SaylorCorpus

Billionaire Reveals How Bitcoin Hits $21M By 2046! (FULL BREAKDOWN)

BTCPrague · 2025-06-24 · 46m · View on YouTube →

0:02

With the help of all that information,

0:02

I'm going to now share my Bitcoin

0:03

prophecy.

0:11

I think we're going to be $21 million

0:11

in 21 years.

0:14

It's a very special time in the network.

0:21

Maybe the one time in the history of the

0:23

network where you look out 21 years and

0:25

you see 21 million. I expect 21 million

0:29

coins at a $21 million price in 21

0:32

years. And people ask, "How's the

0:34

network going to grow?" It's going to be

0:36

growing at 21% in 21 years. The

0:41

volatility is going to be 21. The only

0:45

number you need to remember is the

0:47

number 21.

1:06

Ladies and gentlemen, you know what to

1:06

do. Prague, make some noise, get on your

1:09

feet, and give it up for the one, the

1:11

only Michael J. Sailor.

1:16

[Applause]

1:19

Love it.

1:38

It's like it's lovely to see the group.

1:38

I had the opportunity to take selfies

1:40

with about 400 of you

1:43

this afternoon.

1:53

and uh and it was a it was an honor. I

1:53

appreciate it. Thank you for coming

1:54

here. Um today I'm very excited to

1:57

present

2:09

I'm very excited to present the power of

2:09

21. Uh my topic today is Bitcoin

2:13

time and the engineering of generational

2:18

wealth.

2:20

Um for those of you who are in Nashville

2:23

last July,

2:25

I presented a few slides and I want to

2:28

take you back 11 months.

2:31

So this was the status of the

2:34

macroeconomy. In July, Bitcoin was

2:37

appreciating 55%.

2:39

It was uh trouncing the NASDAQ and the

2:42

S&P. Gold was a lagard.

2:45

Silver was lame.

2:47

Bonds were losers.

2:51

Bitcoin was a trillion dollar asset

2:53

class. Um it was just uh

2:57

point less than.1%

3:01

of the wealth in the world. But we could

3:04

see that something was going to change.

3:13

I presented a forecast in July

3:13

and I said um I really think

3:16

my base case is Bitcoin is going to grow

3:18

29% a year for the next 21 years and uh

3:23

that's going to cause it to appreciate

3:25

to $13 million of Bitcoin.

3:35

We had a macro forecast

3:35

and that meant that Bitcoin was growing

3:37

to be 7% of of all global assets

3:46

and it was growing to be it its own

3:46

asset class and you can see here

3:49

$280 trillion

3:52

but

3:53

the preeminent monetary asset in the

3:57

world.

3:59

So all of that was last July.

4:02

Bitcoin was $65,000.

4:12

What happened since

4:12

11 months?

4:18

Okay, this is extraordinary. I was uh as

4:18

Joe said uh I was bullish last July.

4:24

I've always been bullish, but when

4:26

Bitcoin

4:28

dipped to $16,000 during crypto winter,

4:31

I was bullish.

4:33

Um,

4:35

but stuff that's happened in the past 11

4:37

months has been extraordinary.

4:40

The White House

4:43

has embraced Bitcoin. This is an

4:45

extraordinary development. We didn't

4:46

anticipate this. We we hoped that we

4:50

would get a favorable admin

4:51

administration and we hope we get

4:53

support and we had this inkwing but uh

4:56

November 5th brought a sea change in

4:59

politics and and although we thought we

5:02

might have a uh pro Bitcoin president,

5:05

we didn't think we get a strategic

5:07

Bitcoin reserve. We didn't think that

5:09

the president would say America will be

5:13

the Bitcoin superpower of the world.

5:17

This is an amazing development.

5:20

The new administration,

5:22

JD Vance, pro- Bitcoin. Robert F.

5:25

Kennedy, pro Bitcoin. Tulsi Gabbard, pro

5:29

Bitcoin. Kelly Laughler, pro Bitcoin.

5:32

Paul Atkins, pro Bitcoin. Brian Contez,

5:35

pro- Bitcoin. Scott Benissant,

5:39

pro Bitcoin.

5:41

David Saxs, a new position, cabinet

5:43

level position.

5:45

Not just pro Bitcoin,

5:47

a cabinet member that would go on

5:49

television and say Bitcoin is the one

5:52

decentralized crypto network in the

5:54

world. It is special.

5:57

It is the digital commodity.

6:00

Right? The one thing that we've all

6:01

known, but a cabinet member in the

6:05

United States government says it. He

6:07

said it in March of this year. Howard

6:10

Lutnik, pro Bitcoin. Cash Patel, pro

6:14

Bitcoin.

6:15

Every one of these cabinet members

6:17

flipped from 12 months earlier where

6:21

there would have been no one that would

6:23

have been as bullish on Bitcoin as what

6:26

we saw here.

6:28

Wall Street embraced Bitcoin.

6:31

$150 billion of capital,

6:35

1.4 million Bitcoin. This entire dynamic

6:38

started in January of last year, but it

6:41

accelerated after July.

6:48

public companies. My company was the

6:48

first public company to adopt Bitcoin.

6:51

People thought we were crazy. I thought

6:54

we were late.

7:07

Like some of you, I kept thinking that I

7:07

got it right in 2013. Like why did

7:10

stupid? Why didn't I buy in 2013? In

7:14

2020, I thought I was late. But what

7:17

happened next is the second company, the

7:20

third, then 130.

7:24

Then then companies like Trump Media and

7:26

GameStop and 21.

7:29

And now companies are racing racing to

7:33

get into the Bitcoin 100. Used to be we

7:36

thought, oh, it'd be great. There's 10

7:38

Bitcoin companies and 20. Now there's a

7:40

hundred. Now there's more than a

7:42

hundred. Now we're all going to compete

7:44

to move up the leaderboard. Yeah. Let

7:47

the games begin.

8:01

Bitcoin wasn't an institutional asset.

8:01

It wasn't cool on Wall Street. People

8:04

thought it might be toxic. Well, now I

8:07

have a whole set of equity analysts that

8:11

write research and publish their

8:13

research to investors and they put a

8:16

price target on Bitcoin. So now you have

8:19

the entire equity capital markets

8:21

embracing the asset class,

8:24

writing about it, opining on it. You

8:27

know, we went from went from an oddity,

8:33

tulip bulbs maybe going away

8:37

an entire array of analyst and

8:41

investment banks starting to have an

8:44

opinion. And of course, if you look at

8:46

all the prices up there, their opinion

8:48

is all positive. It's all bullish.

8:53

Technology in investors have embraced

8:55

Bitcoin.

8:57

What you see there is the Bank of

8:59

America investment analyst equating

9:03

Bitcoin to something as profound as the

9:05

light bulb, the Model T of the worldwide

9:09

web.

9:10

Right? That's a very important rotation.

9:13

Bitcoin is a technology.

9:15

Bitcoin is not a speculation.

9:18

Bitcoin is not uh is not an oddity. Uh

9:23

Bitcoin is not anarchy. Bitcoin is just

9:25

the next great technology.

9:28

Financial regulators embrace Bitcoin.

9:31

This you never believe. The head of the

9:32

OC says banks should use they should

9:35

support Bitcoin. The Fed says it's okay

9:38

for banks. They should get on and and

9:40

start supporting Bitcoin. The

9:41

accountants say you need you need to

9:43

provide fair accounting for Bitcoin. The

9:46

SEC says it's okay to create ETFs of

9:50

Bitcoin.

9:52

This is an amazing development.

9:54

Capitol Hill embraced Bitcoin. The

9:57

House, the Senate, the Cabinet. You've

10:00

got three bills. The Clarity Act, the

10:02

Genius Act, the Bitcoin Act, all moving

10:05

through Congress right now.

10:08

This is something nobody guessed. No one

10:11

conceived of a year ago.

10:14

States in the United States are

10:15

embracing Bitcoin. governors, right?

10:18

There's legislation working its way

10:20

through state legislative branches

10:22

everywhere.

10:23

You know, Bitcoin is money for

10:25

everybody. Bitcoin is for everybody and

10:28

everybody is getting interested in it.

10:31

International governments embrace

10:33

Bitcoin. spokespeople for the UK, for

10:36

Ireland, for Pakistan, for Bhutan, for

10:39

El Salvador,

10:41

for Russia,

10:43

in China, in Hong Kong,

10:46

in Europe,

10:48

everywhere,

10:49

right? They all have an opinion. Their

10:52

opinion is this is very important. This

10:55

is an extraordinary movement.

10:59

The crypto industry,

11:01

the crypto industry has embraced

11:03

Bitcoin. There was, and this is

11:06

extraordinary. You should all give

11:08

yourself a hand because you've won.

11:22

These are all public statements from the

11:22

last 12 months. And let me tell you how

11:24

I interpret this. This is everybody in

11:27

the crypto ecosystem acknowledging that

11:30

Bitcoin is the foundation of the crypto

11:34

economy.

11:36

Bitcoin is the reserve currency of the

11:40

crypto economy. Bitcoin is the one

11:44

central certain unshakable

11:48

uh unshakable protocol and the fulcrum

11:52

the focal point of the entire industry.

11:56

Everything else is built on top of it.

11:59

uh there's been an unpreced to me

12:02

unprecedented

12:04

uh coalition that's come together in

12:07

support of Bitcoin and I think a

12:09

realization that uh the entire industry

12:14

needs Bitcoin as their ethically sound,

12:18

economically sound, technically sound

12:22

foundation if they're to have any

12:24

future. And uh and I think you guys

12:28

should be very very proud of that

12:30

development.

12:33

12 months. What's going on? Bitcoin is

12:35

still running hard, running harder than

12:37

it has been, up 61%.

12:40

The Magnificent 7 and the S&P are

12:43

underperforming.

12:45

They're struggling. The tariff wars, the

12:48

trade wars have been a challenge for

12:50

them. Uh there's been a there's been a

12:53

general mainstream

12:55

uh lagging of confidence and that's

12:58

caused a surge in gold. But Bitcoin is

13:02

running much harder than gold. Real

13:04

estate soldiers on and bonds continue to

13:07

fail.

13:13

Bitcoin's outperforming all asset

13:13

classes this decade, too. So it

13:16

continues with what you would expect 56%

13:20

on average ARR for the past nearly 5

13:23

years

13:25

more than double the MAG 7

13:28

that's more than double about double the

13:33

you've got gold a little bit of a surge

13:35

starting to catch up but gold still

13:36

underperforming the S&P and real estate

13:40

less this is an important chart here's

13:43

what this chart is telling you the cost

13:45

of equity is uh 13%.

13:52

That means that if a company's

13:52

capitalized on gold, real estate, bonds,

13:55

soybeans, oil, any other commodity, it

13:58

can't it can't beat the cost of equity.

14:01

You cannot sell equity to buy real

14:04

estate. It's dilutive. There is only one

14:08

asset that a a company in the world can

14:10

hold that you can capitalize on that is

14:14

higher than the cost of equity and that

14:17

is Bitcoin. And so you see this the

14:20

explosion in Bitcoin treasury companies

14:23

is because now that the world's

14:25

recognized a digital commodity,

14:28

they also recognize it beats the cost of

14:31

equity. That means that every public

14:34

company in theory should recapitalize on

14:37

Bitcoin because when they sell equity,

14:40

they're actually generating profits.

14:42

They're creating an accretive

14:43

transaction for their shareholders,

14:46

right? That the world is waking up to

14:48

this. You see that h sense you see or

14:51

hint you see an explosion

14:55

you know in the shares of metaplanet and

14:58

smarter web and h100 and blockchain

15:01

group right uh this is going to continue

15:04

there these companies are going to catch

15:06

fire everywhere in the world in every

15:08

capital market for one simple reason

15:11

investors can see that 56% is more than

15:18

it's just that simple

15:26

And this is a very powerful dynamic

15:26

Bitcoin

15:28

basis points of global wealth.

15:32

So here's an interesting thing.

15:35

We are now at an inflection point.

15:39

We have all the information to know

15:43

Bitcoin is winning. And yet the

15:46

majority, 99.8%

15:54

of the capital in the world still

15:54

pretends and acts like it isn't. Most is

15:58

still oblivious. You know, something the

16:01

rest of the world has not yet

16:02

acknowledged. And yet, it couldn't be

16:04

clearer

16:06

uh to all of us in this room. There's a

16:09

monetary revolution of foot,

16:11

a revolution in economic thinking.

16:15

It's spreading everywhere in the world.

16:18

It's fueled by the digital

16:20

transformation of the capital markets

16:23

that you see manifested in all of these

16:26

companies and all of these securities

16:27

and all of this Bitcoin activity and

16:30

it's going to be accelerated by

16:32

explosive financial innovation. That

16:36

innovation is surging now. Uh you can

16:39

you can see it everywhere around us.

16:41

Every single company is thinking how do

16:43

I integrate? What am I going to do? So,

16:46

the revolution is a foot. The world is

16:49

bullish on Bitcoin. It's being adopted

16:52

faster

16:54

and more aggressively by governments, by

16:56

banks, by corporations,

16:59

by investors than nearly all of us

17:03

thought a year ago, right? We were

17:05

bullish a year ago, but certainly I I'm

17:09

hearing now BVVA is supporting Bitcoin.

17:12

And I'm seeing the secretary of the

17:14

treasury saying it's okay for banks to

17:16

Bitcoin. We've uh we've seen the

17:19

explosion of all these Bitcoin treasury

17:21

companies. I didn't think they would go

17:23

so fast. I didn't think Smarter Web

17:25

would go from 4 million pounds to a

17:28

billion pounds in two months. Let's give

17:31

them a hand. That's amazing.

17:43

you know, MetaPlanet goes from 10

17:43

million to a billion and I was ready to

17:45

declare victory. I thought that's great.

17:47

That's 100x and then they surge to 8

17:50

billion. Let's give MetaPlanet a hand.

17:52

It's it's amazing.

18:01

So, of course, you're bullish. I'm

18:01

bullish. But the point is the governor

18:04

of Texas is bullish. The point is the

18:06

president of the United States is

18:08

bullish. The point is people you don't

18:10

know in places you've never been

18:14

are bullish.

18:15

This is extraordinary.

18:18

And I take a moment

18:21

I take a moment to go back to someone

18:24

that was bullish when none of us were

18:26

here, when none of us had this

18:27

information. January 10th, 2009,

18:32

the network launched technically January

18:35

3rd, but it was kind of clicking away by

18:37

January 9th. And the next day, the next

18:40

day, a certain genius

18:43

estimates that Bitcoin could be $10

18:46

million a coin. And this is so humbling.

18:50

It took the rest of us

18:54

16 years, $2 trillion

18:57

in order to come to a conclusion that

19:00

yeah, this is going to happen.

19:04

Thank you, Hal.

19:19

inflection point, ignition point, escape

19:19

velocity.

19:26

When a nuclear reactor comes online,

19:26

when the chain reaction starts up, we

19:29

call that criticality.

19:31

Bitcoin's reached criticality.

19:34

The network has come to life. The work's

19:37

done.

19:40

The power's flowing.

19:43

And there's no off switch.

19:51

Satoshi's fire is now unstoppable.

19:51

Right. The network is unstoppable.

19:54

Thank you.

20:09

Satoshi's point is the shelling point

20:09

of global money.

20:12

We can now see, you can see, I can see

20:16

the rest of the world is beginning to

20:18

see that in fact there is an inversion

20:22

and there's a transformation. This

20:25

network doesn't need me anymore. This

20:27

network doesn't need anyone anymore.

20:29

It's going to continue to grow

20:33

and um and no one can stop it.

20:37

And so with that, with the help of all

20:40

that information, I'm going to now share

20:42

my Bitcoin prophecy.

20:57

I think we're going to be $21 million

20:57

in 21 years.

21:00

It's a very special time in the network.

21:04

Maybe the one time in the history of the

21:06

network where you look out 21 years and

21:09

you see 21 million. Specifically,

21:12

I expect 21 million coins at a $21

21:15

million price in 21 years. And people

21:18

ask, "How's the network going to grow?"

21:21

It's going to be growing at 21% in 21

21:25

years. The volatility is going to be 21.

21:30

This is all the only number you need to

21:33

remember is the number 21.

21:46

And what does that look like?

21:46

Well, that looks like 28.5%

21:48

from here. Not that different. Slightly

21:52

less than 29% AR R. But the path the

21:56

path to 21 million is not going to be

21:59

simple.

22:00

It's going to be volatile.

22:03

And so you're going to you're going to

22:04

see a volatility and it's going it's

22:07

going to damp over time, but you got to

22:09

be prepared for the volatility for the

22:11

surges and the draw downs, the good

22:13

days, the bad days.

22:15

This is Bitcoin's annualized return

22:17

looking back a decade, looking forward

22:20

to decades, and you can see that the

22:23

network was growing faster when it's

22:25

small. That's totally rational.

22:28

It's now in the mid50s.

22:31

What do I expect? I expect it will

22:33

continue to grow exponentially, but as

22:36

it approaches hundreds of trillions of

22:39

dollars, it will decelerate to the point

22:42

where it's growing about 21% a year.

22:46

Now, how does that compare to the S&P?

22:48

It'll be growing faster in 20 years.

22:52

It's still going to be the best idea.

22:54

It's still going to be the most

22:56

lucrative capital asset a company can

22:59

hold. It's still going to be uh durable,

23:04

vital. There will not be a better

23:07

investment in the year 2046.

23:10

And I think it's very important to

23:12

understand that

23:14

um Bitcoin's trending toward

23:18

the performance of the best capital

23:22

assets in the world in the conventional

23:24

world, which are like, you know, mag

23:26

seven digital monopolies mixed into an

23:29

index. it's trending toward it, but it

23:31

will never reach it and it will never

23:33

perform at that level because it's

23:35

always going to be better. It's always

23:37

going to be more useful. It's always

23:39

going to be less risky. It's always

23:41

going to have the counterparty risk of a

23:43

company stripped away. There's never

23:45

going to be a CEO to subpoena. There's

23:47

never going to be a labor force. There's

23:49

never going to be the challenge of a

23:51

supply chain. It's never going to have a

23:53

tariff on it. It's going to be pure

23:56

digital energy. pure economic energy. By

24:01

then, it will be moving at the speed of

24:03

light on layer 2s, on layer 3es. It'll

24:07

be moving 10 million times a second.

24:10

It'll be trading between billions and

24:12

billions of nodes and billions of other

24:14

nodes. There's going to be nothing else

24:17

to compete with it. It will be the most

24:20

valuable thing performing the best.

24:23

You're not going to want to sell it in

24:24

21 years. You're just going to wish that

24:28

you had acquired more of it.

24:31

And here's the volatility

24:34

looking back. Volatility. Okay, it's 80

24:36

90 vol 100 V. Today it's the mid50s, the

24:39

the mid40s. What do I expect? Well, this

24:43

is kind of very straightforward. The

24:45

volatility is going to also dampen as

24:49

the asset class grows, as the structure

24:52

matures, as the options markets come on,

24:55

as the bank when the banks embrace

24:57

Bitcoin and they'll give you a loan, the

24:58

volatility will damp. When it's fully

25:01

banked, when it's fully optioned, when

25:02

the when the mainstream investors are

25:05

are invested in it, the volatility will

25:07

damp. But the volatility of the S&P is

25:11

the VIX. It's 16. Bitcoin's going to be

25:14

21. Bitcoin's always going to be more

25:17

volatile because it's more useful,

25:20

because it's more pure, right? And

25:23

that's and because it's more leverable,

25:25

because you'll have more capabilities

25:27

and you'll be able to do more with it

25:29

everywhere in the world. Um, it will be

25:32

raw economic energy. And that's that's

25:35

okay. Volatility is vitality.

25:39

So now you have a future $21 million

25:44

21 AR 21 V.

25:49

This is the important part of the

25:50

presentation.

25:52

What will you do?

26:03

First of all, you have a 21-year head

26:03

start. You know something? 99.8%

26:08

8% of the capital in the world does not

26:11

yet know, right? You know that this

26:13

thing is unstoppable. You know that

26:15

everybody needs it and very few people

26:18

understand it. That's the most valuable

26:21

information in the world. If I told you

26:23

Bitcoin was going to 21 million

26:25

tomorrow,

26:27

that's not useful.

26:29

It's too late. I'm giving you something

26:31

much more valuable. I'm giving you 21

26:34

years to leverage that information while

26:37

everybody else is oblivious, while

26:40

everybody else is afraid, while

26:42

everybody else is distracted,

26:50

you can do something. If you build the

26:50

right machine,

26:52

build a moneymaking machine for

26:55

yourself.

26:57

If you build the right machine and you

27:00

plug it into the Bitcoin network, it

27:02

will grow stronger every day,

27:06

it will grow stronger every year. It

27:08

will compound

27:10

extraordinary

27:12

wealth.

27:14

Extraordinary wealth.

27:17

And you will change your world. You have

27:21

a once- ina-lifetime opportunity to

27:24

change the destiny of everybody in your

27:26

bloodline, to change the destiny of your

27:29

community, everything you hold dear, to

27:32

change the political course of human

27:34

history.

27:36

You can do it. You have the opportunity

27:39

because you have the most valuable

27:40

information in the world. And the

27:42

question is,

27:44

how are you going to do it? What is your

27:47

Bitcoin strategy?

27:51

You need a 21-year plan,

27:53

right? If you have the vision, but you

27:57

don't have a plan, you're just dreaming,

27:59

right? You're not going to get there by

28:01

talking about it. You need clarity. You

28:03

need to know what's going to happen.

28:06

You need courage.

28:09

You need to be willing to take a risk.

28:11

You need to put your own economic

28:14

interest at risk. You're going to need

28:17

to take a courageous step. And then you

28:20

need to take action.

28:22

Clarity, courage, action.

28:25

People that understand Bitcoin buy

28:26

Bitcoin. People that don't understand

28:29

Bitcoin talk about Bitcoin.

28:33

So what are you going to do? You're

28:34

going to build a long-term plan

28:37

based on disciplined work, responsible

28:41

finance,

28:43

sound engineering,

28:46

and Bitcoin. So, I'm going to lay out a

28:49

few possible options for you here and

28:52

then you can decide what you want to do

28:54

and how aggressively you want to do it.

28:58

Let's start with this one. DCA, dollar

29:01

cost averaging.

29:03

What is the strategy? The strategy is

29:05

work carefully

29:08

for the next 21 years. Buy

29:12

$50,000 US worth of Bitcoin each year,

29:17

increase your savings by 5% a year, and

29:22

then hold the Bitcoin. That's a

29:25

strategy. What happens if you do that?

29:29

Okay. Well, you can see your investment

29:32

is going to gradually increment by the

29:34

5%. Over the 21 years, you'll end up

29:37

putting $2 million of cash

29:42

into into this investment. And what's

29:44

your outcome? You're going to end up

29:46

with 1.9 Bitcoin, it's going to be worth

29:50

$40 million.

29:53

Okay? $40 million.

29:55

How does that compare to other

29:57

strategies?

29:58

Well, if you take the same money and you

30:00

put it into the 6040 portfolio, if

30:03

you're conventional investor, if you

30:05

take the advice of your financial

30:07

advisor,

30:09

you will have $4 million

30:13

if you put it in the S&P index. Don't

30:16

don't diversify out of that. You're

30:18

going to have 6 million

30:20

if you actually invest in Bitcoin. But

30:22

then every time Bitcoin doubles, you you

30:25

kind of you rebalance the portfolio.

30:29

If you're responsible and you engage in

30:31

that rebalancing,

30:33

you'll have 15 million. If you let

30:35

Bitcoin run by a factor of 10 and then

30:38

you take money off the top

30:41

and you rebalance that way, you'll have

30:43

28 million.

30:45

And if you just buy the Bitcoin and

30:47

don't think about the rest, you have 40.

30:49

So the difference between conventional

30:52

and Bitcoin

30:54

is a factor of 10x.

30:58

That's the DCA strategy.

31:01

What's the next strategy? Leverage.

31:05

Borrow a million dollars up front. Pay

31:08

less than 10% interest if you can.

31:10

You're leveraging your future. You're

31:13

going to tap your underutilized assets.

31:15

If you got to sell your chairs, sell

31:17

your chairs. Mortgage your house. Use

31:20

capital intelligently. Ask your family

31:23

for a loan. A approach your grandfather,

31:26

your grandmother, your father, your

31:28

sister, your uncle, your brother.

31:31

Ask your friends next.

31:34

Don't pay off your student loans.

31:36

Definitely don't pay off your mortgage.

31:40

Okay. What happens? Well, that's a

31:42

single jolt of energy. one time

31:47

it's worth $190 million to you. Okay,

31:51

it's uh Okay, that's actually the payoff

31:55

of courage

31:57

taking a risk.

31:59

What happens if you combine the two

32:01

together?

32:02

You basically borrow the money up front,

32:05

you DCA, and then every year you

32:09

leverage 5% of your existing Bitcoin

32:11

stack into Bitcoin. Again, this is what

32:15

the outlook or the outcome looks like.

32:18

You're going to end up with $260 million

32:23

of US value. You end up with

32:26

approximately 14 Bitcoin. And you can

32:28

see the the recycling of the leverage is

32:33

a very powerful powerful technique here.

32:38

What about a financial strategy? Let's

32:40

just take that a little bit further.

32:41

What if I just recycle 15% leverage?

32:46

Not 5%, 15%. You can still survive an

32:50

80% 70% draw down. What happens this?

32:56

you'll be up to $370 million.

33:00

And then here's a business strategy. I

33:02

form a company.

33:05

I maintain 10% leverage.

33:08

I issue 5% equity every year at a

33:12

multiple of NAV of two. 5% dilution a

33:15

year on a business. Okay. What happens

33:19

there? Well, you're going to generate

33:21

$760 million of wealth by issuing equity

33:27

and by staying a little bit levered. And

33:30

so you can see when you consider these

33:32

comparisons,

33:34

right? DCA is work hard, invest in

33:38

Bitcoin. Leverage is use some financial

33:41

engineering.

33:43

The DCA plus leverage takes you much

33:46

further. The financial strategy of

33:49

course is almost 10 times a DCA

33:53

and then the business strategy of course

33:55

is extraordinary almost 20x. Now

34:00

let's talk about tradecraft.

34:03

How do you do this without getting

34:05

liquidated?

34:06

How do you do this in an intelligent

34:08

fashion?

34:10

So this is a credit matrix.

34:13

On the y ais is the interest rate you're

34:15

paying. on the x- axis is the duration

34:19

of the credit instrument. If you're

34:21

borrowing money for less than five

34:23

years, four years, you're a gambler.

34:27

When you're when you're borrowing

34:28

short-term money, you may get

34:30

liquidated, especially when you're

34:31

borrowing money for four weeks or four

34:33

days or four hours. This is this is a

34:36

little bit of a risky zone. When you're

34:39

borrowing money that cost you 20 or 30%

34:42

interest in short duration, you are a

34:44

lone shark victim. Okay? This is

34:47

suicidal. You're going to get your legs

34:49

broken. Do not do that.

34:53

When you borrow money at expensive rates

34:55

for long periods of time, you are an

34:58

indentured servant. You're a debt slave.

35:00

You're going to work your entire life.

35:02

You're going to have nothing to show for

35:03

it. That does not make sense.

35:06

What you want to do is borrow money for

35:09

10 years or longer and you'd like to get

35:13

the interest rate below 10%. So 10ear

35:16

duration less than 10%. If you get to a

35:19

30-year loan with three or 4% interest,

35:22

you're a financial genius. You know what

35:24

that is? That's mortgaging your house

35:26

two years ago to buy Bitcoin, right?

35:29

That's the thing that all the

35:30

non-coiners made fun of us for. If you

35:33

were smart enough to take a 30-year or

35:35

20-year mortgage at 3 or 4% and buy

35:37

Bitcoin, you are financial genius. Not

35:41

not complicated. You're swapping 3 or 4%

35:44

cost of capital for a 29% return on the

35:49

capital.

35:50

What about equity? Okay, so you have a

35:53

company.

35:55

If you sell 90% of the company at three

35:59

times NAV, you just cashed out. You made

36:02

a you made a lot of money. You're

36:03

retired. You're going to sit in a rocket

36:05

chair rocking chair. You're rich.

36:07

Congratulations. Right? That that is

36:10

your exit strategy. If you basically

36:13

sold 50 60% of your company at three,

36:16

four, five times nav, you're a

36:18

racehorse. You're going to be racing.

36:21

You'll have a jockey. That's good.

36:23

You're in business with other people. If

36:26

you manage to sell 20%

36:29

at seven times nav, you're looking like

36:31

a unicorn. People are going to write

36:33

books about you. You're going to be the

36:34

cover of magazines.

36:37

And if you can actually sell less than

36:39

10% of your company at a 78, n times

36:44

nav, you're Pegasus. Okay? You're a

36:47

superstar, a shooting star,

36:50

right? They're going to write entire

36:53

books and teach courses about you.

36:55

Right. So that red line, that red line

36:58

is the no-go line. If you're selling

37:01

equity below one times NAV, you're

37:03

deluding your own shareholders, right?

37:06

That's that's awful. And so you got to

37:08

stay above that. Now, some common

37:10

objections.

37:12

You're going to hear these objections.

37:14

You're going to hear more of them from

37:15

all of your, you know, wealthy financial

37:18

advisors or or wealthy friends that are

37:21

no coiners. And they're going to say

37:23

things like, "It's too late. It's too

37:27

late. You know, you did it, but you

37:29

know, if I done it back in 2013 or done

37:31

it in 2020 or done it whenever, it's too

37:33

late." But here's what I have to say.

37:36

Um, Henry Ford decided to harness fire a

37:40

million years after human beings

37:43

discovered fire. It was not too late.

37:47

It's not too late to use the wheel.

37:51

It's not too late to master explosives.

37:55

It's not too late. If you need a gun and

37:58

someone invented a gun 500 years ago,

38:00

you're not going to say, "Well, I guess

38:01

it's too late for me." Or how about

38:05

English? Someone learned English before

38:07

you. It's too late. It's an old

38:09

language. I guess it's not that useful

38:11

anymore. Or to fly. I'm not the first

38:14

person to fly.

38:16

There's another company in my town. They

38:18

installed electricity. It's too late for

38:20

my company. After all, someone else

38:23

installed electricity first. I don't

38:25

really need electricity. It's too late.

38:28

Or the mobile phone.

38:31

Too late to use a computer.

38:34

Too late to get on the internet.

38:37

Too late to go to space. It's too late

38:39

to buy a Bitcoin. Here's what they're

38:42

missing.

38:44

Bitcoin's technology. It's not a

38:46

speculation. It's the ignorant

38:49

speculators that think it's too late

38:52

because they don't understand that it's

38:54

digital energy. It's digital technology.

38:58

It's never too late to master

39:01

technology.

39:04

And I would leave you with a thought,

39:06

it's never too late to do the right

39:08

thing. I mean, it's very simple. Second

39:11

big objection. Oh, it's a Ponzi scheme.

39:14

It's tulip bulbs. Blah blah blah. It

39:17

seems too good to be true.

39:19

The four most dangerous words in

39:21

finance. This time it's different. John

39:24

Templeton. Well, Sir John Templeton is

39:26

not on the walls of MIT's great court.

39:29

They have Newton and Madame Cury and

39:32

Einstein, you know, and Galileo, but

39:35

they did not put his name up there

39:37

because he's not a scientist or an

39:38

engineer. And the point is this is

39:41

different. Fire is different. Water is

39:45

different. Wind is different. These

39:49

things, guns, germs,

39:51

when the Spaniards show up in the New

39:53

World and 90% of the Native American

39:56

Indians died because of the germs, it

39:58

was different, right? These things are

40:01

not the same. John D. Rockefeller

40:04

noticed oil was different. If you're

40:07

actually basing your strategy on a

40:09

technology or a paradigm shift, then in

40:13

fact, it is different.

40:19

And the point here

40:19

is Bitcoin is different. That's why it

40:22

matters.

40:24

People that tell you it's not different,

40:26

they don't understand it.

40:29

Don't be swayed by them. And now I'm

40:32

going to end with some final thoughts.

40:40

There's a saying in the American West,

40:40

the cowards never started.

40:43

The weak died along the way.

40:47

In this case, to never start means to

40:50

never invest in Bitcoin. If you have

40:53

your money and it's invested in not

40:56

Bitcoin, you never started. You have to

40:58

put your capital into Bitcoin and then

41:01

the weak dying along the way. Okay.

41:03

Well, you did a stupid deal with a lone

41:05

shark and he broke your legs because you

41:07

borrowed money for four weeks at 37%.

41:10

Okay, don't do that. Right? It's not an

41:13

easy journey, but neither is getting in

41:15

a wooden ship and sailing across the

41:17

Atlantic an easy journey.

41:20

The best way to predict the future is to

41:24

create it. Everybody in this room can

41:28

watch or await or you can go and create

41:30

the future.

41:32

Metaplanet's creating a future in Japan.

41:35

H1's creating a future in Sweden.

41:38

Smarter Web is creating a future. BTC

41:41

Prague is creating a future. Everybody

41:43

here is creating the future. Build a

41:47

machine, put energy in it, turn the

41:49

crank, harness the energy.

41:56

is the winning hand. You're sitting at a

41:59

blackjack table and you get a king and

42:01

an ace. You can't lose.

42:04

We've got the winning hand. 21 in 21

42:07

years. You know it. There's only one way

42:10

to lose and that's not to play the game.

42:27

Should you magically develop the ability

42:27

to see the future 60 seconds in advance

42:29

and you're sitting at the blackjack

42:31

table and you see blackjack coming,

42:35

bet large,

42:38

right? That's how you win. You have to

42:40

play the game. You have to bet.

42:43

You have a winning hand. Play it.

42:46

Embrace the volatility.

42:48

Volatility is Satoshi's gift to the

42:51

faithful. If Bitcoin was not volatile,

42:55

people with more money than you, more

42:57

power than you would out bid you for the

43:00

Bitcoin. You couldn't have it. The only

43:03

reason you have the opportunity, the

43:06

only reason that you have a 21-year head

43:08

start is because it's volatile. At the

43:11

point that it becomes completely

43:12

predictable, Warren Buffett will say,

43:15

"Oh yeah, we get it. We just bought all

43:18

the Bitcoin. The Bitcoin went to 20

43:20

million a coin. Your opportunity is

43:23

gone. You don't you don't actually get

43:26

rich if this thing doesn't stay

43:29

volatile." In chaos

43:32

lies opportunity.

43:35

It's not the bug, it's the feature.

43:39

Revel in it.

43:42

When you're on a ship tossed by a by a a

43:46

turbulent sea and you get seasick,

43:49

what do they tell you to do? Focus on

43:52

the horizon.

43:53

Look out. What is the horizon? The

43:55

horizon is 21 years. And what's on the

43:58

horizon? $21 million and don't pay

44:01

attention to what's happening in the

44:03

here and now. Look out. It will calm

44:07

you. You won't do something you're going

44:09

to regret later.

44:12

Total. What does it mean? It means

44:13

ignore the noise. It means the noise

44:15

dilutes your performance. It distracts

44:18

your attention. It detracts from your

44:21

quality of life.

44:23

The news media, everybody, the everybody

44:26

is constructed to actually generate

44:29

noise, to generate inflammation, to tell

44:32

you, oh, this or that or the other

44:34

thing. And you have to avoid allowing it

44:37

to make you make a mistake or wreck your

44:40

life. Total. Remember, on the horizon,

44:44

4.8 Bitcoin makes you a centaillionaire.

44:48

You'll be 300 times as wealthy as the

44:52

average middle class person at that

44:54

point.

44:59

48 Bitcoin

44:59

makes you a billionaire in 21 years if

45:02

you can get to 48 Bitcoin. And trust me,

45:06

you're going to want to get to 48

45:07

Bitcoin if you can. Why?

45:11

This is the chance to build your legacy,

45:14

right? Thinking beyond yourself. If you

45:16

can do it for your family, do it for

45:18

your children. If you don't do it for

45:20

your children, do it for your community.

45:22

Do it for your way of life. At the end

45:25

of the day,

45:27

do it for everybody in this room. Do it

45:30

for the people that took this journey

45:32

with you, that bled, that sacrificed,

45:36

that took risk, that fought for this

45:39

thing that you have an opportunity to

45:42

share in.

45:44

This is your legacy.

45:46

Leave that. If you don't leave it to

45:48

your children, leave it to the Bitcoin

45:50

community

45:53

and I will see you at 21 million. Be

45:57

there.

46:14

Give it up for Michael Sailor.

46:14

See you at 21 million. Amazing.

Copied!