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Bitcoin – BTC BITCOIN: The Apex Property Of The Human Race – Sign Up To Crypto Accelerator 👉www.LondonReal.tv/DeFi Where are you gonna put your money big Tech is not like the compelling new thing it’s the understood thing my strategy as a tech investor Brian is you buy something that everybody in the world needs nobody can stop and 99 of the world doesn’t understand and you have also become probably the Most famous Bitcoin evangelist in the world in the process and been embraced by the community what’s that been like for you because that’s a transformation if you wanted to give education an addition to 5 billion people you can’t do it with MIT bird and angles and teachers and professors you Need to do it with digital books and digital education you need YouTube and iBooks and that’s why Google and that’s why Apple are exploding in value if you want to give wealth to 5 billion people Brian you can’t do it with gold you can’t do it with land you can’t do it with Buildings you can’t do it with 20th century stocks you can’t deal with Collectibles or parts you can’t do it with diamonds those are 20th century property you can get 10 of the people wealth that way you can get 10 or 20 of the people well with banks and stock Exchanges if you wanted to find billion people wealth you need to give them digital property you need to give them digital gold or an open monetary protocol running on a fifty dollar Android phone and that’s why I say often Bitcoin is Hope thank you the world is changing inspiration is everywhere It has never been so easy to connect share and bring people together we’re learning from others and finding the best in ourselves challenging our beliefs sharing our vulnerability overcoming our fears transforming ourselves so we can transform the world How far can we go this is London real I am Brian Rose my guest today is Thank you this is London real I am Brian Rose my guest today is Michael Saylor the American entrepreneur technologist author business executive and Bitcoin evangelist you are the CEO and chairman of the business intelligence company microstrategy which you co-founded in 1989 a few years after graduating with a Double major from MIT you’re the author of The New York Times best-selling book The Mobile wave how mobile intelligence will change everything which correctly predicted the sharp rise of Technology Giants Amazon Apple Facebook and Google while highlighting the impact of mobile and social networks on global economic development you have described Bitcoin As the Apex property of the human race and last year you begin a massive Investment Drive that has seen microstrategy purchase over 100 000 Bitcoin worth over three billion dollars today Michael welcome to londonreal thanks for having me Brian great to have you here you know before we get started I got you got to ask you a couple questions about MIT you know I got there in 89 so I missed you by a couple years but you know it’s a very special place and uh I still remember walking through that front door of Lobby seven and Looking up at the Dome and even though I was this Punk kid I still somehow felt honored to be there and I think it changed me in so many ways some I don’t think I’ll ever really understand um I also had a fraternity experience there which was a really important of my Evolution as well as as kind of like a man um just curious what the experience was like for you and what was it like as an 18 year old kid from Ohio going to Boston Cambridge and go into a place like MIT well it was definitely a very very maybe The most important formative experience in my life if I think about the impact it held on me you know when when I graduated from high school I was the valedictorian when I got to MIT I was one of 400 valedictorians you know every single person at Mid was the was the Biggest overachiever in their various community and so it was interesting to be surrounded by so many overachievers also I came from a middle class family in a public school and I came in contact with a lot of of uh children from upper class families and private schools and they had had two Years of calculus or or they had two years one to two years of college education before they showed up and uh we were just going to college you know so I I saw people from every class I saw I think out of my nine fraternity Brothers there were like six or seven Eagle Scouts it got to be kind of silly and then I saw uh people from everywhere in the world right so MIT brought together Global Elite overachievers that was that was interesting I think the other thing that was interesting was MIT uh had this ethos of do-it-yourself think for yourself and be Fearless So you know they would give me a very difficult problem and they expect you to solve the problem from first principles and um and they gave you the tools to do it I think the third thing I saw was I I had some of the most brilliant fraternity Brothers you know they’re the Kind of guys that I mean 18 year old 19 year olds and they’re the kind of guys that get bored in the summer they take the car apart put it back together again one one of them took cars apart for a living and put it back together again The other one had launched a computer software gaming company you know uh while he was in high school and launched a Pac-Man knockoff successful enough to get a cease and desist letter from you know from Atari and so you just saw all these examples of um Excellence and uh it gave me a lot of confidence I think that’s what I took from MIT confidence and that fraternity experience I mean how could how can you describe that to someone because I think it’s so often misunderstood I bet it doesn’t even necessarily exist anymore the way we Knew it but for me it was it was so important I spent four years living in my fraternity I never lived in any other public housing I grew up like you said with people from all over the world different classes that were the guys that couldn’t afford pizza and the guys That could afford Pizza that was like the Divide but you know what was that because I know you co-founded microstrategy with one of your fraternity brothers so what was that like it was um if you dumped a bunch of brilliant Eagle Scouts together into a house to the age Of 18 and 22 and they all spontaneously organized the government then that’s what I a government an ecosystem and a culture that’s what I saw at MIT uh it’s it’s in retrospect it’s quite amazing um we ran our own finances uh we ran our own work we where we would maintain the House we had very we had sophisticated uh everything I mean we had elections we had uh CFO we had a head of Maintenance we had a social chairman and we orchestrated the most elaborate social events the most elaborate uh construction development events fundraising events you know about Rush Week and and all those events trips and uh and you kind of took for granted that a 20 year old could uh could run an elaborate Enterprise you know with due process we had parliamentary procedure we had house meetings we had votes we had all manner Of intricacy so it was a microcosm of the world run by a bunch of people that were 12 to 36 months out of high school and uh you know looking at it today so many people expect you know big institutions to do everything for them but we were completely self-reliant at the time Yeah I’m having flashbacks I mean there were 50 of us at 233 Mass Ave average age 20 maximum age 22 or 23.like we had to feed ourselves clean ourselves social chair everything and then have a pledge class so you had to go through that whole thing and put them through the Process of becoming brothers and we figured it out somehow I mean if my wife could see some of the meals we served I mean she would be shocked or some of this the look of the kitchen on some days or the sticky carpets after a a party but there was something beautiful About it as well because we just got on with it and it did function somehow so um yeah uh some some good memories flashing back here and um again those lessons you say about MIT it’s funny because they don’t tell you those things but it’s just this ethos of the place of Here’s the fire hose stick it in your mouth figure it out you will figure it out we’re not going to tell you how but we’re going to kind of imply that you can do it and so go and um yeah I remember that too so um yeah really really your memories Um look I want to talk to you about Bitcoin today I want to briefly tell you when I first heard about Bitcoin because it involves a friend of yours in 2013 I was doing my show London reel after I quit my job in banking I was I couldn’t Take it anymore and uh I had heard about this thing called Bitcoin and I put out on Twitter who’s the one that can tell me about this instrument and this one name came up in London and it was Max Kaiser and so after a couple tweets back And forth as we called each other out and sized each other up Max showed up in my kitchen uh here in shortage and I didn’t know if if we were gonna have a fight or what and we had a broadcast and for 90 minutes max schooled me on Bitcoin and I think I just bought two for 85 pounds I was complaining there was no market makers the order book system and Max really laid it out and that was my first um that was my first really experience with it and that episode’s still up it’s Fascinating to watch now and then I I didn’t know what to do with it and so in 2015 17 and 19 Andrea santanopoulos came back and would always tell us about what was happening and what it could be in the future of money but again I I it didn’t hook me Um and it wasn’t until this year when I started looking at what was going on in defy that I got reminded about what I was doing on Wall Street in the 90s and I thought wow this is crazy because I used to do this 30 years ago and now Other people are and we can talk about that stuff later tell me about your experience with Bitcoin because I know you knew of it back in the in in 2013 but I think it was until last year where you really saw it you know in my uh in my uh professional life I’ve run microstrategy which is an Enterprise software company for 30 years and um I’m public company CEO and most of my mental energy was consumed by competing against Oracle and IBM and Microsoft and sap and um and selling enterprise software to everybody on Earth um Part of what I did was run a treasury and our treasury of microstrategy primarily consisted of a very conservative conventional corporate strategy of hold cash and short dated sovereign debt and that’s what I did for a long time and occasionally I would take that treasury cash we’d buy our own softback But we didn’t we didn’t pursue any uh any other investment agenda with it and my private life as I was a private investor and there I was a tech investor I bought Apple I bought Amazon I bought Facebook I bought Google I wrote about why I bought those things and the mobile wave Uh but but this the summary is the best investment ideas of the century I believe are you buy into a digital Network that is dematerializing a product or a service you know or some kind of uh some kind of idea in the civilization and you wait write Facebook dematerialized uh friendship and apple Dematerialized everything you could hold in your hand it dematerialize wallets and cameras and photos and Google dematerialized information and books and video and Amazon dematerialize storefronts and so those digital networks that dematerialize things they grew through the web error and we know that story and then when the mobile era Came along all that software mobilized and pretty soon you had a store in your hand called Amazon and you had a library in your hand called iBooks and you had you had friendship and relationships in your hand called Facebook and um you had um you had a camera in Your hand you know and probably every other mobile device a tape recorder uh a like and Apple and um I kind of rode that way for a decade and uh in 2020 I I knew Bitcoin was was around I knew I knew some people use Bitcoin for something or other I also You know thought it was kind of cool that you could go on markets and bet on who was going to win an election if you remember that and I thought online poker was cool and I thought that a lot of things are cool but I classified them as Novelties I classified Apple Amazon Facebook Google it’s good and good Investments based on a digital Network and my professional approach was I invest in short dated treasuries then March 2020 hits the money supply started expanding at three times the normal rate we had lockdowns which shut down Main Street and we had a v-shape recovery in Wall Street And so between March and June as I watched Wall Street recover and if you look at the s p index and this the stock market for the past 12 months it’s just straight up and to the right it’s like there is no crisis yeah and if you’re living on Main Street and you Know Main Street hasn’t recovered I mean the the cruise lines aren’t up and running the airlines have been impaired the hotels are are impaired lots of manufacturing business are struggling there’s there’s rampant problems in getting labor there’s rampant supply chain issues and there’s shortages and so that dichotomy between the Recovery of Wall Street and and the impairment of Main Street calls me to question my premises about money I started by questioning my premises about treasury policy Brian I had 550 million dollars in cash and it was yielding zero percent interest and and when the FED said we’re Not even thinking about thinking about raising interest rates the message was for the next four years you’ll get zero percent interest on 500 million dollars and you’ll like it then I started thinking then I watched Wall Street recover and at the s p um if we if we actually look at um At s p performance over the last 12 months it took 37 percent Brian and so if you had a billion dollars and um and you held it in cash you’re up zero percent and if you hold it in s p index you’re up 37 percent if you took the same billion dollars of Cash and you bought gold Europe minus 72 basis points that is Europe zero percent if you invested in Bitcoin you’re up 269 percent so what is the message right that the world’s trying to tell you it’s that we expanded the money supply if you’re holding if you’re a long-term Savings strategy is put your money in a bank account as dollars or Euros then your money lost call it 37 of its purchasing power right if if you put your money into an ETF or s p index your money held its purchasing power if you put your money into Bitcoin it it Gained purchasing power and uh and so as a corporate fiduciary I got half a billion dollars what am I going to do well I don’t want to hold it in cash when I know that the the currency is being devalued and the interest rate is zero that’s a negative real yield If you count to a negative real yield based on CPI you might say yourself oh it’s only minus two percent negative real yield or minus the CPI now is like five percent minus five percent negative real yield but if you calculate inflation based upon asset inflation the asset inflation rate for a portfolio Of companies is 37 percent so your negative real yield is minus 37 percent in the rule of 72 tells you that you lose half your money in two years at that rate wow you lose 90 percent of your money in 10 years so so when the negative real Yield got to minus 37 percent Brian it’s kind of like you crank the temperature up in my you know in my hot tub to 250 degrees and I jumped out so so how did I discover Bitcoin the answer is it wasn’t the problem for me until March Of 2020 it was an opportunity but I had other opportunities and it wasn’t a clear enough opportunity that I would change my life in order to go do this thing but in March of 2020 the big Tech trade came to a it came to its end You know Amazon was you know thirty two hundred dollars a share well I wrote it from 300 a share to thirty two hundred dollars a share it wasn’t going to go up by a factor of 10 or 20 from there you know Apple Amazon Facebook and Google were acknowledged digital monopolies and Dominant networks and every 22 year old taxi cab driver could have told you that those were the winners by uh march to June of 2020.so where are you going to put your money you can’t I mean big Tech is not like the compelling new thing it’s the understood thing My my strategy as a tech investor Brian is you buy something that um everybody in the world needs nobody can stop and 99 of the world doesn’t understand that and that would be the definition of Facebook in 2011 or 2012 or Google or Amazon you could if you go back to 2010 You could see apple Amazon Facebook Google are unstoppable everybody needs them and yet 98 of the people on Wall Street would have told you when Apple doubles you should sell some take off the top and you should diversify into HP and IBM and other and when technology is More than 20 of your portfolio you should sell technology and you should diversify into non-technology so the diversification in that case is selling the winner to buy the losers and and of course the the idiocy is Apple became a hundred and fifty percent of the profit of every mobile phone Company in the world everybody else in the world lost money to compete with apple which made all the money okay that’s why you don’t diversify from the category killer Amazon one Walmart stayed that you know was like a number two and every other retailer in the world lost in that decade time frame So selling the winner to buy the losers within the sector doesn’t make any sense and there’s a certain arrogance and foolishness from a Wall Street investor that says you have too much Tech exposure you went to MIT I went to MIT what I observed is every Growth Company in the History of the world going back to the carthaginians versus the Romans they were all tech companies carthaginians they did with technology you know when craft and Heinz and and uh Standard Oil and Carnegie steel and you know and Andrew Mellon you know an aluminum Company of America when they Won they were technology companies a t General Electric where technology companies General Motors was it technology coming there was never such thing as an entrepreneur that took a small thing and made it into a huge thing without technology so it’s only the third generation of investors that have forgotten how the Company was built that think it’s a non-technology company so bottom line you know when something is no longer um when it’s no longer uh disrupting the world its growth slows down it becomes a monopoly when I got to to March of April of 2020 What I said was the big Tech trade is a crowd to trade and um and uh holding cash is a foolish idea sovereign debt is no longer a store of value bonds are broken we’re at the end of a credit cycle my stock was ninety dollars a share I had sixty dollars sharing cash Brian so I had third the current company was worth thirty dollars a share and the investors when I asked them said cash is trash right give it back to us and so I hit this existential crisis I had to go study I had a problem I Needed a solution and we were going to take one to pass we either had to give back all the capital and we would have had 60 30 to 60 dollars a share worth at the stock in a company with no Capital base that was growing zero percent a year Competing against Amazon Facebook Apple and Google good luck with that or we had to invest the money in something which was going to hold value or treat value and monetary inflation environment and so we did a search we uh we considered goal we considered tech stocks I already described where I Thought Tech stock was crowded trade it was already done buying gold was a good idea in the 19th century in the 20th century it’s too slow in the 21st century is looking antiquated well I said I want something like gold but I want gold I want digital gold on a big Tech Network What if I could take a billion dollars of gold that weighs 30 000 pounds what if I could take that dematerialize that gold so it moves at the speed of light it weighs nothing what if I wrapped it with an open protocol so I could program it and what if I could Program my iPhone or my web server to do a million transactions a second on the go on the on the block of digital gold the more bit of the speed of light and make it brilliant smart and then I plug Moore’s Law into it and it just kept Getting smarter and faster and stronger well that I mean the secret to everything that worked in the last 20 years Google smarter faster stronger Google Maps it knows which way the traffic goes it knows it’s a traffic jam it routes you around the traffic jam it’ll talk to you it’ll nearly drive Your car for you it’s a better idea than Ram McNally maps that’s why we’re in mc9 is what 50 million or 500 million in Google’s worth 50 billion with Google Maps right that one thing you know your iPhone smarter faster stronger I I bought smarter faster stronger Apple music smarter faster Stronger so I thought give me a block of dematerialize gold on a big Tech Network that’s smarter faster stronger where do I find that crypto crypto created digital gold and Bitcoin is in essence digital gold on a big Tech Network but now it checked all my criteria it’s Something everybody in the world needs nobody can stop and nobody understands in March of 2020 you could say yeah you got there early Max Kaiser will tell you yeah you should have figured it out back in 2013 but the point is by 2020 it was a 200 Billion dollar thing 99 of the world doesn’t really understand it how do you understand how do you understand uh digital property on an open monetary protocol that’s decentralized when there is no metaphor there is no analogy to it in the last 5 000 years a new thing nobody understood it everybody needs it Right it’s decentralized nobody’s going to stop it right they might slow it down they might flood it but uh that that was the beautiful triple check criteria and I said I have the 500 million dollar problem I think I’m going to buy me something so that’s how I discovered Bitcoin that’s uh and that’s why it became the most important thing in my world in the second quarter in 2020.did that process take you days or weeks uh until you I mean was your brain like was it a three-day thing where you were like you’re getting excited about it and all Of a sudden you’re like I know this is the right way or was it weeks before you knew this this was the first five or six times people mentioned it to me I just dismissed it as like as like a risky complicated cool I know it was cool I knew it was a cool thing the decentralized network I knew other people were passionate about it I didn’t have the problem you kept pugging on my coat but I didn’t have the problem like go away I’m making a lot of money on my Amazon stock I’m making a lot of money On Apple I have a problem in my business you know like you know before um if you would ask me uh do you want to meet via zoom in February 2020 I was like what is zoom if you said can I work from home no you’re fired you know what about remote Work no you come into the office we meet face to face you know if you’d ask me the same question in April I would have said of course we use zoom or standardized on it we all do all work remote you know it’s we went from 10 Million people on Zoom to 400 million people on zoom in four weeks or something the world accelerated its digital transformation of sales of marketing Etc if I if I had gone into my board of directors in February and said I think we should buy 500 million worth of bitcoin they would Have said what is bitcoin you’re out of your mind you’re crazy it took you know this is the the history of science is the history of paradigm shift and the one thing you learn when you study the history of science is Paradigm shifts come to break two Reasons two ways either the Old Guard dies everybody dies and the new generation picks up the thing or there’s a war and you’re gonna die if you don’t actually learn a new thing and so in the in the midst of all a life or death war situation then people have their minds Open up and they Embrace a new idea right that’s the history you know that I could go through 5 000 years of History I could tell you people that had Paradigm shifts driven by war or driven by the death of the Old Guard We had a war on coven and we had a warm currency the war on Corvette locked down the entire world and the currency War the response of the policy makers was literally to declare war on the currency the U.S currency has been devalued by depending upon your metric 20 to 35 Percent in the last 12 months but currency in in other places Argentina’s got 85 inflation the currency in in Venezuela they’re collapsing 60 70 80 percent right there’s and so what you have is a devaluation of currency the war on currency means we’re squeezing all the economic energy out of the currency Right and where does it go well it goes into bonds and then everybody that held bonds is a store of value sells their bonds and they move their money into equities and into real estate and so you’re seeing monetary energy surging from the currency to the bonds to the Equity to the real estate to Collectibles to cryptocurrencies to meme stocks right that that was the war so how long did it take me to figure it out well after after March I mean the first thing we do is we deal with the lockdowns and you’ve got you’ve got an immediate issue At hand you know you’ve got thousands and thousands of employees and customers you’re going to take care of and how do you rewire the business in a world where the office is closed and you’re operating remotely that took us half you know a lot of Q2 And in the same time as I’m studying my operational problem and I’m basically doing a digital transformation of a 2000 person software company I actually start thinking about the transformation in this case the digital transformation of my balance sheet and I would say you know it it takes 10 hours of study To start to get the inkling of what’s going on it takes a hundred hours to start to be reasonably versed in in what’s happening here and it takes a thousand hours for a reasonable person to to have a fair grasp of everything if you want to be the ultimate master you Need 10 000 hours you know before before you’re comfortable laying on a billion dollar position in probably ought to have a thousand hours you know before I convince you to to risk huge amounts of money you probably need a hundred hours and before you can ask me an intelligent Question you need 10 hours so that’s the path that we went down was it hard to sell to your board were you concerned it because you were a public company and then did you expect more CEOs to follow I know you talked Elon into it and we can get into that But was that with those other two issues and did you have some trepidation when you went in you know um yeah we had a lot of trepidation I mean there was a lot of trepidation here in 2020 for a lot of people right in every single business across every Dimension And every aspect of life and we’re still working through those issues today we won’t be for probably you know a number of years to come um the process was first uh me educating myself so I went through those Andreas Antonopoulos videos I read the internet of money then I read the Bitcoin standard then I started you know uh binge watching every other Bitcoin podcast cryptocurrency analysis starting you know reading the bullish case for Bitcoin reading you know every essay I could find on the internet you can learn a lot on the internet you could you can learn a lot On YouTube you know I I figured out pretty quickly I could speed everything up to 150 percent and speed listening while I’m you know so you’re speed listening while you’re eating dinner and you’re absorbing a lot it once you do that you realize that you don’t want to Go back to like taking a one or two hour lecture a week over the course of the semester just like people binge watch Netflix you know television series in a weekend you start binge watching 30 hours of podcast at 150 speed with a little bit of skipping and you find that In 10 hours you can pause You Know cover a semester of content so I did a lot of that once I got myself comfortable then I put together a summary of materials like four hours of videos and you know 10 documents or something like that that I I sent all the officers and directors my company then I started meeting with them individually then we started them in group meetings you know we got educated then we split up and then the you know the general counsel went off to do the legal review with our outside counsel And to retain other Council the CFO went off to do the accounting and the finance review with outside Auditors and finance experts and get out of the board did their their research and then we came to a very elaborate process Brian um it we couldn’t just buy 500 million in Bitcoin and put out a press release we’re a publicly traded company so the first thing we do is is we have a deliberation and and the conclusion is we’re going to actually buy 250 million dollars worth of something and we’re going to buy back 250 million dollars worth of our stock So the first the first uh press release and the first announcement is we’ve decided that we’re going to invest 250 million dollars of our capital and treasury asset or a mixture of Treasury assets this may include stocks bonds real estate gold silver Bitcoin or cryptocurrencies something like that we let the market Think about that we also said we’re going to buy back 250 million dollars worth of our own stock over the next 12 months we announced a share buyback program stock is 120 a share sixty dollars a share and that put that in perspective it’s a 500 million dollar Company with 600 million dollars in value to the Enterprise and 600 million dollars in value of cash about one time 1.2 times Revenue um 79 9 cash flow a year I mean the digital transformation of the operation meant we weren’t going to need Capital to grow The business we were going to generate a lot of capital because the things that were expensive like throwing trade shows and flying around on airplanes and staying in hotels and spending money on all this advertising that just all went away so um so we knew we’re going to generate Cash we know we didn’t need the cash we announced this generally to the to the public crickets stock trades 20 000 shares a day nobody really notices uh they don’t care you know one week later we uh we uh went to stage two where we said okay well we’ve gone through our Analysis we’ve decided to buy 250 million with the Bitcoin we did it here’s the announcement and we’re also announcing um a Dutch Tinder offer we’re going to buy back 250 million dollars worth of our stock in 20 days and you can tender your shares for up to 140 a share So in essence the message is if you don’t like the Bitcoin strategy this is your chance to get off the roller coaster and you and you can get off with profit you can sell your shares back to us at 140 a share stocks trading 121 122 we know what I’m saying You’ve got 20 days to think about it so the idea is don’t surprise anybody I don’t want to tell you figure out what Bitcoin is and you’ve got five minutes right that creates anxiety you can’t figure out in five minutes um the company has embarked on a novel new Balance sheet strategy and we’re going to give you 20 days to figure out whether you’re going to buy more sell or hold your current position and should you decide you want out the company is going to backstop you we’re going to buy the first 250 million dollars worth of stock at a premium So the market trades first it trades into the 130s then they think about it a bit then it trades up past 140 and maybe past 150 okay so you’ve got kind of a put you know you can put the stock back to the company at 140 you would think it would trade at Least the 140.

for 20 days the shareholder base rotates we want them to rotate if you hate it we want you to sell if you love it we want you to buy at the end of the tender period we don’t know what’s going to happen we could Have had 250 million dollars tended we could add non-tender we had about 60 million dollars worth of shares tender okay so we buy back 60 million dollars worth of shares at 140 a share then we have 175 million dollars of extra cash we think about it we have a board meeting We adopt Bitcoin as our treasury Reserve strategy our treasury Reserve asset so the next message to the market is microstrategy is adopting Bitcoin as a treasury Reserve asset if we have excess capital from time to time we’re going to convert it into Bitcoin let the market think about that Shortly thereafter we bought 175 Million worth of more Bitcoin now we bought 425 Million worth Bitcoin well the people that are shareholder bases you know you either like you’re are you long Bitcoin or are you short Bitcoin or are you in neutral to bitcoin we don’t have to convince everybody we Just have to be uh uh we have to be transparent with with a group of people that happen to like Bitcoin so and maybe you could say I just got to convince anybody right it’s like I’m not trying to convince 100 of the people that they should love Bitcoin I’m just trying to Find the one percent that like Bitcoin and then act with transparency and integrity and offer them a publicly traded company where they can invest in such a strategy so at that point we had 425 Million worth of bitcoin we started to communicate why we did it we thought it’s digital gold it’s Smarter faster stronger than traditional gold and it offers a monetary inflation Hedge the world starts to digest that our stock trades up Bitcoin trades up at some point our stock trades up to 200 and it trades up to 250 then people discover maybe this is a good idea to Own Bitcoin Bitcoin we buy the Bitcoin at the first thing we bought it was like 11 800 people are like you’re crazy you’re taking all this risk it traded down to ten thousand we bought some more they thought you’re double crazy we took the risk I’m like I don’t think I’m crazy I think I’m you know well what are you going to do if it trades up or down and the answer is I’m not a Speculator I’m not a Trader I don’t care whether it trades up or down I’m holding it for they’re like Well how am I gonna hold it forever like I I’m holding it forever it’s property I mean A decade is it you want a time frame a decade I can we can Market I mean short time frame is four years to figure out whether it worked Out in the short time frame well mid time frame is a decade reasonable time frame is a hundred years that’s why we bought it people thought that was kind of crazy like are you speculating no I’m not speculating okay it takes a while people don’t you know they don’t quite figure it out At some point our stock traded up well you know all of a sudden our stock trades up to a 10-year High we keep making money uh our employees like exercise some stock options we make more money we have more cash we go by 50 million dollars worth more Bitcoin I think we buy Another 75 million worth of bitcoin now I bought 500 million worth of bitcoin Bitcoin doubles we’ve made 500 million dollars the stock is doubled at that point the stock gets the 300 a share it’s more than we’ve you know it’s best in a decade we go to the market we Offer to sell 400 million dollars of the convert Bond the market loves the idea of a converted Bond okay here’s the idea we’re gonna basically raise 400 million dollars we’re gonna buy Bitcoin with it if Bitcoin goes down you still got the bond if Bitcoin goes up you’ve got the Upside of Bitcoin where else can I buy a Bitcoin bond that that makes me money if Bitcoin goes up and doesn’t lose me money if Bitcoin goes down I’ve got I’ve got a software company standing behind it okay people want to divide that Bond we were like quadruple over subscribed so We raised the bond from 400 million to 650 million we paid 75 basis points and interests we borrowed 650 million dollars at less than one percent interest we bought Bitcoin we bought the Bitcoin around 20 000.Bitcoin kept going up that Bond was the best performing bond in the in the year In the U.S no one had a better Bond okay at this point people are starting to think that microstrategy likes Bitcoin Bitcoin keeps going up microstrategy stock goes to a thousand when it gets to a thousand we go back to the market and offer a 600 million dollar Bond Between zero and fifty basis points yield like uh 40 to 37 to 50 premium the bonds over subscribed we make that Bond of one billion 50 million dollar Bond we saw it at a 50 premium to continue watching the rest of the episode for free visit our website Londonreal.tv or click the link in the description below One more question 🍿 Watch the full interview for free at https://londonreal.tv/michael-j-saylor-why-bitcoin-is-the-apex-property-of-the-human-race-how-to-profit-from-taking-a-long-time-horizon-on-cryptocurrency/ 💰 The Wealth Academy: https://londonreal.tv/wealth 🔥 The Crypto & DeFi Accelerator: https://londonreal.tv/defi-ytd 🇺🇸 Biden bombed the Nord Stream?! https://londonreal.tv/nordstream Over the course of four weeks, our Crypto & DeFi Academy syllabus covers four key modules on weekly live calls, showing you everything you need to know to go from novice to trading blockchain finance like a pro, and has already helped thousands of our graduates start profiting from crypto.

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