy back 10 Bitcoin for every one Bitcoin we sell. And if And if you can do that, I would recommend you do it, too. It's not a bad business. I mean it's just mechanics. It's not selling Bitcoin. It's not It's not reducing your Bitcoin. Right.

[00:03:59]Right. Right. Makes perfect sense. So I just found it fascinating to watch the evolution. How fast do you think the yield coins will become popular and I guess become accepted? There's always that moment where people are skeptical and then you have this sort of Cambrian explosion of interest. We saw it with SRC.

[00:04:18]You know, I'm watching Apex and they're adding sometimes a million dollars in and TVL an hour.

[00:04:26]Like I'm watching a you know, I'm watching the same with Saturn and they're ticking up millions of dollars a day. I wouldn't you know, I wouldn't be surprised if we don't go through a billion dollars of capital, you know, in the yield coins in the next four to eight weeks and then I think it it it could accelerate. It's a I think this year is going to be a it's going to be a multi-billion dollar industry within the next few months.

[00:04:51]It's growing very very rapidly. I mean Stretch is growing 350% a year right now. So watch the next 90 days.

[00:04:59]>> that conservatively?

[00:05:01]I mean I I I know you can't extrapolate March and April forward to December right at the same growth rate per month, but it could happen.

[00:05:08]Yeah, I think we're in hyper The bottom line is we're in hyper growth stage and it's kind of simple It's a simple idea, which is do you want to collect three and 3.5% yield and pay tax on it and collect 200 basis points after tax in your money market or would you like to collect 11.5% and defer the tax for the next decade?

[00:05:30]Okay?

[00:05:31]And the answer is well, that sounds too good to be true. What's the catch? Of course I do. Okay? That's what's going on in TradFi right now with digital credit. Now in DeFi would you like to buy a stablecoin that pays you zero or would you like to buy a Yeah, and why don't you loop that 10x? Like, what is 10x levered zero? Or, would you like to buy something that's backed by a treasury that pays 3%? Well, what's what's the effective net yield on that if you loop it 10x and you pay 3% cost of capital and collect 3%? That's nothing.

[00:06:01]Or, would you like to actually buy a yield coin that pays you eight or 10 or 11% and loop the and not loop it?

[00:06:09]Okay, well, stable coin that pays me you know, yield coin pays me 8%.

[00:06:13]Well, why wouldn't I want that, right?

[00:06:14]Why wouldn't I buy 10, 20, billion of that tomorrow, right? Yeah. It's just Well, do I trust the issuer? Like, it all comes down to do I trust the issuer?

[00:06:23]Do I trust that they've got their security protocols right? Do I Do I like the team that's doing it?

[00:06:30]>> [music] >> And it's like, when the bank sets up and they pay 8% and every other bank pays zero, the money will move or the capital will move when the investors trust the bank.

[00:06:42]And so, this is really an exercise in education and uh and execution and trust building and and it starts slow and then it goes faster and then all of a sudden it explodes virally.

[00:06:57]>> Is there ever enough Bitcoin? Do you ever stop?

[00:07:00]No, I I I think our our view is our job is to power up the network. So, I'm you know, I say I'm buying the top forever.

[00:07:07]I'm happy to buy at 60,000. I'm happy to buy at 80,000. I'm happy to buy at 120.

[00:07:12]I will be happy to buy at 200,000, 500,000, a million, 2 million, 4 million, 8 million, 16 million. And people will make fun of me for doing it, but you know, Bitcoin will be trading at 16 million a coin and they can make fun of me all they want.

[00:07:27]For us, uh the key is for us uh to just be steady. The rest of the market will set the price. We will, you know, buy 10 Bitcoin, might sell one Bitcoin, buy 10 more, sell one more. Grind up. And I think it's it's just good for everybody in the ecosystem. Everybody's winning.

[00:07:45]According to him, Bitcoin is now one of the deepest and most liquid capital markets in the world. [music] He explained that Bitcoin spot and derivatives markets process tens of billions of dollars daily. Even strategies massive purchases represent only a fraction of overall market activity. That's why he believes macroeconomic forces, interest rates, geopolitical tensions, monetary policy, and global liquidity conditions matter far more than any single corporate buyer. And despite short-term volatility, Saylor remains deeply bullish. He argues that Bitcoin supply remains structurally constrained while demand continues expanding through ETFs, corporate adoption, digital credit products, and institutional infrastructure. In his view, every new credit product or Bitcoin-linked financial instrument effectively becomes another engine driving long-term demand.

[00:08:39]I'm famous for this quote, you know, never sell your Bitcoin. And uh I think uh the first year or 2 years, the way that we grew this business is we would fund the credit dividends by selling our common equity. Well, what we're really doing is we're funding credit dividends by selling a Bitcoin derivative. Right. MSTR. But uh to a a casual observer or a skeptic, you know, or troll, they would say, "Well, you know, you're just feeding you're paying the dividends of one type of equity with another type of equity." And they don't like that. So, I think it's very important that we break that cycle and illustrate what we're really doing is we're selling a credit instrument to buy a capital asset. We're selling credit to buy capital. The capital asset is Bitcoin.

[00:09:27]It's like you're selling credit to buy real estate. The real estate appreciates. You sell the appreciated real estate to pay off the credit dividends.

[00:09:33]>> Yeah. Tell us all this time. That's what I was going to say. I mean, that that's a a proven strategy to accumulate wealth, right?

[00:09:39]>> You could You could boil it down to capital gains fund credit dividends.

[00:09:44]If you think If you think about the theory of asset-backed credit, if you think that the capital investment's going to appreciate at 10% a year, you can pay a dividend of 5%. If you think the capital investment's going to appreciate 20% a year, you can pay a dividend of 10%.

[00:10:01]If you think that real estate's going up 7% a year, you can pay a dividend of three or four or five.

[00:10:07]We think that coin's going up 30% a year. We have no problem paying a dividend of 11. But you don't need it to.

[00:10:15]We don't need it to. Uh we're so over-collateralized that the way it works out is if it goes up 30%, you know, when we when we sell a billion dollars of STRC, if Bitcoin goes up, you know, 11%, we'd make a billion dollars in net income. That our Bitcoin gain. If it goes up 22%, we'd make double that.

[00:10:35]We'd make two billion dollars a billion up front and a billion over time. If it went up 30%, we'd make a billion up front and two billion on the back and it's screamingly profitable for the equity investors.

[00:10:47]But on the other hand, if all Bitcoin has to do is go up our break-even level, which is 2.3% for us to pay the dividends forever.

[00:10:55]So, we we really >> average. That doesn't mean you can't have a down year. Yeah, on average over forever, >> Right. we need 2.3% and if we don't get that, if we get 0%, we have about 50 years, 40 to 50 years to figure it out. So, people, you know, the knee-jerk reaction is, "Oh, well, they borrowed money at 11.5%." But that But what they don't understand is that no, we're never giving the money back.

[00:11:19]We sold equity.

[00:11:21]And so, we sold equity at a variable credit spread over a long period of time. We really just need Bitcoin to go up 2.3% to create value for the common equity. And if it goes up if you believe that Bitcoin is good as the S&P, this is a no-brainer to do it. And if you believe that Bitcoin is better than the S&P, this creates massively amplified Bitcoin returns for the equity investor.

[00:11:46]So, we found an extremely low-risk, almost or you know, I'm not going to say risk-free cuz the lawyers go nuts, but it's excessively low-risk way to swap the standard overnight funds rate for the Bitcoin return.

[00:12:02]And you know, even the US government, you know, they get the standard overnight funds rate, but they have to pay the money back.

[00:12:09]We're saying, "We're going to give you the standard overnight funds rate, but and we're not going to pay the money back, but we'll give you a credit spread. We'll give you a premium." And that makes it very interesting for a credit investor. But if you're a Bitcoin investor and you want to buy a lot of Bitcoin and hold it for 100 years, hold it forever, then this is the way to do that most intelligently and most aggressively. When SCRC was relatively new, we sat down in Vegas and you laid out the case. It was at Money 20/20, so a TradFi audience rather than a Bitcoin or a crypto audience, for who would be interested in buying this and how it would benefit them.

[00:12:42]You talked about the massive increases over March and April. So, obviously you were right, the interest came in and and is continuing to grow.

[00:12:49]Who do you think is buying it and why? Do you Can you see that or is it an answerable >> most important point is the Bitcoiners go, "Why don't I just buy Bitcoin?" And the answer is if you want to get on a 40 ball 40 ARR roller coaster and hold the money for 4 years and not touch it, you should buy Bitcoin. But only a small percentage of people, you know, have the conviction to do that. The people buying stretch retirees, you know, 65-year-old guy wants to live off of his retirement income if you know, they're they're conservative investors. They're corporate treasurers. Like, "I need the money back in 6 months to pay taxes. I need the money in a year to pay my kids tuition.

[00:13:31]I am I want to get paid double or triple or quadruple a money market, but I don't want to risk my principal.

[00:13:38]So, if you think about people that that that need um they need principal protection and they want to compa- they want to compound their wealth in a in a low-risk, low-anxiety way.

[00:13:53]They want to preserve their wealth while they compound it faster than inflation.

[00:13:57]That's a lot of people. And so, you know, uh Stretch represents a bank account that pays you 11 and 1/2% and if you walk down the street and you say to people, "Do you want to buy a highly volatile equity? Do you want to buy a highly volatile crypto asset? Or do you want a bank account that pays you 11% that you don't have to pay tax on for the next decade?"

[00:14:23]You know, you do the poll. It's not complicated.

[00:14:27]There's a lot of people that will say no to the first two and they'll say yes to the third. But, here's one more point. Even the people that would say yes to the first or the second, like if you're willing to bet half of your half of your what net worth on Bitcoin or half of your net worth on Nvidia, you still have money that you need to pay the mortgage, taxes, your kids tuition, or you have working capital in your corporation, and that working capital is what I'll call uh short-duration capital. You know, you can you need it back in the next 3 years and you can't afford for it to be worth 30% less on a you know, on a drawdown. And so, everyone has working capital and digital credit is a really good fit for working capital needs of people in the crypto economy. And then, it's really expanded the entire universe because it's drawn in all of these non-crypto investors, non-Bitcoin investors, non-vol investors. It's got like I've gone and I've pitched Bitcoin to corporations. It takes you hours and hours. You got to go to the board of directors and spend an hour or 2 hours in front of the board of directors. You have to convince the CFO, the treasurer, every member of the board of directors.

[00:15:41]And if one member of the board of directors goes, "Uh, you're done. I'm not sure." Okay, we'll wait for you.

[00:15:46]On the other hand, if you go to a corporate treasurer or CFO and say, "Hey, I have something that yields 11 and 1/2% tax deferred.

[00:15:55]Do you want to buy put five or 10% of your working capital into this instead of holding it money markets?"

[00:16:01]That's like the treasurer talks for a few minutes with the CFO. And if the CFO likes it, okay, it's done. They may or may not whisper in the ear of the CEO.

[00:16:11]But it's not a board-level decision.

[00:16:13]It's uh it's an operational decision, the finance department. And a lot of people, retail investors, other sorts sorts of investors, they have the same view, which is someone else What do I want? I want someone else to take the risk, take the stress, deal with the vol- make the volatility go away, and just give me a return greater than the inflation rate.

[00:16:36]And like, do I have to trust them? Sure.

[00:16:39]Just like, you know, you trust Apple, like you trust Google, like you trust Boeing. You know, the world's full of corporations that we trust to provide a service that we need.

[00:16:49]And so, this is uh this is a a security.

[00:16:53]You have to trust the issuer.

[00:16:55]You have to accept risk to Bitcoin, but you know, if Bitcoin falls 80% tomorrow, the credit is still collateralized, and you're still getting paid. Whereas, if you put all your net worth in Bitcoin and it fell 80% tomorrow, you lost 80% of your money.

[00:17:10]So, it's a very different risk pro- uh uh risk proposition.

[00:17:15]And what we found is it's a hundred times easier to explain and it's a hundred times more compelling because everybody wants something that's three x as good as a money market. We create digital credit and what we think Bitcoin is digital capital and we think the killer app of digital capital is digital credit >> [music] >> and stretches digital credit. So Bitcoin is a 40 ball 40 AR asset and we have stripped most of the volatility and most of the risk off it and we extracted about 11% yield with about three ball.

[00:17:51]We think that's the gateway to get to digital money because if I can strip 40 ball 40 AR down to 11% or 11 and a half percent yield and three ball the next step is zero ball 8% and so if you want digital money the ideal money is like a stable coin or a bank account that pays you 8% and right now people are developing those those yield coins zero ball 8% money and they're doing it with digital credit. So I'll be speaking about how we created digital credit which is exploded it's gone zero to eight and a half billion dollars in eight months and it's growing 350% a year. So I'll speak about that phenomenon I'll talk about why that is spreading through the trad fi ecosystem and then I'm going to talk a bit about digital money and digital yield how you can take stable coins and defi protocols and loop that credit three x five x so you either get a stable coin or a yield coin that pays 8% or maybe you create a 25% three x leveraged or or looped digital yield token or digital yield fund.

[00:19:04]And so I think what's fun right now is digital credit is bringing the capital gains and the power of Bitcoin uh to the the crypto and the digital assets ecosystem in the form of yield coins and DeFi. And we're merging what we're seeing the two hemispheres of the industry, crypto and Bitcoin, come together. So, instead of having capital in crypto that never finds Bitcoin and capital in Bitcoin that never goes into DeFi or or or crypto industry, now the capital flows in, it flows to yield coins, it flows uh to digital credit, flows to Bitcoin, and loops back, and it uh invigorates the entire industry. How does this work structurally? Is it still backed by Bitcoin, or are we really taking a departure from that and utilizing all the other benefits of crypto, as you said, and kind of creating an ecosystem that flows back and forth? This is obviously a departure for many Bitcoiners to think about using stable coins >> [music] >> and earning yield in DeFi and things that are kind of foreign to them. Well, you know, there was always this mythical, wouldn't it be great to have a Bitcoin-backed stable coin that paid you >> I I've never understood how uh those stable coin exploded on Bitcoin.

[00:20:12]Yeah. Yeah, and the and the issue is it's very difficult to go from 40 vol to zero vol.

[00:20:19]Like that that's a massive massive shift. How do you strip all of the volatility off of Bitcoin and get to perfectly pegged [music] to the dollar and extract a yield?

[00:20:28]What we discovered is you need that intermediate step, and the intermediate step is digital credit. So, the idea behind stretch or digital credit is you're converting a capital gain into a a a dividend, you know, a credit dividend. So, if I if I expect 30% returns on Bitcoin capital, I can just strip the first 11% and pay it as a credit dividend. So, the way we created stretch is we created a preferred stock that's a monthly variable rate preferred, and we pay a like 11 and a half percent right now.

[00:21:04]And the way we fund that dividend is through investing in Bitcoin and then capturing a portion of the Bitcoin capital gain monetizing [music] it. The goal is continuously accumulating the world's most valuable digital asset while building financial infrastructure around it. And whether you agree with Saylor or not, one thing is becoming impossible to ignore. His strategy is evolving from a simple corporate Bitcoin treasury into something much larger.

[00:21:32]He's attempting to create a bridge between Bitcoin, Wall Street, credit markets, and decentralized finance all at the same time.

[00:21:40]And if this experiment succeeds, the ripple effects could completely transform how capital moves through the global economy. So, here's the big question. Are we still early in Bitcoin or are we already watching the foundation of a new financial system being built in real time?

[00:21:59]Let me know your thoughts in the comments below.