Michael Saylor Reveals His Biggest Fear w/ Bitcoin

Michael Saylor admits his fear for bitcoin and crypto. Today we are joined by the founder of MicroStrategy to discuss bitcoin, ethereum, top altcoins, & MORE! SLAP THE LIKE BUTTON! 👋
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00:00 Intro
00:20 Bitcoin Politics/Skeptics
03:30 New Era for Bitcoin
09:58 “I worry about holding gold” – Michael Saylor
15:49 Saylor’s ACTUAL Fear w/ Bitcoin
18:57 The Future

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Why would I worry about I worry about Holding gold that's you know if you're Asking me what do I fear I don't fear Anything if I actually have the superior Asset if I was a gold holder I would Fear it's not really a question of Worrying about Bitcoin you ought to Worry about everything else So the fear The fear really is What scares you the most about Bitcoin Adoption because if there was no Opportunity if there's no risk there Wouldn't be an opportunity and vice Versa what scares you the most I don't really see anything that scares Me I think Bitcoin is has crossed the Event Horizon two or three years ago I Would have been concerned that ignorance In the political sphere would cause some Powerful politician to want to ban it Right and if you if you look at the at The ladder of uh Bitcoin appreciation People start at the bottom the bottom Wrong which is the Bitcoin uh denier And they think Bitcoin is tulip bulbs or Bitcoin is a Ponzi scheme you know and It's and it's like the Peter Schiff Denial and um we're Way Beyond that uh And then they move to the next level Which is a Bitcoin skeptic Uh Bitcoin is a digital commodity it Works you can send value between two Parties without a trusted intermediary

It's an innovation But It's too good to be true and the Government's going to ban it right lots Of people said that about two years ago I mean Ray dalio said that you know Jamie dimon said that you know Larry Fink kind of implied that you know it Used to be that there were a lot of very Powerful Successful uh either politicians or Powerful successful money managers that Were Skeptics And in the last 24 months those Skeptics Have been largely silenced when the when The head of the cftc says bitcoin's a Digital commodity And we're going to support it and when The head of the SEC says Bitcoin is a Digital commodity we're going to support It And when the head of the Central Bank of Europe and the Central Bank of the United States say yeah it's a digital Asset we recognize it We're not going to block it we're not Moving against it when the government Says well you know we need to embrace it When you have four political candidates Four do you know in the history in the History of the United States I don't think there's ever been an Example where you had four political Candidates running for president

Endorsing a new asset I mean I it would be similar to I guess If you had the leading Republican and The leading Democratic candidate saying We think every American deserves to own Their own home And we're going to sponsor legislation To make it cheap and easy for them to Own their own home Maybe something like that right uh but It's it's sort of up there so at this Point it's kind of hard to say that Skeptics are winning the day right the Skeptics are being shouted down they're They're out of the mainstream The Wall Street Journal Bloomberg New York Times CNBC A bunch of senators a bunch of Congress Persons the head of the Senate finance Company this or the house finance Committee I think they all acknowledge That Bitcoin is here to stay in fact Jerome Powell just yesterday right was Asked this point blank and Congressional Testimony and said yeah I think it's not Going away So I don't worry about the Skeptics now We're just now we're just at the stage Where you're either an investor where You think oh it's an asset maybe I'll Buy it maybe I'll short it maybe it's Overvalued undervalued I'll just trade It I'm a Trader Or you're a technocrat that's like it's

The dominant digital monetary Network It's a hundred times more powerful than The next proof of work Network It's indestructible it's like the Apple Of money or the Google Of digital money So I think I'll just get on this one on For the ride because it's it's destined To 10x from here and nobody can stop it And then uh the final layer you get to If you spend enough time studying this As you become a maximalist and to be Query here's what a Maximus means it Doesn't mean that every nation state Will fail it doesn't mean that we won't Have currencies like the Yen and the Dollar and the peso and the Yuan and the Euro it doesn't mean that people won't Invest in real estate or in Apple stock Or Google Or in natural gas fields It doesn't mean that that there won't be Other companies creating new stuff it Doesn't mean there won't be art it Doesn't mean there won't be digital art It doesn't mean all the other what it Means is you think that Bitcoin is an Instrument of economic empowerment to The world it means that you believe it's Not just the dominant digital monitoring Network or the dominant digital property Network if you want You can call it digital money you can Call it digital property you can call it

Digital scarcity you can call it a Digital commodity all those are true and It's the dominant one because you would Need three Earths full of electricity And every computer on Earth to interfere And you still wouldn't beat it that's Why it's dominant it's it wasn't always Dominant you know 10 years ago it wasn't You could have stopped it but once it Gets to 400x Hash it's pretty clear that It's past the Event Horizon because Those Bitcoin miners are two thousand to One more efficient than a CPU from Amazon and so you've when you've got a Silicon ratchet that's 2 000 X more Powerful than the commodity compute Power that's what makes it you know an Un an indestructible wall of digital Energy So when you're a maximalist you say okay Well it's the dominant digital Network or dominant digital money Network but you would also say Eight billion people are deprived of Property rights And um they don't have a bank they can Trust and they don't have scarce Desirable property and people in Indonesia or Africa or South America They don't have the option to buy city Blocks in New York City they can't even Buy a square foot in New York City New York City is a decent investment Idea lots of rich people got rich by

Investing in New York City but it's not The best idea the best idea is cyber Manhattan for everybody So Bitcoin in that way is ethically Superior to Google Apple Facebook Amazon Microsoft Alibaba WeChat Those are all great companies and as a Technocrat You can invest in those because you say They're going to 10x Right I did I made a lot of money Invested in apple invested in Amazon I Said well you know they're obviously Going to stomp everybody 25 000 retailers fail Amazon succeeds Walmart and Target barely keep up right That that's the story of retail in the Past 20 years so yeah that's I'm a Technocrat but you know I I don't Pretend that Amazon you know is the Ethical solution to the problems of People in Indonesia or Nigeria I don't Even think Amazon pretends right Right and and apple clearly is not the Solution to people in China and nor is Google you know Google's banned in China So Bitcoin is special because it's not a Company right when we talk about an Asset without an issuer there's an Economic implication it's Superior to a Company that's a digital Monopoly Because there's no attack surface The Chinese and the Europeans can Target

Google Apple and Facebook because They're not Chinese and they're not European But You can't Target a non-company that's Everywhere in nowhere there is no Headquarters there is no management team There's no CEO to subpoena Right so when when a government in Central Africa decides to deprive all of Their citizens of property rights and Say you're not allowed to have Bitcoin Well there's no Bitcoin CEO to arrest Right or subpoena or put on an Interpol Notice warrant on our red notice on so Bitcoin is nation state resistant and it Is profoundly ethical Because I can start a company in China That offers Bitcoin services to the Chinese And I don't have to be apple to do it And I can start a company in Nigeria and A different one in Argentina and a Different one in Russia and a different One in Ukraine a different one in Siberia and a different one and fill in The blank and the politics are going to Lurch back and forth But but ultimately The conclusion is Life is pretty hopeless for billions and Billions of people around the world uh Without Bitcoin And with Bitcoin a poor Uber driver or

Tour guide in central Africa has the Same property rights as a billionaire on The Upper East Side of New York City With an army of lawyers whose brother is The governor and you can't say that About anything else and you're not going To be able to hold out okay shares of Apple stock as the moral equivalent for The next hundred years I don't even Think look I I'm see I have been the CEO Of a publicly traded company I'm an Officer of publicly traded company I Can't promise you what the management of My company will be like in 100 years Or 50 years I don't know so So Bitcoin uh in that regard is special What what do I worry about I don't Really worry about anything of it at This point it's just it's just a matter Of who's winning and who's losing and How fast is this entire story going to Play out Right if you if you want to help your Family and your friends then you go and You Advocate Bitcoin to them Like you want to help your country Let's take turkey Okay well turkey's got a problem their Currency is collapsing And as the currency collapses all the People of turkey are being impoverished They've lost 96 percent of their wealth Against the dollar in 20 years They have a 20 to 40 billion dollar

Balance of payments problem every year They have 50 billion dollars of gold You want to solve the problems of Turkey What worries me well if I was Turkish This would worry me right Sell the 50 billion dollars of gold buy 50 billion dollars worth of bitcoin Bitcoin will go up by a factor of four To five turkey the turkey Central Bank Will have 250 billion dollars of Bitcoin Bitcoin will appreciate anywhere from 15 To 20 a year thereafter They will end up with a 40 billion Dollar Surplus from their Bitcoin Position offsetting a 20 to 40 billion Dollar deficit from their balance of Trade problem The Turkish lira will will actually turn Around and strengthen Everybody in Turkey gets rich or gets Richer they stop getting poor the Country is saved the currency is saved The people are saved They start an avalanche what would I Worry about I worry about holding gold That's you know if you're asking me what Do I fear I don't fear anything if I Actually have the superior asset if I Was a gold holder I would fear That one person in Turkey would have the Clarity The conviction And the courage To sell all the gold and buy Bitcoin

Because if that one person does that Then everybody else is going to start to Copy them the price of gold is going to Crash from nineteen hundred dollars an Ounce down to 200 an ounce over time Goal will approach its utility value The monetary premium gets stripped off Of it Other nations will start to do the same Thing The Nations that move first will have Their currencies benefit because instead Of having your currency backed by gold Your currency be backed by Bitcoin your Nation is backed by Bitcoin your nation Goes on the Bitcoin standard What happened to the African nations That kept the glass bead standard when The Europeans showed up on the gold Standard Right the Europeans basically printed a Bunch of glass beads used it to buy Everything in the African nation Enslaved everybody in Africa owned Everything and impoverished everyone That stayed on the glass bead standard So Is the gold standard working in Turkey No if it was working the layer wouldn't Be crashing right is the gold standard Working in China no they're not on the Gold standard the CNY is weak how do you Know it's weak because they have Capital Controls if they drop the capital

Controls everybody would take their Money out of the CNY and and the CNY Would crash so It's not really a question of worrying About Bitcoin you ought to worry about Everything else If you have any money in anything other Than Bitcoin You should be worrying that someone's Going to get rational and start to short Or sell that asset you're holding as a Store of value And they're going to start to buy Bitcoin with it because when that Happens gold goes from 11 trillion Dollars market cap to two trillion Dollars market cap Bitcoin goes from 500 Billion dollar market cap to 5 trillion Dollar market cap Right you're by the way I I just laid This out for a nation The same thing works for a company Like Mike my company Stock was you know uh 120 a share We had 250 million dollars of assets we Bought Bitcoin with it Today the stock is quadrupled almost and We have four and a quarter billion Dollars of assets our assets are up by a Factor of 20. You know we've made billions of dollars For our shareholders Our stock is up 150 percent Which outperforms Apple Amazon Facebook

Google every one of the big tech Companies every asset class So what do you fear If we bought gold gold would have been Down four percent if we had bought gold We would have 220 million dollars of Gold right now instead of 4.2 billion Dollars worth of bitcoin right now That's what you fear So The big idea is you can be on a Bitcoin Standard Your company can be on a Bitcoin Standard your country can be on a Bitcoin standard You don't have the option to not be on a Bitcoin standard the decision to not be On a Bitcoin standard is the decision to Be on a gold standard or Um an Airbnb apartment standard or an s P standard Or silver standard Or Bond standard Or the you know you want to be on the Peso standard the peso has gone from one Peso to the dollar to 485 pesos to the Dollar in 20 years That that's losing 99.8 percent of your Wealth in 20 years against a dollar the Dollars lost 75 percent of its wealth in The same time frame against scarce Assets So you want to be on a peso standard You're going to lose

99.95 of your wealth In 20 years So the fear The fear really is Somebody does it to you right a good Idea is an idea that you wouldn't want Your competitor to pursue to your Detriment So I'm I'm beyond the fearing of Bitcoin I think I think we're past the Event Horizon it's pretty clear it's winning It's been accepted it's accepted in China the Chinese acknowledge it as a Digital asset if the Chinese the Europeans the middle easterners the Singaporeans the South the South the Africans the South Americans the North Americans all acknowledge Bitcoin what Am I worried about Really it's your worries are all about Your own business your own family your Own country your own City You can execute poorly You can take your Bitcoin and put it With block fi or Celsius or FTX And have the counterparty fail You can worry about that I I guess I Would say I worry about Counterparties right we all worry about All the counterparties we deal with and Who do you trust and you should always You know you get a hardware wallet does It have a hole in it yeah when people Send me a hardware or wallet they're

Like this is just for you like I'm Giving it to you for free I'm like yeah I'm not using this one right Uh Right so so there are things to worry About but they're Common Sense things to Worry about As opposed to bitcoin itself The whole principle of Bitcoin is We've created an asset on a network to Eliminate counterparty risk in the asset And counterparty risk in the network When you actually own a commodity you Have counterparty risk to the other Commodity manufacturers and the physical Jurisdictions you custody the commodity In And when you when you have a commodity You have to you can't self-custody then You have counterparty risk of the Custodian And that gets you gold seized or that Gets your oil embargoed or whatever so Bitcoin is all about a limiting Counterparty risk So I think probably just don't f it up Right like don't like Don't try to fix it right don't try to Fix Bitcoin like that you wonder why the Bitcoin Maxi is so hostile to people With their ideas like like we just want To double the block size or we want to Change this pool or that rule they're

Hostile to that because because it's Already perfect And it's a bunch of a bunch of imperfect People with a large ego that think that They can improve it and they want to Basically eff it up so So I I would probably be a bit Worried about that if there was any Threat but but Bitcoin I think has Stabilized the protocol is stabilized The community is very is very committed To the current conservative principles Of Bitcoin so I don't see that as a Threat I I think now we're just in an Expansion adoption stage And as William Gibson said The future's already here it's just not Evenly distributed So you know you just think about where If you have perfect money and perfect Economic energy And a perfect Network The issue is how do you want to Distribute it And that that's where you guys come in Where everybody comes in right we're all Educators and we're just educating the World so they can figure out A figure out that it is a useful Technology that can make their life Better and then B figure out how to Harness it You know like I give you two lost Examples fire and electricity

They're both good for the human race But you can get burned by fire and you Can get shocked by electricity So even though I'm an electricity Maximalist and I'm a fire maximalist if I worry about things I worry about Burning the house down or electrocuting Myself As you should Be appropriate with the technology But otherwise I'm a Bitcoin maximalist be sure to Click subscribe we drop a video every Single day keeping you informed about Crypto