“I Said This Would Happen, and Now It's Finally Here" - Michael Saylor Bitcoin Interview

Ajouté : 2026-05-17

[00:00:00]That's really the question. And if you're, you know, people were using um Renaissance Italian art as a as a source of capital preservation in 1600s. So people have used diamonds, they've used art, they've used gold. Yeah. In the biblical times, they used ox, cows, right? Livestock. What are these things? They're just economic wealth that's portable. Um, and I'm using the best technology.

[00:00:33]And for a while it was camels or cows.

[00:00:36]The Mongolians thought it was horses, right? Uh, and maybe it was gold. But now we've got Bitcoin. Bitcoin happens to be the best technology per so for moving economic energy through space or through time.

[00:00:59]Hey guys, welcome to Everyday Finance.

[00:01:02]The final day of Consensus Miami 2026 marked a historic pivot in the global financial narrative, epitomized by Eric Trump's public mockery of JP Morgan for its radical 18-month reversal from dismissing Bitcoin as a joke to becoming a lead sponsor of the event and offering Bitcoinbacked mortgages to its clients.

[00:01:20]This institutional capitulation, which sees Jaime Diamond's bank now deeply embedded in the very infrastructure it once discredited, coincides with Michael Sailor's bold new proposal for strategy to tactically sell Bitcoin to fund preferred dividends. Even as the company navigated a massive 12.54 billion Q1 loss driven by market impairment, the underlying supply dynamics further fuel this institutional FOMO with exchange reserves plummeting to a 7-year low of just 2.21 21 million BTC while massive whale wallets accumulated 270,000 BTC in the last month alone. Ultimately, the convergence of banks treating Bitcoin as the highest form of capital and the supply hitting historic scarcity suggests that the traditional financial guard has not just stopped fighting the digital tide, but has officially begun swimming with it to survive the next era of global finance.

[00:02:09]>> It's like you can be an anarchist. You know, once there's an island in the Mediterranean, they made a law putting a tax on luxury yachts, like 2% of the value of the yacht. And the day before the tax went in into uh effect, there was a marina full of luxury yachts, and the economy was booming, and everybody's spending a lot of money. And then the day the law went into effect, the marina was empty, and the yachts all pulled up anchor and left.

[00:02:35]>> Yeah.

[00:02:36]>> Okay. So, that's portable property.

[00:02:38]>> Yeah.

[00:02:39]>> Okay. You can't move a building. The the real problem with buildings is they can't run. They can't hide. So when the socialists or the communists take over, the first thing they do is they take your building because they can. And in fact, even in a capitalist nation, let's take the United States. You know what's the worst possible tax treatment? It's a triple tax treatment on a piece of real estate.

[00:03:04]We tax you when you when you sell it. We tax you when you inherit it. And then we tax you just when you hold it. Even if you're just holding it for a year without doing anything, you still you get taxed on the coming, the going, and the in between, right? There's nothing that's that bad, right? I mean, >> yeah. There's no jurisdictional arbitrage with the building.

[00:03:26]>> And that's because you can't run.

[00:03:27]>> Can't run.

[00:03:27]>> Okay. So, the the thing about this is with Bitcoin is it's it's the hardest thing to tax. It's the hardest thing to steal. Like it's the hardest thing to impair. It's like I I can pass a law that says that your 10 acres in the middle of Manhattan is zoned uh rural agricultural and you can grow daisies on it, but you cannot put a building on it because you made me mad.

[00:03:54]Okay? And your $100 million of real estate is now worth nothing.

[00:03:59]On the other hand, if you could teleport the property from one city to another city, then when someone passes the law, if I let's say um I pass a law saying you're not allowed to gen generate yield on your assets, if the asset is a building, that's that's same as rent control. Uh the rent on your building is now zero. You're not allowed to charge rent. You have to give away the use of the building for free because the public requires the use of your building.

[00:04:29]If you can teleport the building, you've still got value because you can move it to a jurisdiction where they're not going to rent control it. But you can't teleport buildings generally. You can move a yacht, you can move a container ship, right? So you can move a truck. So there are certain things that you might be able to move, but other things you can't move. with Bitcoin. Uh, I could move the Bitcoin to Singapore or London, but if the if the law is better in Monaco or the law is better in fill in the blank, you can move it. Now, here's the thing. The law is probably going to be bad everywhere um at some point. Oh, or let me say it a different way. Over a long enough timeline, the mortality rate is 100%.

[00:05:12]That is to say, if if you have if you have uh gold in a bank anywhere in the world, if it stays there long enough, it's likely the government will will collapse, the bank will be seized, and your gold will be seized.

[00:05:30]But if you can move the gold, then may and if you're smart, then maybe you're smart enough to move the gold ahead of the seizure. But the problem is it takes like one to three years to move the gold. and everybody knows you have the gold. And so that's very hard. I I think like you know people got their gold seized in the US, in Japan, in Germany, everywhere in the world except for maybe a couple of banks in Switzerland over the last 100 years, right? There's there's nowhere in the world where your gold didn't get stolen from you over a hundred years. With Bitcoin, it's like, okay, well maybe you're comfortable with your Bitcoin in a bank in UAE right now, maybe. or Singapore or Britain or where fill in the blank.

[00:06:15]Will you be comfortable with it in 30 years? Who can say? The whole the whole genius of Bitcoin is the whole idea is this. uh a bunch of people get together and they have a conference and they think well you know we just like to keep our money forever and we don't trust each other and we don't trust any bank and we don't trust any government and I kind of trust you right now and you trust me right now but I'm not going to trust your idiot grandson in 100 years.

[00:06:44]So let's construct a bank in cyerspace.

[00:06:47]We'll all put our money there. Who's going to run the network? Who's going to run the bank? Well, no one. We're all going to run the bank. Well, why?

[00:06:55]Because nobody trusts anybody ever. And where are we going to run the bank?

[00:06:59]Anywhere. Everywhere.

[00:07:01]But what if what if uh one nation goes bad? Well, then the network will migrate out of that nation. What if a company fails? The network will migrate away.

[00:07:11]Well, what if I start lying? What if my node broadcasts, you know, improper or or erroneous or fraudulent transactions?

[00:07:19]You get kicked off the network. So the whole idea of Bitcoin was let's create a viral bank in cyberspace uh that that uh feeds on chaos and let's start with the assumption that we can't trust anyone or anything anywhere over a long enough timeline.

[00:07:40]But that's but but saying to you I don't trust a bank in New York over a thousand years which I absolutely will tell you.

[00:07:47]I'm sure that over a thousand years whatever you own in any given place in the world will be lost. That doesn't mean that I can't find anywhere today where I do trust a counterparty. So I can I can find a custodian or I can find a jurisdiction to do my capital now. And if I have the option to change jurisdictions in an hour and and Bitcoin you could reasonably if you're in a hurry and you knew it was coming you could do it in a minute but otherwise you could definitely uh do it in an hour. If I have that option then um you know as they say an armed society is a plight society. I if I know it's going to be impossible to steal from you, I probably won't try to steal from you.

[00:08:38]Right? The person you pick the fight with is not the guy holding the gun. And it's like they used to say about cars, you know, I say you can't make it impossible to break into a car, but you can make it marginally harder than the car parked next to it. So the car thief will go to the easiest car to steal.

[00:08:55]They won't go to your car because yours is a little bit more effort.

[00:09:00]So I think with uh with digital capital the idea is in theory anybody on earth can be a custodian or a counterparty. So you've got 8 billion choices. In fact you've got every computer on earth. So you've got billions and billions of theoretical choices. Are they all safe?

[00:09:17]No. Are any of them safe? Yes.

[00:09:21]You know can can you conserve your economic energy in time and space?

[00:09:28]That's really the question. And if you're, you know, people were using um Renaissance Italian art as a as a source of capital preservation in 1600s. So people have used diamonds, they've used art, they've used gold, you know, in the biblical times they used ox, cows, right? Livestock. What are these things? They're just economic wealth that's portable. Um, and I'm using the best technology.

[00:10:01]And for a while it was camels or cows.

[00:10:04]The Mongolians thought it was horses, right? Uh, and maybe it was gold. But now we've got Bitcoin. Bitcoin happens to be the best technology per so for moving economic energy through space or through time. At Consensus Miami 2026, Eric Trump, co-founder of American Bitcoin, delivered a sharp critique of Legacy Finance by highlighting JP Morgan's radical transformation from a vocal Bitcoin skeptic to the conference's headline sponsor and a provider of Bitcoinbacked mortgages.

[00:10:38]This institutional pivot where a bank that once branded the asset of fraud now facilitates home loans using it as collateral and processes trillions via its Kexis blockchain platform validates Michael Sailor's thesis that Bitcoin has reached protocol victory status. Much like the global adoption of the English language or Arabic numerals, Sailor argues that such dominance leaves powerful entities with no choice but to adopt the technology or face permanent competitive obsolescence. JP Morgan's capitulation serves as a case study in market-driven forced adaptation, demonstrating that even the largest financial institutions must eventually yield to the efficiency and demand of decentralized rails. Furthermore, Eric Trump's personal history of debanking provides a stark realworld justification for the necessity of Bitcoin censorship resistant architecture. By offering a neutral financial layer that cannot be manipulated by political or institutional bias, Bitcoin solves the exact problem of selective financial exclusion, rendering individual executive opinions irrelevant in the face of a superior, unstoppable global standard.

[00:11:42]>> You you have you add bells and whistles.

[00:11:45]You add more you you load it up with features, you know, you implement DEI programs on it, you implement entitlements on it. I I have numbers 0 1 2 3 4 5 6 7 8 9. Okay, that's how many numbers there are. Some dude comes along and says there ought to be like a nine and a half. I'm going to create a squiggly nine and a half. And I'm like, why? Because I like the squiggly and and my friend needs that, right? The number, you know, the word up means up and someone wants to make it mean down on every other day.

[00:12:20]Don't corrupt the protocol, right? The protocol works. It works fine. Don't corrupt it. Uh at this point, Bitcoin is won. Uh the battle to emerge as global digital capital just like Arabic math is one just like the English language is won. Uh there there are certain protocols that have emerged uh and we base Western civilization on those protocols and Bitcoin is one of those protocols.

[00:12:51]The biggest risk to Bitcoin is uh bad ideas driving iatrogenic protocol proposals.

[00:13:02]It's like somebody wants like it needs to go faster. We don't have enough bandwidth, right? Remember the block size wars?

[00:13:10]>> Have you wa have you gone to Clark Moody's dashboard in the past week? If you go to Clark Moody's dashboard, the average Bitcoin transaction cost 32 cents and the cost, you know, was one sat per Vbyte for instantaneous transaction, one sat per vite per hour transaction, one sat per VTE for a transaction this day, one sat, but literally the lowest measurable transaction fee on the network and this is 10 years after the block size wars and there was a war fought over that people thought Bitcoin will fail unless we increase the bandwidth of Bitcoin because it needs more and the answer is no it didn't need more yeah one thing people do is is there's a carry trade I mean a lot of a lot of people can borrow money at at sulfur plus 50 or 100 basis points you borrow money at 4% you invest at 11 and you just keep the seven% or 8% spread Right.

[00:14:14]The other the other advantage the thing that we discovered and this was just accidental. We discovered that if you sell a credit instrument and you invest in and you make a capital investment and then you allow the capital to appreciate tax deferred to to be an unrealized capital gain and then you monetize the capital gain intelligently then the dividend you pay is tax deferred.

[00:14:41]So what we're doing is we're just scraping, you know, a percentage of the capital gain.

[00:14:47]And if you invested in Bitcoin, you and you never sold it, you would have a deferred capital gain. But credit investors normally they never get deferred uh they never get deferred tax treatment on a credit uh yield.

[00:15:01]Normally, you pay ordinary income on corporate bonds or you pay uh long-term um capital gains on qualified dividend instruments.

[00:15:10]But because we invest in Bitcoin forever and we never realize that capital gain, we never realize uh that tax obligation. We don't have to pass that through to the credit investor. So, if you're a credit investor and you value principal protection and stability, but you also want to uh compound your money tax deferred, the way Stretch works is you buy a $100 share. The first $100 worth of dividends will be tax deferred as long as you don't sell the instrument.

[00:15:46]If you then pass the instrument to your heir, they get a step up in basis and their next $100 become tax deferred. So you could in theory go 20 years without getting taxed on the dividend between you and your heir. And if you actually calculate the benefit, if you were to reinvest that, the compounding benefit is uh pretty extraordinary compared to most other credit investments. During Strategy's Q1 2026 earnings call, Michael Sailor introduced a revolutionary pivot in the firm's buy and hold philosophy, proposing the tactical sale of Bitcoin to fund its 11.5% STRC preferred dividends. While a record $ 122.54 billion marktomarket loss dominated headlines, the core strategic shift lies in utilizing realized Bitcoin gains enabled by a current market price significantly above the company's $75,537 average acquisition cost to inoculate the market and prove the assets utility as a cash flow generator. This mechanism transforms the STRC yield from a product of financial engineering into one with a direct liquid Bitcoin backs stop, ensuring dividend security without the need for additional debt or equity dilution. By signaling a willingness to monetize its treasury, Strategy has essentially created a digital credit model that remains robust through market volatility, providing a blueprint for the 200 corporate pipeline companies looking to integrate Bitcoin into their own balance sheets as a reliable yield generating pillar of corporate finance.