The Predator-Prey Dynamics Of Bitcoin: Michael Saylor - Bitcoin Magazine

you know

i i think that every company on earth is

sitting on a balance sheet that's

normally cash and credit

so

with a few exceptions everybody's

holding some kind of u.s dollar or euro

or the local fiat currency

and if they want an alternative to that

they're holding

risk low risk debt sovereign debt and if

they're really risky they would be

holding some other debt but a lot of

times it's sovereign debt and so that's

cash and credit

and uh the cash and credit are crumbling

right

they've always been crumbling but now

they're crumbling at a faster rate in

good times they're crumbling at seven

percent a year

and in bad times they're crumbling at 10

or 15 or 20 percent a year

and in horrific times

like if you're in venezuela argentina

lebanon

it's crumbling at

60 to 80 percent a year and that's hyper

inflation

so a year ago we were staring at a

balance sheet with 500 million dollars

of cash and credit and it looked like it

was almost certainly going to crumble at

a rate of 15 a year for four years

and that drove us to discover bitcoin

and then a light bulb went off and i

realized that

we could swap out the entire amount for

uh for something better and there are a

lot of ways to view bitcoin right you

can view bitcoin as digital property

digital money or digital energy you know

and if if you characterize this digital

property it's like i bought a 500

billion dollar

block of

property and cyberspace

and if you characterize this digital

money

i basically

bought 500 million dollars worth of a

currency

that nobody can pay any more of

and if you characterize this digital

energy

what we did is took it took analog

energy and we digitized it

you know if you had a if you had a

megawatt

of

power

and you sold that megawatt of power

commercially at 11 cents kilowatt hour

you'd have about a million dollars worth

of revenue

and if you took that megawatt of power

and you mined bitcoin with an s19 miner

today you'd have about four million

dollars a bitcoin

but the difference is if i'm holding a

megawatt of power as

electrical energy electricity

i'm gonna lose two percent

how do you put in a battery find me a

battery that holds a megawatt of power

first of all if you found one

it's got a two percent bleed rate a

month or more so you're going to lose 24

of your power in a year the half-life of

the powers at best three years

and if you move it you have to move it

on a power line

you can't move it more than 500 miles

you lose six percent of your energy

at the end of the line

every time you move it

so your transaction fee is high if you

move it and you and your inflation rate

is high if you hold it

and on the other hand if you convert it

to digital energy

you could hold it on the network forever

for no power loss

you could someone just moved two billion

dollars of bitcoin at 78 cents right you

guys saw that

so you could move it from here to tokyo

across a satellite connection for 78

cents so again no no cost to move it no

cost to hold it no constraints on the

storing of it

the half-life is forever

so

when i look at bitcoin i think

let's just convert the balance sheet

from analog money to digital money or

from something that's a depreciating

asset

to an appreciating asset

we did that and we took the first bite

at the apple august of last year and

then we

did a dutch auction to get permission in

essence from our shareholders to

reinvest the rest and by the time we

finished that we had

in essence given we had bought back

about 70 million dollars worth of stock

60 or 70 i forget and we had invested

425 million in bitcoin

obviously bitcoin did what it's supposed

to do which is appreciated

and uh from that point our stock started

appreciating bitcoin started

appreciating

and we had the ability to raise more

money through business operations we

generated cash flow

we sold equity

we sold debt

we sold convertible debt

and uh we continued to build to our

bitcoin position beca because what we

realized is

we could have we can and we should have

two strategies one strategy is run the

software business

and the other strategy is

run a property business we're in essence

running a cyber

development company or a cyber reit if

you want like

if i tell you there's 21 million blocks

in cyberspace and each one's a bitcoin

and

the world's going to consist of 21

million blocks and you showed up there

200 years before everybody else showed

up

you would think i'm just going to start

buying city blocks and cyberspace as

fast as i can

so we bought ourselves some

and then we realized that there are more

to be bought

and so we kept buying

so

what do we end up with today or where

are we

today

let's contrast this a year ago we were a

500 million dollar business growing zero

percent a year with 500 million in in a

balance sheet and crumbling cash and

credit

that's what we were a year ago

and the companies was valued about a

billion dollars

maybe one times revenue for the

enterprise software business and then

the

cash and credit is worth one that's

where we were a year ago today

we're um

a 500 million dollar software business

growing about 10 a year

so we got some growth out of it we got

more notoriety better for employee

morale

better for product awareness so we got a

bit of a boost

and

we're a 5 billion dollar

property business bitcoin business

growing a hundred percent a year or more

so we've got a high growth business

digital energy or digital property

and we've got a low growth business

enterprise software

and they're both linked

and they both benefit from each other in

different ways

so

why'd we do it well first we did it

defensively

and then we were opportunistic right

stage one is defensive i don't want to

lose my money stage two was

opportunistic i did it because i could

stage three is strategic

this is a pretty good idea to buy up all

of cyber manhattan before everybody else

moves here and if if bitcoin is

appreciating a hundred percent a year

and if i can borrow money at five

percent or one percent or six percent

then my arbitrage is going to be a

hundred percent

95 whatever the number is right we can

debate i think bitcoin went up 130 on

average for a decade and it's up faster

this year

so you plug in the number you think

it'll be but let's say we think it's

going to go up 110 percent

for the near future if i can borrow

money at five percent then i'm going to

get 105 arbitrage

why wouldn't you

right

so you have in that transition

coming defensively to bitcoin sort of

for the number go up technology

um and as most people do you right they

come to to make money or to stop leaking

wealth but

in my experience most bitcoiners who

last transitioned to thinking

of their worldview as as you have as

collecting digital property and holding

bitcoin there is no

volatility when you're holding bitcoin

and thinking on bitcoin terms so can you

speak to that mindset a little and how

how you came to that

well first i just wanted an alternative

to crumbling cash and crumbling credit i

just wanted the number not to go down

like most people don't think their

number goes down when they're holding

dollars but if you once you understand

the inflation rate you realize your

purchasing power

is going down if you're not keeping up

with the cost of capital and so your

wealth is being destroyed

so first i just wanted the number not to

go down i wanted to preserve wealth and

then

then we realized that it was uh a high

quality property

i think the um

i think the epiphany comes when you

realize that it is

it's the dominant digital property

network and digital property is better

than physical property in every way

conceivable

so if i if i theoretically designed

digital property

i want to store a billion dollars i want

to i want to hold it in the palm of my

hand move it at the speed of light

vibrate it a million times a second i

want it to last forever i want immortal

indestructible

infinite all-powerful

programmable

energy

right matter is energy

energy is matter

i can convert energy i could take a

billion dollars and turn into a building

i could in theory turn a building back

into a billion dollars i can buy a

billion dollars worth of electricity i

could buy a billion dollars worth of

guns

whatever it is you want to do right that

you know money is ultimately monetary

energy and you can convert it into any

kind of product or service or property

it's the apex

once you realize that bitcoin is digital

property or digital money or digital

energy

all of these things

then it becomes clear that everything

else you could possibly own is inferior

to that

right you would really never want to own

anything other than

pure digital energy

right like what why do you want to own a

building right

the only reason you want to own a

building is

you're going to freeze to death

if you didn't have something to come in

from the cold too right like you would

own a building to live in because

otherwise you're going to freeze to

death okay that's a good reason but with

all your discretionary energy beyond

that if you chose to own a 50-story

skyscraper in manhattan

is that as good as digital no because

the mayor of manhattan can seize your

building by eminent domain

if you're thinking you're going to rent

the building out

you know the politician can tell you

that you're not allowed to evict any of

your tenants even they don't pay you

right so

the property in the physical realm can

be impaired by any political

jurisdiction

anyone anyone with jurisdiction over the

property and that means

that means the neighborhood uh

review board right the neighborhood

building committee can tell you you

can't put an awning in front of your

building

the mayor the governor

every every regulator osha

you know

environmental review boards the congress

the senate the white house

everybody in in that physical

domain can impair the value of your

property

so

not only that

it's going to be impaired the second is

it's going to be taxed

right because when they decide to tax

your building you can't move your

building

and the third is the building is not

appealing to anybody else in the

universe like if i'm a billionaire in

beijing why would i want a skyscraper in

manhattan if it's if it's illegal for me

to travel to manhattan why would i want

to pay for that thing

so if you have a billion dollars of

property in manhattan it's not it's not

fungible and it's not desirable

everywhere else on earth

what i want is something that is

universally desirable through all space

time

how desirable will your building be in

500 years

right

buildings

not right and so there's another

interesting dynamic here with physical

property there's a maintenance cost

the cost of maintenance is the

theoretical investment every year you

have to make in order to preserve the

property value

you know if you ever own a boat

you know what that is stop investing in

the boat the boat sinks if you own a

building like what's the useful life of

a building 40 years 80 years 100 years

show me a building in manhattan that's

still good 200 years later

still desirable

so

property

property in the physical domain

doesn't hold its value through time

and it doesn't hold its value through

space

and it's not fungible

right the rockefeller center is not the

same thing as a thousand acres in kansas

they're different things the rockefeller

center is not even the same thing as

another big building in manhattan

whereas a bitcoin is the same as a

bitcoin

and we're back to your issue like where

do you get rid of volatility one bitcoin

equals one bitcoin and it means the same

thing

whether or not what is one bitcoin 121

millionth of all the energy in the

network

and uh

what is it going to be in a thousand

years

121 millionth of all the energy in the

network

okay

who's that interesting to

everybody

that joins the network

who can join the network

it's open

permissionless anybody

on earth can join the network

okay so is that everybody well not

everybody because some people haven't

joined the network

but

it is more inclusive than any other

thing

any other property network

a building in manhattan is interesting

to people that do business in manhattan

land in the us is interesting to people

that can traverse or do business in the

us

picasso

is interesting property to people who

appreciate picassos

right i mean presumably

a lot of people do but not everyone does

right so if you look at all the other

things you can own gold gold has value

to people that value gold

okay art

metals commodities

bullets bullets have value to people

that want to fire the bullets but if the

bullet doesn't actually fit in your gun

then it's pretty much useless to you

it's like a rock

very you know there's a certain bullet

you want certain bullet you don't want

so

why bitcoin

well bitcoin is the most universally

desirable

property

in space and time

it's the property with the lowest

maintenance cost

you can put a billion dollars of bitcoin

in coal storage and you don't have to

pay two percent a year to maintain it or

five percent a year or ten percent a

year

the maintenance cost on a boat is ten

percent a year the maintenance cost on a

building is three percent a year

the maintenance cost on fill in the

blank you know

pay to store your gold pay to store your

artwork pay to store your

whatever it is there's a cost

you own a company well there's a cost to

own a company you actually get diluted

by the share by the ceo or the executive

team when they issue stock options

you know if the company didn't have any

employees

right and didn't have any cost then

maybe there wouldn't be as much

maintenance but you know what do you

call a company that has no employees and

no maintenance costs well

bitcoin like

it becomes something else

so i think that when you embrace bitcoin

as your property strategy

you can get away from the maintenance

cost

the likelihood is going to be impaired

decreases exponentially

uh the l it's a lot harder to seize a

billion dollars of bitcoin than it is to

seize a billion dollars of land or a

billion of art or a billion of gold or a

billion of a building or a building of

stock

exponentially harder

if i had uh if i have a billion dollars

in a bank it's easy to seize a billion

in a bank

if i wanted to take all the money uh

from everybody in argentina

i could do it overnight if it was

sitting in cash or credit but if i

wanted to seize all the money from

everybody in argentina and they all used

bitcoin and held their own keys i would

have to incarcerate

70 million people for 90 days

and i'd have to sweat it out of them

so how hard is it

to jail

70 million people for three months and

how many people do i need to do that

very difficult a thousand times harder a

million times higher

10 million times probably 10 million to

100 million times harder

to seize the asset than it is to seize

cash or credit or securities

seizing companies and seizing buildings

is easy right the cubans seized all the

all the buildings right everybody lost

their private property in cuba and

castro took over that's simple

it's easy to nationalize an oil company

it's easy to seize all the gold right we

know how to do that

it's very difficult

to see these passwords in people's heads

so

so i look at bitcoin and i think well

it's it's a universal property it'll

last forever it's very hard to seize

it's very hard to tax

it's uh it's easy to move

and that makes it universally appealing

because on the day you wake up and you

find that it's uh illegal to own bitcoin

in your country

you can either take it with you to

another country

try taking a billion dollars of gold to

another country with you try taking a

billion dollars a building on the

country so you can either take it with

you or

you can send it

somewhere

or you can sell it

and so the ability to send it

to take it or to

to keep it or to sell it all those are

three rights

that you sacrifice when you buy a house

or a building or land or securities or

credit

or cash

you don't have those right or art or

collectibles

or sports teams right whatever it is you

think you have

you don't have property rights with

those things

and ultimately the idea of bitcoin is

nothing is is an elegant

121 millionth

of all of the value on the network for

as long as the network may

last and

there's nothing more stable

nothing more stable nothing more

predictable in the entire financial

universe than that

right that is that is the single most

stable

uh

you know

body in the entire financial universe if

you're looking for something to revolve

around there's nothing more stable

so

to me bitcoin is or has the potential to

be

the most useful

asset for meeting the coincidence of

wants of the most people

and it would follow to my mind that

bitcoin

actually

it doesn't

predict the future but it can alleviate

future uncertainty for the most people

on the planet which which to me means

that

they can accumulate property they have

the freedom to because of this

technology

i was wondering what what you thought

from a humanitarian standpoint

we can talk about el salvador i i think

yeah i think it naturally follows right

digital energy digital property digital

money is the is the greatest

utilitarian

asset

the greatest utilitarian value or the

greatest utilitarian asset on the

greatest utilitarian network

in the world in the history of the world

um

and uh

that means for eight billion people

right it it offers

the possibility of economic empowerment

i think

if you want to give if you want to give

joy to 8 billion people

you need digital music

and if you want to give education or

or enlightenment to 8 billion people you

need digital books or digital education

and if you want to give wealth to 8

billion people you need digital property

digital money

right

and um

there is no other

uh there's nothing else that offers that

promise right

the reason bitcoin's powerful is because

at the end of the day

you can put trillions and trillions of

dollars of energy on the network and you

can distribute it

over something like the lightning

network to eight billion mobile devices

and the and the mobile devices cost

fifty dollars

so the ability to give

uh economic energy to 8 billion people

on a 50 device

and do it with integrity and do it with

no friction

right like you're when you're moving

stuff with a lightning network you're

moving it for one satoshi

so it's friction free

speed of light

at any scale 37.37

000.37 million dollars

you know at any frequency

right like i wanna i wanna vibrate

something right as tesla tesla's point

about understand frequency if i have a

billion dollars of gold i put it in a

volt the frequency is like once every 10

years

that's the velocity of the money

if i have a billion dollars and i put in

the fiat currency and move it over the

visa rails

and the fed wire

then it takes one to two months to move

it every time i if i make a charge

transaction before final settlement you

know it's gonna be 30 days before you

know that you're not going to get clawed

back in another 15 days or something so

so 45 to 60 days after i pay you for

something you can move it so you're

talking about velocity of six per year

annual velocity six per year

i put the same money on on the bitcoin

lightning network and the velocity is

six

per minute say

six per second six per hour right you're

talking about

uh

a velocity which is orders of magnitude

higher and then of course the cost is

the visa network is two percent two and

a half percent friction

cost to move a billion dollars of

transactions

25 million dollars

the cost to move a billion on the

bitcoin network 68 cents

the cost to move that on the lightning

network if you break it into like

a hundred thousand transactions is get a

hundred thousand satoshis

right so there's nothing comparable

right

it's a revolutionary transaction network

and it's also a revolutionary

uh monetary network

both at the same time it's like kind of

dual revolutions

because you know in one in one case you

can

distribute economic energy

to billions and billions of people

billions of times an hour

and that

is something of wonder

and in the other case you can store a

billion dollars of energy in a battery

for a hundred years

and still have the energy

and we don't have

any other

credit or cash

or asset instrument or property

instrument

where you could store a billion dollars

of economic energy for a hundred years

without dissipating it

and just a question of

how fast right in gold you dissipate

ninety percent of it in a hundred years

and

fiat like us dollars you dissipate 98

percent 99 and 100 years

in electricity like

literal electrical energy

you dissipate 100 no one can store that

much electrical energy for a hundred

years you just paid it all it's all gone

right even we even ran into this issue

with uh oil like chemical energy or

natural gas

they had this situation last year where

they're pumping oil on the ground and

the oil price went negative

because there's nowhere to store the oil

right like once you run out of

containers or or tanks to store the oil

you got to pour it

on the ground

or into the ocean you can't store it so

so people

and and we run the same issues with

natural gas and and the like every

single form of energy or form of of um

property is challenging

to move to store

over time

and bitcoin solves that problem so

you wanna

you wanna empower eight billion people

you need a monetary network

that that can reach all of them at an

economic

cost and i think

lightning

on top of bitcoin and or

there's other layer three apps right i

mean you can do

centralized solutions like square cash

app or something like that and they also

have

exponentially decreasing transaction

costs

uh that you get

by accepting counterparty risk but if

you accept the central bitcoin bank

and you make google or apple or facebook

or square or paypal that bitcoin bank

you can still move a billion

transactions an hour

almost frictionless and so

so that bitcoin offers the promise of

super con

monetary super conducting like is it's

like

in a superconducting network when you

get the temperature low enough level

there's no friction anymore and you can

do some pretty amazing things

that's what we have

in bitcoin

or maybe call it it's like

weightlessness if i actually took you

into a weightless orbit and i can all of

a sudden push a million pounds with a

finger

interesting things happen

and i i think that's what we have here

we it's it's a major breakthrough

and i think of it as

i think it is the next logical

evolution of energy electrical engine

electrical energy was a big deal when we

had mechanical energy

we had to put uh you know a mill was

built around a turbine because i'm

running water through the mill and every

machine has to run off of that turbine

and if and then we got to electrical

energy and you didn't have to build it

around the turbine anymore you could

spread out the plant across 18 acres

because you can move electricity

up and down in multiple dimensions and

in space

but with digital energy

you know i i'm not limited to a plant i

can move the energy through time and

space

a million times more efficiently

so the kinds of structures

that you could build and the kind of

things you could do

are now

exponentially

exponentially more efficient

yeah it seems to me like you pointed out

that um a lot of centralized uh forms of

energy you know

until we found a use for it oil on a

plot of land uh would depreciate its

value for most of human history

um

so

to my mind we've solved the problem of

kind of monetary entropy by

decentralizing

the whole system and keeping it

moving through through proof of work um

uh to continue to make bitcoin the

strongest

asset um

but what does the transition look like

to make it into something like the

strongest currency we've got the us

dollar dominance as a currency how does

bitcoin

transition

do you think it will

i think bitcoin as the network is going

to continue to grow and it's going to

demonetize other assets

and that the assets it's going to

demonetize will be a function of the

cultures that it's within so for example

in a culture

where you have hyperinflation and the

government collapses

it's going to demonetize the currency

because everybody desperately needs a

currency and there isn't an alternative

um

in a culture where people uh

people feel

it's unsafe to own property

like for example if you had weak

property rights

and you felt like the government was

going to seize your house or seize your

land or you couldn't own land

maybe it's illegal to own land then

bitcoin's going to demonetize the

property

like if you have a million dollars

you're not going to invest it and land

if you don't trust your property rights

for example like

i wouldn't be comfortable making an

investment in apartment building in a

city that has shown itself willing to

strip landlords of their rights right

right so you're holding an apartment

building you can't you can't charge your

your uh tenants to live in the apartment

building nor can you evict them

okay what's the what's the logical value

of the building does it go up or does it

go down in that circumstance and if i

have if i have discretionary cash am i

going to reinvest it in more apartment

buildings or not

and i think the answer is

wherever we see property impaired the

monetary energy and the property is

going to flow to an alternative which is

better so in the u.s

i think that that in the us people are

comfortable with the us dollar and what

they're not comfortable with or less

comfortable with is maybe

uh risky stocks

or or risky property investments or say

gold

things like that and so it's logical

that bitcoin strips

the monetary premium from commodities

securities indexes

credit like like for example i got a

million dollars and i could invest it in

30-year t-bills yielding 1.6 percent

or i could buy bitcoin well

you know what's going to happen there is

i

my company had a lot of that right we

we had

we would normally put 90 percent of our

treasury into sovereign debt

and only 50 million of it or 10 of it

was sitting in cash

so

what we did is we demonetized the

sovereign debt for the most part and we

rolled into bitcoin so i think in in the

developed world in europe and the us i

think that that bitcoin is going to

demonetize

uh debt

low grade debt or or low yielding debt

and credit it's going to demonetize

savings accounts but i mean it's

uh most people had already given up on

savings accounts by the time we got the

last year what they go to etfs

and so i think bitcoin actually grabs uh

monetary energy or capital from etfs

from commercial real estate

and from debt

in the developed world

i think in the uh in the developing

world

and you know in places like

iran even in china and north korea in in

lebanon in syria in iran and iraq and

afghanistan

lots of places like that well

you don't have a stable banking system

you're not even dollarized

your currency is much worse than that

right

so i think that

i think that uh what you're going to see

is that if there's

180 countries or something out there i

think that 15 or 20 of them keep their

currency privileges i think the bottom

100 are going to lose their currencies i

think they're going to dollarize first

everybody wants to but how do i

dollarize the best way to dollarize is

the el salvador strategy which is

i have a mobile application which has

got dollars and it's got bitcoin on the

lightning network

uh what you want is you want a currency

as a medium of exchange it's like a

stable value coin

stable versus all of the pricing of the

retailers

and that's like a dollar it's probably

the most stable thing in the universe

and then you want an asset which is an

appreciating

token

that will will hold its value over time

and that's bitcoin

and if you wanted to maximize your

utility you would

you kind of put 90 of your balance sheet

into the asset

into bitcoin

and then you put the last piece the

working capital or the checking account

into whatever is the currency

uh that most of the retailers that

you're surrounded with take so if i was

in japan

i'd be holding one month worth of yen

and if i was in italy i'd be holding one

month worth of euro and if i'm in the

u.s or a dollar economy i'm holding one

month worth of dollars

and then the rest i'm sweeping and to

enter my long-term asset portfolio or

property portfolio and my stock of

property is

you know i maybe i buy a property to

live in because it's a nice house and i

want to live in it for the rest of my

life and i can't rent it

maybe

then maybe i buy my trophy art or you

know maybe i buy the picture because i

love the picture or maybe i buy the car

or maybe i buy the boat or maybe i buy

the plane or something because i want to

fly in it float in it live in it

whatever i want to do

but all my discretionary

asset i would put into the highest

quality property which is of course

bitcoin

so generally i think

i think what you're going to see is um

100 trillion dollars worth of capital

flow

out of investment properties in the

developed world into bitcoin

and the currencies the euro the dollar

will get stronger like strong by

stronger i mean

i don't mean stronger in purchasing

power i mean

you'll probably see the dollar become a

currency used in el salvador and you'll

see it used in venezuela and you'll see

it spread to argentina

and why wouldn't you see it spread to

every country in africa

like name a currency in africa that you

would prefer to hold in your wallet

versus the dollar

none i think right is there a better

currency than the dollar in in africa

but but you know if i have

ten thousand dollars

i'm probably going to hold fifty dollars

in my currency wallet i'm gonna convert

the other

9950 into bitcoin

because

that's my checking account versus

savings account

and even then you know the best thing i

think

the ideal situation you want to get to

of all eventually is

i put 100

of my assets into bitcoin

and then i have a credit card slash

credit line which is drawn

against the which is converted into

local currency

and it is drawn against the bitcoin so i

have ten thousand dollars of bitcoin and

i want to spend 37

so

i spent 37

and now i owe 37

against

my quarter my 50 million satoshis

and i and i never really sell my bitcoin

i just generated debt against the

bitcoin

and this is

we're a little bit early here but

but if

if your expense ratio

is less than your expected appreciation

over time

that is to say if you expect bitcoin to

go up

ten percent a year and if you have

a million dollars in assets and your

expenses a year fifty 000 so your

expense ratio is 5 a year

and you expect bitcoin to appreciate it

10 a year if your expense ratio is less

than your expected appreciation over

time

you never have to sell anything ever you

can borrow against your assets from now

to the end of eternity

now it requires that you have uh a

bitcoin banking sector developed right

you have to have a credit line against

the bitcoin and we see that developing

in different ways around the world but

but ultimately that would be the ideal

situation you would want to have a you

would want to have a situation where

you're holding bitcoin and you're

drawing credit lines in the currencies

that exist

and i think what we'll see is the world

will reduce down to 10 currencies or

five the chinese currency the us dollar

the euro

right the only way currency can exist is

for the government to stay viable

and uh you know there's no afghan

currency right now right i mean it's not

going to be one of those so if you're

spending anything what are you going to

be spending right it'll probably

dollarize

if it isn't it's already dollarized

right

so

i think that that what we see is a

collapse of currencies to a few

and i think you see the collapse of

properties to a few

right like for example

there's a hundred thousand buildings in

the us you can buy for the cost of one

bitcoin

or you can buy bitcoin

which of the two is the easier decision

so presumably it's like

a lot of things that are manufactured as

stores of value a security a reit

a bond it's like

why do i need all that stuff if i can

just buy bitcoin so

i think that uh

i think

how will it develop it'll develop at

different rates organically in different

countries

in different markets based upon the

culture based upon the law

based upon

you know the the circumstances of the

people and based on crises

and uh

and based on common sense

right you're in argentina um do you feel

safe in argentina you have a million

dollars do you want to own a million

dollars worth of company in argentina a

ranch a building a gold a boat

land or do you want to own the currency

or do you want to own the bitcoin

right if if you're thinking you're going

to flee the country

everything i named is worthless except

for the bitcoin

when i had money in argentina and i was

trapped there i was like well can i buy

a boat with it it's like i either buy

gold i can't get that out of the country

i buy a yacht i can float that out of

the country but that was before i knew

about bitcoin so today if you ask me the

question i'd be like

i'd say buy bitcoin it's kind of but

that's because i'm leaving but on the

other hand if you're living in texas

and you like texas

you might feel like it's okay to own

a hundred acres in texas maybe you think

you feel safe in texas