Michael Saylor - Bitcoin Set To Take Over The Monetary System

Michael Saylor - Bitcoin Set To Take Over The Monetary SystemShow more

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Michael GigaChad Saylor on Bitcoin MicroStrategy Earnings Reaction to Elizabeth Warren

Here, Michael Saylor explains the uniqueness of Bitcoin as a store of value compared to other assets. He also narrates how his company has made fortunes investing in Bitcoin.

What follows is the summary of the interview.

Bitcoin has done wonders for the MicroStrategy brand, and it has evaluated it by a factor of 100. Over the past 12 months, shareholders of MicroStrategy have made billions of dollars by investing in Bitcoin. In reality, Bitcoin is digital real estate. People are starting to realize that it's better than real estate. How? Bitcoin is scarcer; it's not taxed; you can take it to any state or country. And it's enormously appealing to people because they're looking for economic security, and that'd be an incredibly powerful trend.

MicroStrategy is benefitting from the groundswell of support for Bitcoin. The company is buying Bitcoin with its cash flows and has gotten a very profitable enterprise software business. So, as MicroStrategy generates more cash, the management buys more Bitcoin. They've also bought Bitcoin through equity issuance as employees generate stock option revenues the company bought Bitcoin with convertible debt. Besides, MicroStrategy has a billion-dollar shelf registration. To that extent, when they see any of those opportunities, they buy more Bitcoin for the shareholders. They do this by looking at the market and judging it from time to time, based upon market conditions.

Gap accounting doesn't always keep pace with the rate of innovation of capital markets. There's a need for an update to the gap accounting treatment for digital assets. This step will be a benefit to big tech, investors, both individual and institutional, and even to the US. MicroStrategy has got a $2.2 billion debt that attracts one and a half percent interest.

Bitcoin is an open monetary network that helps people to store and move value at the speed of light, using a computer chip on a mobile phone. For example, Google created digital books, Facebook created digital communications, Apple introduced digital music, and Amazon specializes in digital retail. Likewise, Bitcoin is a digital property. Now, 114 million people are on Bitcoin, making it the most broadly held financial asset in world history.

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