📯Michael Saylor - CEO, Microstrategy Keynote Speech

hi everyone

as david seymour again i'm joined in a

second with michael saylor

ceo of michael microstrategy we're

really honored to have with us

for those that don't know microstrategy

is the largest independent you know

business intelligence and mobile

software

based firm uh michael founded the

company in 1989

michael's been a pretty outspoken crypto

bowl for quite some time and is widely

credited with starting a kind of a new

trend of public companies

allocating a portion of their treasury

assets to this asset class which has

been pretty great for our

sector uh microstrategy famously

purchased about 425 million at btc

several months ago uh it's one of the

largest single bitcoin purchases in

history

uh michael will be sharing his crypto

perspectives with us

now he's be i said he's become one of

the biggest uh most vocal

bitcoin maximalists in the press and on

twitter and the clarity and forcefulness

of his bitcoin theses

you know are really going to rapidly

creating a lot of other converts to the

currency

uh so i turn over to michael in one

second i'll be back in about 30 minutes

to

do the next keynote with brad

garlinghouse of ripple next

so with that please welcome michael

saylor to the floor thank you

thanks david i'm uh i'm grateful to have

the opportunity to speak with everybody

today

um i thought um that

i would uh share

my thoughts on how we can all

collectively work together

to grow the crypto ecosystem

i think the big picture here is there's

250 trillion dollars worth of

assets in the asset ocean people have

huge amounts of monetary energy sitting

in bonds sitting in stocks

sitting in real estate sitting in

derivatives

and cash and uh the entire crypto

ecosystem which i you know i think of it

as crypto pond

versus an asset ocean the crypto pond is

maybe 400 billion

350 to 400 billion dollars now

how do we grow that crypto pond into a

crypto lake

of many many trillions of dollars and

then a crypto bay

of 50 trillion dollars and then a crypto

ocean of

hundreds of trillions of dollars

and uh i think there are some just you

know basic

basic ideas here that make a lot of

sense and

let me start with uh

the basic premise we need to make the

regulators comfortable

and we need to make the investors

comfortable and we need to make the

people that have all the money

comfortable

99.9 percent of the monetary energy in

the world

is not sitting in the crypto pond so how

do they think

i've spent uh most of my life around

them

and thinking about them as a public

company ceo i think about

regulators a lot and and as a technology

investor and investor in general i

think about how investors think and i

think that um

when you put all that together there are

some themes that come out so first of

all let's talk about

uh good ideas um

if we're going to grow anything in the

cryptos it's crypto ecosystem good ideas

technology when you talk about having a

better technology to do something

doing something a million times faster

or a million times cheaper

a million times easier uh

everybody can get behind that um

much better by the way much better to

have

technology partnerships big technology

partnerships or a good thing

um much better to to do

just one small thing and plug it into

apple or google

and then to do an entire stack of things

in its own ecosystem

that are disconnected from apple or

google

so so uh if i could come up with just

the smallest elegant functionality but

it got plugged into amazon apple google

or facebook

it's a screaming home run for crypto

we don't have to boil the ocean

top all the world we just need to come

up with that one elegant useful thing

that gets integrated so big tech

partnerships always a good idea paypal

good idea

square good idea being embedded in robin

a good idea

even if they only embed a small piece

the full stack of crypto functionality

let's say

the full stack of bitcoin functionality

it doesn't make it into the paypal app

but doesn't need to if even one tenth

of the stack of functionality makes it

in the paypal app it grows the crypto

ecosystem and it's good for everybody

um on the day that uh

that apple pay lets you move

any crypto asset around

massively good for everybody even if

it's

not the perfect way even if it's subject

to kyc

or some other regulation and may even if

you can only do it like apple pay was

only useful in the us

first okay that's the negative but if

you if you're able to use

move crypto around in the us it would be

a screaming home run compared to not

being able to do it at all

um so technology is a good idea tech

partnerships are a good idea

what else is a good idea uh innovation

uh any new approach that is going to

it's gonna create productivity in the

economy good idea

um trade

trade's a good idea now how what's the

positive way to do it

we've created a crypto network in order

to facilitate

trade across states cross borders cross

domains

across companies across across time

good things what's the wrong way to do

it regulatory arbitrage

you know avoiding pesky rules

anything that looks like an arbitrage uh

or or avoidance is a bad approach

anything that looks like

facilitating trade and innovation is a

good idea agility a good idea

we're providing agility to our crypto

network

agility for what for anything right

um if you're going to actually

offer somebody the ability to do

anything anytime without permission

better to say i'm facilitating trade

and agility than saying i'm doing

something without permission or or i'm

giving you the ability to uh

to uh duck a regulation or a rule

um emphasizing consumer protection

if a crypto asset is empowering the

consumer

whether they're a consumer in the

western world or consumer in the

developing world i think it's a good

thing uh

regulators are not going to resist

empowering

consumers with consumer protection

consumer reports

right the aspect of bitcoin

i can hold my own keys well i can

articulate it as a consumer protection

to the benefit of the consumer

or i could articulate it as

as a crypto anarchist libertarian

i don't have to i don't have to pay

taxes or i don't have to bow to the

government

well you know one narrative is going to

generate massive amounts of pushback the

other narrative is going to

elicit claps from the gallery so

thinking about how you say things i

think is very important

um institutions and big investors

they're going to want

transparency so with all of these yield

offerings and you know the crypto

banking

um if you want someone to put billions

and billions of dollars into your

network

then emphasizing opacity and

and mystery and enigma is not going to

help

uh they're going to want transparency

what's really going on here if somebody

says to me

we're going to take your money and loan

it to this person seven percent and

we're gonna pay you three percent and

there's a two percent

risk and we're going to create insurance

for the two percent risk

and we're gonna keep two percent i might

listen to that story and

and nod and think okay that's good i'll

take that but when they just tell me

they're doing

something with smoke and mirrors and i'm

going to get some percentage

i'm not so short and i would rather take

three percent with transparency than 30

with opacity it's too good to be true

uh gamblers will take the 30 you know in

a casino it's like i pull

i pull the um the slot machine handle

and maybe some money comes up but that's

called gambling when you make money

without knowing why without deserving

it if you actually understand

why it works and it's transparent

then you're more likely to trust your

life

with that thing stability is another

part of that right i need it to be

transparent before i put

hundreds of millions of dollars into

your crypto or into your idea

i need it i need to know why it works i

need to

understand that it respects the laws of

physics that it's not

that it's not too good to be true um

that it's creating rational value for

somebody somewhere

that makes sense uh for me to be on one

side of a transaction

i need to imagine myself being on the

other side of the transaction

and if i can see it being rational fair

and reasonable to be on either side of

the transaction

then i'll probably take the trade but if

one side the transaction looks great the

other side of the transaction looks

awful

then i think somebody's not telling me

something and i

won't invest or put my money behind

until i know

why it's too good to be true so that

that equity

uh equity and transparency and rationale

makes

is very important stability is important

because i need it to

i need uh to see that the markets

function the same way for a long period

of time

right nobody's going to trust the bank

in business for 12 weeks

12 months since yesterday three years

three years is it about at the point

where you start to think maybe i trust

it

yeah if you've got a crypto network or a

crypto offering or something

i'd like to hear you tell me that you

set it up seven years ago when you've

been working out

all the kinks and you're stabilizing i

don't really want to hear you tell me

that you started three years ago

but then you realized it was um all

messed up and so you just changed it 12

weeks ago or four weeks ago and now it's

good

because that might work for gamblers but

for investors

that have large sums of money uh they're

not going to be able to

get past the risk of that you won't be

able to get their fiduciaries to um

to support it so so longevity and the

lindy effect

really matter a lot as the sums of money

increase

one of the biggest advantages of bitcoin

is it's been around more than 10 years

and so i think that's pretty important

and and you have to set your

expectations accordingly and

and be humble in your approach i think

consistency

really is a good thing someone

is going to give you hundreds of

millions of dollars they're going to

want to see

it's it's a consistent business model a

consistent technology

keeps working you know like it was like

i don't know five years before

the extreme wealthy and billionaires

actually trusted the iphone

before they trust google or youtube or

iphone

i mean there's a lot of wealthy people

that didn't trust amazon for

10 or 15 years after they started

it takes a while to build up trust you

got to you got to have consistency of

brain and consistency of offering

you know you can't keep changing the way

it works at least

you don't want to change the way it

works in front of the customer

you know you can tweak behind the scenes

to make the algorithm better

maybe but if if it's jarring to the

customer

it's like a clock starts again you're

resetting the clock

every time you change something you know

from

where if you look at something like

ethereum on proof of work

well if it's been sitting there for four

five six years i think one thing then

when you change it all the proof of

stake

the clock starts again for three more

years

three to five years after the

proof-of-stake switchover

people will look back and say okay i

guess i can trust it now but really

if you change the fundamental

architecture of the crypto

or of the offering you've got to say to

yourself i just restarted the clock

and i'm going to have to take another

three to five years

and i think five years is kind of like

uh

it is really early for someone to put

hundreds of millions or billions of

dollars onto something

so just be aware when you're tinkering

with the architecture

you're starting the the lindy clock

again

and uh and that's going to that's going

to stop

large sums of money from flowing into

that new architecture

from uh risk-averse investors like

no the the innovators the venture

capitalists right the gamblers will do

anything

the vc will go 10 years early

maybe 15 years early but uh the

the huge institutional money is going to

wait

until the idea has seasoned

and it's hardened and it's been tempered

it's been tested and they've got to view

it to be reliable

and dependable so you got to decide what

you're trying to do what you're trying

to accomplish

um but all of those things are going to

be kind of critical

if you want to embed something either

with a

amount if you want a organization with

10 billion dollars of capital

to bet on you other than in a vc you

know small bc

side fund then they need to see that if

you want a 100 billion dollar big tech

company to really bet on you it needs to

be rock solid dependable

so let's talk about bad ideas bad ideas

experimentation

you know like nobody wants to hear that

you're experimenting

with something which is which is uh

life support equipment done

experimenting with my money

experimenting with providence with

security

with with something which is uh

as important as life so figure out what

that is

that makes people nervous they want they

don't really want to hear that

rapid mutation rapid mutation scares

away

institutional investors it'll scare away

big tech then you know i don't want

to bet my life on something which is

mutating every year

or every six months or every three

months those things we normally

run away from not run toward we want new

by the way

new is not a good idea yeah nobody with

money wants

new right bitcoin is currently the most

seasoned crypto asset

and we're fighting a never-ending war

with gold

and the gold bugs talk about 5 000 years

of history and you've only got 11.

so 11 months that's not gonna fly very

well

so rapidly evolving new

untested untested

like did you pack your own parachute

yeah somebody walks in and says i got no

scuba equipment or i got a new parachute

and i just kind of tinkered with it and

changed everything about it is 10 times

better

and i'm asking the question well when

did you put that in the market but the

answer is like this quarter

you know my thought is why don't you

come back to me in a decade

and five years and 10 years um

when something is mission critical you

know i've been on aircraft carriers

aircraft carriers uh 50 years

after world war ii ended and they still

have three people down

below the flight deck looking at a

closed circuit camera counting the

number of times a tail hook landing took

place

and when they get to 100 they both mark

their clipboards and then one person

pulls a crank which rotates the tail

hook and that's

50 years after world war ii and it's 20

years after computers

came along and i said to the commanding

officer why do you guys count tail hook

landings why don't you use a computer

for that

well the people are reliable the

computers fail sometimes and if we fail

on this one

we're going to lose a 40 million dollar

aircraft and someone's going to die

so when your life depends on it or 40

million dollars depends on it people

might

you know the navy takes 50 years or 75

years

to upgrade technology you know think

about that next time

you want to you know juggle 50 million

dollars worth of somebody's money

or 500 millions with somebody's money

um another bad idea excessive leverage i

look i think 125 to 150 to 120 to 1

these are awful ideas in the crypto

marketplace

i mean you might feel good about talking

about them but but

blowing up your customers with excessive

leverage

you know is is is like

drug dealers lacing their their um

you know drugs with fentanyl you know

like

it might have sounded like a good idea

but you start killing all your

patients and when you kill your patients

it attracts the police and then they

shut you down

so lacing your your let your uh

offering with excessive leverage such

that

someone can you're attracting the

junkies and the and the gambleholics

who want to get rich and then you're

blowing them up right and left it's it's

got a bunch of problems one

you kill all your customers two

two is you get a bad reputation for

addicting people to leverage

right that is legal and three you

attract

regulators that are going to come and

shut you down

and four you create massive volatility

in the price of your crypto asset

you know when when bitmex went offline

you could actually see bitcoin

volatility dramatically dropped

traumatic i i actually watched it like

the amount of trading was cut in half

and the volatility dramatically dropped

and

you think anybody wants to go put a

hundred million dollars into your crypto

if the price jumps ten percent in five

minutes and the next morning it's fallen

by twenty percent

no one's going to touch that and and the

culprits

are these unregulated exchanges running

like a casino gambling mindset

so get rich quick is a bad idea gambling

is a bad idea right you want to give

somebody leverage

two to one leverage you know like maybe

i'll let you borrow up to

50 loan to value 60s when you get to 80

loan to value that's 5x leverage you

know

anything beyond that is like again it's

just

it's just like lacing drugs with

fentanyl you're just going to kill your

patients

um kill your customers um so

other things that are bad ideas

positioning is the entire name

cryptocurrency i wish we could just make

it all go away

cryptocurrency is a bad idea we ought to

call them crypto assets

currency is the provenance of

governments

governments own currency they have a

monopoly on currency they have laws and

they have police forces and they have

and they have regulatory operators to

protect their currency

so attempting to thumb your nose at

governments and steal their currency

yeah it's that takes you through a you

know a dangerous place

i think privacy is a is a you know

it's not a great idea like probably a

bad idea

private currency put those two together

that's like waving a red flag at a bull

you might as well put a bullseye on your

forehead

[Music]

telling telling governments everywhere

in the earth that you're going to steal

their currency

and allow the citizens to avoid

complying with the law

is kind of a way to attract a lot of

unnecessary attention and pushback

so crypto asset not cryptocurrency

um you know if you privacy is

experimental thing might it work might

it might there make sense if

maybe maybe it's an innovative idea and

if you're going to do it you're going to

do it

wrapped in the mantle of empowerment for

the disadvantaged in the developing

world

that have no choice and maybe the united

states government will get behind giving

privacy

to people in africa and other countries

they're just not going to get behind

giving privacy to american citizens so

you got to keep that in mind um i think

you know anything that looks like it's

going to be a tool instrument for tax or

regulatory avoidance is

not a good idea uh payment networks i

don't think payment networks are a great

idea for crypto i think the crypto is um

it's not a good technology for payments

it's a billion times slower than

centralized

technology um so leave it to apple pay

and square and paypal and

and alipay and uh don't throw yourself

on that

sword i mean it's gonna end badly um

anarchy like anarchy and the zombie

apocalypse all of the technology to

support

yeah i'm okay doing it doing it's

important to have the ability to custody

your

private keys and it's okay to have

massive mission critical after the

apocalypse

fault tolerant technology i love that

part but really emphasizing it marketing

it

it kind of scares away the 99 percent of

the population

uh that actually aren't aren't looking

forward to living in a zombie apocalypse

so if you want alice walton or

you know or someone the mark zuckerbergs

of the world

and jeff bezos of the world and all of

the billionaires of the world

i don't think they're going to be

attracted by the zombie apocalypse

anarchy type ideas and so

um i i get the fact that crypto

integrity

is important and it goes to

you can say it two ways right you can

say

you can take custody of your crypto so

that if the bank screws you over

then you have an alternative and that's

consumer protection

and empowerment of the individual that's

a positive narrative

and people will support that the rich

the powerful the institutions the

regulators they'll support the idea of

protecting

the individual's rights they're not

going to support the idea of

having your own currency so that when

governments fail everywhere in the world

and there is no taxes left and we're in

the zombie apocalypse you can still do

business someone's gotta be excited

about that

so sometimes we're on worst enemies by

getting enthusiastic about that

uh i would uh i would focus upon the

incrementalism

so what what can we do this constructive

well first of all focus on bitcoin

like it's not that there aren't other

crypto ideas that are good ones and

there are and there's tons of

integrated uh services and technologies

that will work well with bitcoin but

bitcoin is the gateway it's the channel

to move

the 250 trillion dollars from the asset

ocean to the crypto pond

integrate with bitcoin you know it's a

lot better idea to integrate with

bitcoin and say bitcoin doesn't do this

like

if i'm doing privacy i'd be saying

bitcoin doesn't do privacy

but integrated with our thing we're

better at privacy and just leave it like

that

don't try to destroy a bitcoin protect

bitcoin

compliment it secure it and prove it and

promote it don't attack it

destroy it undermine it or replace it

because

if bitcoin doesn't succeed after 10

years with 300 billion dollars in it

there's no way that the next best crypto

is going to succeed if bitcoin fails the

entire industry is going to fail

if bitcoin grows by a factor of 10 you

can expect the entire rest of the crypto

industry and every other alt point to

grow by a factor of 10.

if bitcoin grows by a factor of 100 you

can expect all the

altcoin systems and and all the related

services to grow by a factor of 100.

so we all win together rising tide

lifts all boats by the way

bitcoin has shortcomings so plug the

shortcomings but complement it

right as opposed to criticize it uh

paypal plus bitcoin has shortcomings we

know you know instead of saying this is

awful

say paypal paypal doesn't allow you to

take your own keys into custody this

does

that's an opportunity for someone else

paypal doesn't allow this

we do paypal doesn't let you do this we

do

right and just just always think focus

upon the constructive positives because

every failing of every combination of

technologies

is an opportunity in the ecosystem in

the market for someone else to rise

and and ultimately

ultimately um if you're going to be

successful

in business i think the basic rule is uh

focus humility harmony

you need to focus on one thing and do

that one thing

consistently transparently well don't

try to be all things to all people

right when when you try to do a hundred

things is to it's like juggling razor

blades too many moving parts you're

gonna drop something

so i think focus is really important

humility is important

humility meaning that maybe you can't do

everything just because you could do it

doesn't mean you should do it and maybe

you're not quite as good as you think

you are

i would much rather you tell me you'll

get me four percent yield in a

consistent way than tell me you'll get

40

yield in a way that i don't understand

it's rapidly changing

just be humble and then harmony harmony

with nature harmony with the ecosystem

you have to be in

harmony with bitcoin to be in crypto you

have to be in harmony with the local

government

that you're that you're operating in

with their domain

if you fight the local government then

you're going to suffer

so harmony with the government you have

to be in harmony with apple and google

and facebook and

amazon you know and you have to be in

harmony with

with the customer in general so

normally you fail at these things when

you're too ambitious you try to go too

fast you try to do too much

i've been there i've done that as i say

to people

i never regretted my bad ideas i regret

all the good ideas that i pursued when i

only could really afford to pursue

one idea and so i think that's the

summary of my thoughts on crypto i think

i i am i am a big bitcoin believer

but it is also true i do think that

there are other things

there are other market solutions that

that crypto

assets can solve i do think there's a

place for stable coins i think there's a

place for crypto

i think there's a place for crypto

applications i think there's a place for

other type of crypto assets

i think there's the place for crypto

characteristics but you have to think

very very hard about the niche

or the segment the solution you're going

to bring to market

and when you try to reach too far

and you try to replace everything else

and when you crap over everything else

in the ecosystem you're just undermining

yourself

ultimately it's the evolution of

a variety of species that are that are

extremely good at fulfilling their

particular job in the ecosystem that's

what makes for a healthy

ecology you know you don't want to be

the eagle that envies the dolphin

that wishes it was a duck and

occasionally a snake

it's it's not going to end well you're

going to have to choose

what you're going to be and then own

that thing

so uh with that uh hey thanks for your

attention

and good luck to everybody and i look

forward to seeing all the wonderful

things that come

from this space over time

uh there you go thank you michael that

was great really appreciate your

thoughts

uh and all the time and whatnot i will

say i've introduced a lot of people as

bitcoin maximalists uh over the years

and i've never had anybody

almost everyone always kind of walks

backwards a little bit like you actually

focus down on a very clarified

you know almost single use case which is

you know it's a lot of clarity how you

think about it which is which is

impressive

um but um anyway so i really appreciate

that thought i mean one question i have

for you

just we probably go to the audience you

know i mean obviously a lot of talking

to spaces between gold and btc

and you know bitcoin is digital gold and

whatnot and i think you made a twitter

post or retweet or something recently

you're kind of going a different

direction obviously right now btc

aspires to look like the market value of

gold

um but it you know most people i think

in our industry kind of think they'll

live side by side i guess is that your

opinion or do you think btc

will end up you know kind of completely

circumventing the global market

yeah i think the pro i don't think

there's any way they live side by side i

think that the 10 trillion dollars of

monetary energy that's sitting on gold

is going to drain off and it's going to

move on to btc

and i think that if you buy the one uh

it's going to be a losing bet

so so that's the problem with being

hedged

50 btc 50 gold because

if you the reason you bought gold is you

wanted to safe haven asset that's

that's not a fiat instrument that's not

uh it's not

got its value underpinning underpinned

to the generation of fiat cash flows

if if i wanted fiat cash flows i'd buy

bonds or i buy real estate or i buy

stocks but if i want to run away from

them i buy something which doesn't rely

upon fiat cash flow so i buy gold

but gold is a defective asset there's a

lot of

counterparty risk there's a corruption

and we keep mining more of it

and and so bitcoin is synthetic

pharmaceutical grade gold

but without without the corruption

without the counterparty risk

and all right let's just say it's got

its crypto secure

it's you could have counterparty risk

but the option to take my keys

means that all the counterparties in the

crypto space are kept honest in a way

that

that the banks that hold your gold are

not going to be kept

honest so if i wanted to buy gold

and i understood bitcoin i would realize

that bitcoin is better than gold across

every dimension

a million times better than gold so the

only people going to keep gold the ones

that are ignorant

of bitcoin and as soon as they're not

ignorant of it

by the way and the reason they'll not be

ignorant of it is when the price goes up

by another factor of 10

you know and you know gold is breaking

down it's not moving bitcoin is moving

someone scratches their head and some

journalist says bitcoin

is gold for people that want something

better

than what we found in the earth's crust

5 000 years ago

so i i think it's very dangerous to hold

gold

um you know the only the only reason to

hold gold is you just believe the entire

crypto system is going to collapse under

its own weight

and you think a black swan will hit it

but if you don't think so

then you could very well find that you

lose

most of your monetary investment in gold

and that

bitcoin runs by a factor of 100 and that

would be pretty devastating investment

strategy for someone

but it would be awful to have figured

out that the problem is holding fiat

instruments

and then run to the wrong answer right

gold is the 19th century answer

bitcoin is 21st century answer it's like

you want to buy kodak or do you want to

buy apple because

you know people buying kodak are taking

cam

they're taking photos with canon cameras

and storing them in shoe box in their

attic

and then people buying apple are taking

photos on a camera putting on the

facebook network and which of the two of

those trades worked out better

yeah no it's interesting i mean the last

kind of thought from what you were

saying is

and i read this a while ago that you

know bitcoin is probably the first

software ever created where its killer

feature is actually its lack of ability

to upgrade

at least easily um that you know that

gives incredible stability

it was obviously pretty well architected

up front there are some minor tweaks

that can be made but the governance is

very challenged

but it was really interesting thought

that you know the power of bitcoin is

that you can't change it

um from a software world that's probably

never happened before

that kind of goes along with a lot of

your comments around just the stability

of it the immutability of it

yeah and i i think it's a pretty big

idea and i think that a lot of the guys

the people that are critic the crypto

critics of bitcoin

i think they think that the answer is by

inventing better technology

and what they don't realize is that

no that better technology gives you

new functionality and different

functionality but we've already

perfected the functionality we need

in the bitcoin network the functionality

is not

payment it's not a payment network it's

not a currency

it's not an application network it's not

a privacy network

the functionality is to store all of the

monetary energy on earth

in a simple ledger forever

without losing any of it it's it's the

most simple idea

but there's 250 trillion dollars worth

of money

in inferior assets mostly fiat

instruments and they're not doing a very

good job

in the next decade they're going to be

defective so

so you've got a use case which is just

store

the monetary energy in a simple ledger i

don't want any more bells and whistles

on it

but that's good for the first 250

trillion dollars david

like the answer is and and it's not a

bad thing

right but by the way if you've got

something that's got 250 billion dollars

on it

and it's good enough to support 250

trillion dollars on it

the rational thing for the entire crypto

community would be to say

hey you guys ought to sell your bonds

sell your cash

sell your stocks sell your gold sell

your silver sell your commercial real

estate

put into bitcoin where it will be

tokenized

pure encrypted energy you know in a

conservative

a conservative uh software network that

should last forever

and now after you've done that here's my

other idea for you

i got a d5 network i got a privacy

network i got a yield network i got i

got some functionality on top of it

i'm going to go ahead and create you

know a crypto

cross domain network that's going to

trade this ferociously a million

times a day and you can make more money

but if people don't get into the crypto

market if the assets don't flow

into crypto you're never going to be

able to do everything else with them

that all the other crypto functionality

offers

so the the the

the fight is to convince people that

would hold money in gold

to move it to digital gold that's a

battle that's worth 10 trillion dollars

and then the next battle is to to you

know to move

big tech stock and the next battle is to

move

debt and or commercial real estate and

those are battles worth fighting

and they're worth winning and you don't

need any more technology what you need

is solidarity right but what makes

bitcoin compelling

is that 300 billion dollars worth of

money is agreed to use it as their

monetary network

and and people can crap all over that

and say well the technology is not as

good

but the point is what makes facebook

compelling as a billion people use it

and the thing that makes twitter

compelling is a billion you know

300 million people use it and and

if you don't appreciate the fact that

everyone agreeing to do something on the

same protocol

is the intrinsic value right then you've

missed the fundamental issue

right the intrinsic value is the

agreement on the protocol

by the powers that be and that's the

basis of the roman empire

that's the basis of railroads it's the

basis of

electricity it's like nobody creates a

better electrical appliance that doesn't

work

on the power grid in the u.s even though

it's better but you know if crypto

twitter people said we need

five prongs on our power plugs because

five is better than

two or three everybody would say well

that's stupid it won't work

right so so i think that the idea is

it's the protocol

right and we just have to agree on one

and after 11 years of back and forth and

testing

we found one that works now we can scale

it up by a factor of 10 or 100 or a

thousand the sooner we do that the

sooner everybody else gets to launch

their own protocol that plugs into this

tokenized monetary energy it'll be good

for the entire ecosystem

okay well that's well said so i think

we're we're over time already

so i'm gonna be back so thank you

michael i'll be back with brad

garlinghouse in just a moment

we'll do a little rotation among

speakers but thank you again michael

that was a great

great speech and we'll hopefully talk to

you soon thank you david

all the best everybody