“Bitcoin Will Rise 30% a Year for the Next 20 Years” | Michael Saylor Speech

For those people that we have buyer fatigue, we don't have buyer fatigue.

We can buy more Bitcoin than the sellers can sell and we're going to take it all.

Bitcoin could fall 90% but we're still over collateralized and so you still got

your principle. I think Bitcoin's going to go up about 30% a year from the next 20 years.

My topic today is uh digital capital, credit, money and banking. And so let's let's start

with the first topic digital capital. What is digital capital, Bitcoin is digital capital. Um

gold is metallic capital, real estate is property capital, S&P is equity capital. Why is Bitcoin

digital capital? First of all, because Donald J. Trump is the Bitcoin president. Donald J. Trump

says he is intent on making America the Bitcoin superpower, the crypto capital of the world,

the leader in digital assets. And David Saxs, who works for him, in March of 2025, this year, said,

"Bitcoin is special. Bitcoin is an asset without an issuer. It is the dominant digital commodity in

the world. This administration designated Bitcoin is digital gold. And of course, it's not just the

president. It's the vice president who I've met who said that. It's the secretary of treasury who

I've met who has said that. It is the head of the SEC who I've met who has said that. It is the head

of national intelligence Tulsi gar govern who I've met who said that. It's the head of commerce, the

Small Business Administration, Kelly Laughler, who I've met who said that. It's Bill Py who runs the

Federal Housing Administration and regulates five trillion or six trillion dollars of home mortgages

who I met who said that it's RFK who who not that long ago wanted the US government to buy 4 million

Bitcoin who I met who believes it. It's the incoming head of the CFDC Mike Sullig. It's David

Saxs himself. The cryptos are and the Bitcoins are. It's Howard Lutnik, the commerce secretary,

and it's Cash Patel, the head of the MBI. So, you have a profound consensus amongst everyone running

the United States. And the most important thing is that the United States is the most influential

financial regulator in the world. And whatever the US banking system does and the US security

market does ripples through South America, it ripples through Africa, it ripples through Europe,

it ripples through the Middle East, it goes to Canada, goes to Australia, it even goes to Hong

Kong. Even the Chinese will copy what the US is doing. So it's very very profound inflection.

The the other major inflection point is all of the large banks in the United States have

gone from not banking Bitcoin 12 months ago to in the past six months I have I have noted and

been approached by By Melon, by Wells Fargo, by Bank of America, by Charles Schwab, by JP Morgan,

uh by City. they are all starting to issue credit against either Bitcoin or

against Bitcoin derivatives like IBIT. And so there's a sea change here. Uh Wells Fargo and

City have both announced intent to allow uh the custody of Bitcoin within the banks and the year

2026 they'll start to extend credit. And so Wall Street, the banking uh the banking establishment

and the regulators have all endorsed Bitcoin as digital capital. Where does that take us? Well,

my company strategy is the world's first uh digital treasury company. And because

it's digital capital, we have capitalized on it and we have now accumulated 660,624

bitcoin. including 10,600 yesterday. We announced

we are uh acquiring at the range of 500 million to a billion a week worth of bitcoin. Uh we've

now at this point acquired not quite $50 billion of bitcoin which is worth substantially more. Um,

we're not stopping. For those people that we have buyer fatigue, we don't have buyer fatigue. Uh,

I I think that we can buy more Bitcoin than the sellers can sell. And we're going to take

it all and and uh we're going to take it out of circulation. In essence, we're winding up the

network. We're powering it up like an engine is coiling life uh like a torsion spring of sorts.

Um and what do you do with all that capital? Um what we've decided to do with that capital is to

create start creating credit Bitcoin back credit and where we've created the world's first digital

credit vehicle. In essence, we are going to digitally transform the credit markets by creating

a veh powered by digital capital. So, the company today is paying out about $800 million worth VPN

on our digital credit. We have about 76 years worth dividends if Bitcoin goes up 0% a year.

So I think the Bitcoin reactor has about 76 years of energy. If Bitcoin goes up 1.4% a year,

we have infinite energy. We can go forever. So that's that's really our our break even point. And

um why why do we exist? What is the purpose of our company? We exist to transform capital into

credit. So what is capital? Capital is you have a five-year-old kid and you give them a million

dollar block of real estate in the middle of New York City. It's just dirt. It's land. There are no

rents. And you say, "Child, hold that real estate for 30 years and you'll be rich. No cash flows,

but you have to wait a long time and it's hard to value the real estate." Um, in our particular

case, we uh maybe in 20 years you can finance the real estate. And if you ever want cash flows from

it, you have to form a company, get a construction loan, build a building, market the building.

You're going to have to rent the building, then you'll get cash flow. That's a lot of work for

a 5-year-old kid. Maybe you don't want to do it. So, there's another thing you could do for

this child. You could give them a piece of paper and a credit instrument that pays them $10,000

a month forever. Right? The picture on the right is credit. I'm just going to give you money every

month forever starting now. Instant gratification. And the picture on the left is capital. I'm not

going to give you any money for the next 30 years, but if you've got the patience and you can stand

the wrist and hold your breath, you'll have even more money. So, Bitcoin is digital capital. It's

volatile. It's going up. How do you create digital credit? The the world is built on capital. All all

of the blocks of granite underlying Manhattan are the capital. The world is built on capital. The

world will be built on Bitcoin. But the world runs on credit. You need money now to eat,

to pay the bills, to pay the rent, to pay for your tuition, to get on an airplane, to live your life.

And of course, the criticism of a lot of a lot of uninformed skeptics is, well, Bitcoin's not

an investable asset class because it doesn't have cash flows and we don't know how to value

it. And they don't believe something's valuable unless it has cash flows. So a treasury company

that's capitalized on Bitcoin can create that cash flows. And so we're creating the credit in

order to make this an investable asset class. And what our company does is we convert the digital

capital the digital credit. Um we we create the currency. So if you have BTC, we convert it to

USD or we convert it from BTC to euro. We could in theory convert it from BTC to JTY or great British

pounds. We convert the currency. We strip the risk by overcolateralizing the credit instrument 5 to

one or 10 to one. Bitcoin could fall 90% but we're still over collateralize. And so you still got

your principal. That's the credit proposition. If Bitcoin falls 90% and you have the capital,

you've lost 90% of your money. That's the capital proposition. Strict the risk,

strip the volatility, convert a 45 ball asset to 20 ball or 10 ball or five ball and then extract

the yield, pay you 10% dividend yield forever. Now, Bitcoin's going up 45% for the past 5 years.

So in essence, if you and I believe and I've said this to many many a time, I think Bitcoin's going

to go up about 30% a year for the next 20 years. So if you have a long time horizon, you shouldn't

take the 10%. You should take the 30%. But you have to have the stomach for the volatility. And

most people don't want 30% with 30 B. They want 10% with 10 B or less V. So we distill the yield.

And then the last thing we do is we compress the duration. Your 5-year-old has to wait 30 years to

get rich. That's difficult. Your 5-year-old gets money now forever. That's instant gratification.

We're converting 120 months or 240 months of duration. A 20 a 30-year bond has 240 months

of duration. If you're an interest investor, we're stripping it down to one month. Paying now.

And so the way you do that is with a huge pool of equity capital. We have 60 to 70 billion dollars

of equity capital a day. And then you embed the credit instrument into the equity capital. And

that's what allows us to build this digital credit. And I'm going to talk about digital

credit and digital equity, but with an aside. When gold was money and gold was the commodity

store of value as a world the killer app for gold. It wasn't the gold cash settlement meant I moved

gold from here to there. The killer app of gold was credit. The Rothschilds created gold back

credit. The banks created credit. All currency was credit. All sovereign debt was credit.

All corporate debt was was gold back credit. All consumer debt was gold back credit. All mortgages

were gold back credit. It used to be the world for hundreds of years ran on gold back credit.

If we have digital gold, it's very logical that the world's going to run on digital gold back

credit or digital credit if you will. And how do we get it? Well, if we've got an asset that

outperforms the S of the index, we just strip off the amount yield you won and then the excess yield

goes to the common stock shareholders. So, the first digital credit instrument we created was

uh STRK. We created as a preferred stock. We pay an 8% dividend forever and we give a conversion

rate into the common shares forever. 100year call option, 100year bond. We took it public

and we put a shelf registration on it. So the innovations were preferred stock as credit,

a public instrument, a happy name strike. Sorry, Jack Mers, I just could I'd like the name,

so I took it, but you could still have it. Strk. And then um we also backed it with digital capital

Bitcoin. And because it's perpetual, we could sell the instrument in the market any given day.

So it's like taking the best ideas from an ATS and and adding them for the best idea of a bond,

the best idea of a common equity, and then putting digital behind it. And then after we did that,

we thought, why don't we create a perpetual bond that pays 10% dividend yield forever? And we did

that with Strife, STRF. Uh you would never pay 10% in a bond to build a house or uh to build a a data

center because it's not going to last 100 years. How do you actually pay someone for 100 years?

You have to have a use of proceeds that will last 100 years. So we borrow the money forever

and then we invest the money in Bitcoin forever. We're basically funding the bit. We're investing

in the digital asset economy forever with money we borrowed forever. We're matching the duration

because that's a senior instrumented traded way above par and the effective yield is 9%. And the

idea is that's 9% and investment grade bond is 4%. We had to pay a higher rate because we never

intended to pay the money back. Right? That's the we're not giving you the money back in 5 years.

we're giving you the money back in 5 million years. An investor would say, "Pay me more."

And first we thought that was a bug. Oh, we have to pay more. And then we realized that's a feature

because I would rather pay 10% forever than 5% for 5 years. You do the math in your head. And if you

got to repay the principal in 5 years, that's 20% a year plus five, that's 25% financing versus 10

So if we'd rather pay 10%, who would rather collect 10%. The credit investor. So we created

the best credit. The credit became the product that's traded up. And after we did it, we thought,

how can we pay people more? Because Bitcoin is going up more than 9% a year. Bitcoin is going

up 29% a year. So, how do you actually create a perpetual swap and pay somebody more than

that forever without credit risk? And the way you do it is you do it with a non-cumulative junior

preferred stock. We created a the same version of the stock of of strikes, but we stripped away the

cumulative rate and the governance provision and it trades below par at 80. And that means that the

effective deal is 12 a.5%. So there's a 3 and a half% credit spread between the senior instrument

and the junior one. And what that means is if you don't trust anybody in the world, you buy Bitcoin

and you collect 30%. If you trust the company and you trust Bitcoin, but you don't want uh if

you have a short time horizon and you don't want to you want cash flows, you would buy STD and you

would collect 12%. the first 12% of Bitcoin return forever and everything above 12 and a half percent

goes to the common equity to MSTR shareholders. And then uh if you semirust the company, if you

kind of think Bitcoin's good and the company's good, but I want to make sure that it's very

painful for them to ever skip a dividend, you buy STRF. The price to semirust us is you get

3 and a.5% less yield. The value to trust us is three and a half percent and the val and the value

you get paid if you have a long time horizon if you're willing to wait 10 years and take nothing

for 10 years you get paid 30%. And so that's three interesting things. We took the idea of strife and

then we did it in Europe and we actually created a 100 part that pays 10% in euros for European

investors and we call that stream. same idea, strife. And then after we've done all those, I'll

call those digital notes. They're they're like bonds, but they're not bonds, but they're long

duration digital credit instruments. Generally for P, if you walk down the street and you ask the

average person, do you want to buy a 30-year bond? Not many people want to buy a 30-year convertible

bond. But if you said, do you want a bank account that pays you 10%. Everybody wants that. So we

started thinking how do we strip the volatility, the duration, the delta and the complexity off

the instrument and we create a stretch STRC and the idea of STRC is we'll just pay a monthly cash

dividend and try to get it to trade about at par about 100. So if strife is a 20-year bond, Stretch

is a one-mon T bill, a one-mon Bitcoin bond. Now, this next chart shows you the difference between

credit and capital. We took Stretch public and and in August 1st, if you bought a $100 at Stretch,

it would have traded up to about 99. It would have traded up 9% and you would collect $3.70

worth of dividends. If you would have bought $100 worth of Bitcoin, it would have traded down $23.

Which is the better investment? Well, over the four months, it's the credit. If you're going to

hold it four years, it's the capital. Bitcoin is a much better long-term investment, but you wouldn't

be able to tell from that chart. And if you needed the money tomorrow, you'd want the credit. And so,

what we're what you can see we're doing is we're straightening out that volatility and

we're stripping that risk and we're creating that cash flow. Now, remember I told you I had to pay

more money for the for the preferred credit. That was the bug, but it became the feature. And then

I said, well, we wanted to take it public. So, we turn it public. It pays a big dividend. It's

backed by Bitcoin. And inadvertently, we created the most interesting credit instruments in the

world. These are the most successful preferred stocks ever. Um, and here's one way to see it.

The average preferred stock trades over the counter. That means it's illegal for you as a

retail investor to buy it. It's only institutions that can buy it. It's like 37 guys in a back alley

trading baseball cards with each other. They trade a 100,000 a day. Wide bid ass spreads. It's not

very good product. If you take them public in Europe or the US, they trade $1 million a day.

The first credit instruments we created like Strike and Strife and Stride, they trade about

$30 million a day. So they were 30x more liquid than anything anybody had done before. But then

people said, "Well, I don't want the volatility. I want monthly. I want it simple. Everything else

is too complicated." So when we did stretch, we found the right product market fit. And you

could see the instrument started trading 130 million a day. 100x more interesting. That's

at the first four months. It became a 100x more interesting. I think this will become hundreds of

millions then billions of dollars a day. And you can say, well, why doesn't anybody else do this?

Because the rest of the capital market purchase credit differently. When Apple borrows money,

they borrow money tactically to finance a a tax arbitrage. When Microsoft borrows money,

they're borrowing it tactically to finance his data center. When a bank borrows money,

they're borrowing money to fund a consumer loan business. The money that they're borrowing,

they want to get as cheaply as possible. It's a tactic in order to improve a product or a service.

For us, the credit is the product. We're not b we're not trying to minimize the cost of the

credit or the or the yield we pay. We're actually trying to maximize it and strip the credit risk

away so we can invest in Bitcoin forever. And so we're an example of a well-run company where

the credit is the products and the rest of the capital market is full of junk bond issuers and

and investment grade issuers and bank preferred issuers. The credit is uh the byproducts,

right? It's a necessity. But if the if the CFO of Microsoft had a preferred stock paid 10%.

The board of directors would say, "You should call that, retire it, refinance it, and replace it with

5% money." And so most well-run companies aren't trying to create good credit. They're creating

crippled credit. Credit is good for the issuer, bad for the investor. And we inadvertently flipped

that on its head. And we created credit good for the investor. And we didn't actually need the tax

deduction because we're a treasury company and we would rather pay a higher yield because we wanted

to invest the money forever in Bitcoin. Nobody else has a use of proceeds to invest in forever

that's going to go up faster than the asset the index. And so you have to have the right capital

structure and the right corporate structure. And so I I talked about the bug being the feature. One

way the bug was the feature was we used preferred stocks. The other thing we did is we took them

public because over-the-counter markets are very inefficient and the public can't buy them. The

third thing we discovered is that if we pay the dividends by issuing equity or by selling

securities or even by selling highly appreciated commodities, the t the dividend we pay is taxree.

It's tax deferred. That is to say, you get the dividend and then until you've reduced the basis

in the instrument to zero, you don't pay taxes on it. Now, if you live in Dubai or Abu Dhabi, it

doesn't matter to you. But if you live in New York City or San Francisco or London or Paris, it does

matter to you. And so what we did is we created in essence uh tax tax deferred dividends, huge

amounts of them. And um what does that do to the equity? Right? Our MSDR is digital equity. Well,

if I issue 10% of my Bitcoin capital is credit each year, I'm actually creating a BTC yield of

10%. So that means that every seven years I double my Bitcoin per share. So if you want to actually

hold Bitcoin per share constant, you buy Bitcoin if you or you buy the ETF. But if you wanted to

double your Bitcoin per share, what you want to do is issue credit instruments and then buy Bitcoin

back. And you can see here that if we just run a routine amplification, uh, then what we do is we

2x the 3x our Bitcoin holdings over the period that you would otherwise have the same. So, so

the way to think of it is MSTR equity is amplified Bitcoin. It's more volatile. It's more performant

on the downside, the upside. If you're an equity investor and you want 2x Bitcoin, you would buy a

an equity that's amplified by credit. If you don't trust anybody, you buy Bitcoin, which is a good

idea. If you uh if you have a short time horizon, you don't like volatility, you buy the credit.

And now let's let's look at how this breaks down in the world. This is the stretch yield. It pays

10.8% effective yield. Private credit only pays seven. Junk bonds pay six. Money markets pay four.

Municipal bonds pay less. The bank doesn't want to give you much of anything. This is the best

it gets in the entire world. US-based uh credit. The benchmark is sulfur. Sulfur is going to fall.

When sofur falls from 400 basis points to three, mortgage credit, corporate credit, and junk

credit is all going to be drawn uh south by 100 basis points. So digital credit's already two to

four times better. If you're a retail investor or corporation and you pay taxes, the fact that you

can defer the tax, New York tax, city tax, federal tax, means that buying STRC, buying digital credit

is like a bank paying you 22% interest on your bank deposits. You see, it's it's off the chart.

It's four times or five times better than buying a conventional money market. In fact, all digital

credit is better than all conventional credit. Why? Because the collateral is appreciating and

it's digital and conventional credit is built on depreciating collapsing collateral whether it's

a data center or a product or a warehouse. Uh and it's all indexed to uh the risk-free rate which is

repressed by most central bankers. the, you know, in Japan it's 50 basis points. All the credit is

tied to 50 basis points. And so digital credit is free market rates. And if you're a tax investor,

the tax advantage of digital credit is again, do you want 1.5% in Europe or do you want 20%. Our

objective is really to build out that entire free market yield curve around the world, right? Why

can't you get paid 10% in any currency everywhere? And you can see all these currencies, right? You

know, you're getting zero in Switzerland. So the opportunity for treasury companies, ours and other

treasury companies, and the reason we need Bitcoin treasury companies in Switzerland and in Japan and

in France and in Great Britain, is because we need companies to accumulate pools of capital

and issue credit that's that meets regulatory requirements that integrates into the banking

system that absorbs the currency risk that fixes this yield curve. fixes this savings problem. So,

if you don't know what you want, you probably want treasury credit. Um, I joke, you know, it takes a

100 hours for people to understand Bitcoin. So, you go and you orange pill someone, you say,

"Here's Bitcoin and let me tell you about money and let me tell you why it's not currency and

why it's a store of value and why the utility is it doesn't matter and why we're going to use it."

and after 100 hours you decide it's a volatile asset that's better than the S&P and if you don't

need the money for 4 years you should buy it. But that's a very very difficult educational process.

This is another educational process. This is a 15-second ad. What it says is if you like money

and you're not getting paid by your bank, you can get paid 10 or 11% 10% by buying a digital credit.

Okay, short and sweet. I don't need to explain Austrian economics to you. Like,

you use electricity and probably not many people know how a nuclear reactor works. You don't care.

All you know is you want free electricity and you use the iPhone, but you know, not one in in

10,000 electrical engineers understands the way the codecs work and the chips work, you know,

in in wireless handsets. Doesn't matter. Creating a great consumer product is the

way to deliver technology to the world. Digital capital is appreciated by those after 100 hours.

It's loved by people after a thousand hours. But what's the equivalent of the automobile? What is

the mass consumer product? Well, here's digital credit. But I'm not going to stop there because

what I'm going to say is this is a journey of discovery. First I discovered digital capital.

Then I disco longduration digital credit. Then we discovered short duration digital credit like

stretch. And now we realize that we can create digital money. And what is digital money? Well,

digital money is when we start to plug the credit into the traditional finance economy.

What we think is that digital credit is going to power insurance and pensions and long duration

liabilities. But we think digital bills uh stretch is like a digital tea bill, a a digital

short duration instrument. We think it's going to power money. And let me show you what money looks

like. If you take digital credit, take stretch and you create a fund which is 80% stretch,

20% currency equivalence, then you've got um a digital money fund that can be buffered against

instant instant liquidation. If people want to redeem 20% of the fund, you sell the currencies

instantly without actually putting pressure on the underlying digital credit instrument.

um the blended rate of that it wouldn't be 10%, it might be nine. Now, if you want to if you

want to strip all the volatility off it, if you want it the volatility of stretch might be five,

it might be 10. What if I wanted it to be zero? If you want to strip the volatility, you c the

the formula and the recipe for digital money is 80% credit, 20% currency, and 10% cash re. So, you

actually take uh $10 million of cash, $20 million of currency equivalents, like a money market,

$80 million of stretch, you hold the cash in reserve, and then every day at 400 p.m. you

just pop up the NAD using the cash reserve. So you trade like a stable coin. You would have $1

math. Now if you do that, you got zero of all. It's totally backed. You'll probably get about

an 8% yield. Your sharp ratio. 8% minus 4% divided by infinity or sorry divided by zero. It goes to

infinity. The sharp ratio goes to infinity because the ball goes to zero. And um and now think about

this for a second. What could I do with digital money? I could create a digital money coin. I

can create a what looks like a stable coin. A $1 stable coin. Stable to six significant

digits that pays you 8% yield tax deferred. tax deferred 8% yield at 12 16% tax equivalent yield

powered by Bitcoin, right? P digital capital creates digital credit creates digital money

put in a stable coin instead of a stable coin that pays you nothing or a stable coin that

pays you 4% taxable. Why not why not a coin that pays you 8%. or more. So, you can actually put

it in the crypto economy if you want. And we wouldn't do it, but our partners would. So,

we would actually let a crypto company create that money coin powered by STRC and then they could do

it. The other thing you can do is create a digital money fund. basically an ETF, a private fund or a

public fund that pays you 8% with a stable NAV of one, zero volatility. Vanguard could do it,

Black Rock could do it. Anybody that creates a private fund, a public fund could do it. You

can take it public, it could trade on any stock exchange. And um anybody can trade in and out of

it. And then the last idea, why not put it into a bank or a crypto exchange? I'll give you a digital

money account. And I just put my money in the account and I get 8% daily dividends tax deferred,

no volatility from my bank. So now you see we can't create digital capital. Satoshi did that.

You do that. The Bitcoin community creates the capital. The treasury company creates digital

credit. we're the middle, you know, and then the bank or the crypto exchange or the money manager

creates the fund, the coin, the attack. And now I want to end with this is my pitch to you.

If you if you have a country, if you all if you run a nation, if you uh are you interested in

making your nation the digital banking capital of the world, if you'd like to be the Switzerland of

the 21st century, then these are the three ideas, the big, the bigger, and the biggest. The big idea

is you take your sovereign wealth fund and you invest in digital capital, Bitcoin, buy as much as

you can. Digital credit with your credit portfolio because it pays two to four times the other credit

you'll digital equity if you want to buy treasury companies because the treasury companies will

create the credit. That's the first idea. It's a simple idea. Digital capital is growing 30%

a year. Digital credit's going to pay double your corporate bond or jump bond rates. Digital equity

is going to outperform Bitcoin if Bitcoin goes up 10% a year. Now, here's the bigger idea. You have

a bank, have the bank custody Bitcoin, custody crypto, extend credit on it, create digital

credit. If you create, if you allow a regulated bank in a country to take Bitcoin deposits,

you have $2 trillion worth of Bitcoin that's not banked. People start wiring you 50 billion or a

hundred billion dollars of Bitcoin. They create billions of dollars of credit. It pours into your

economy. You can build all the derivatives, the notes on top of it. This is a $2 trillion idea,

not a $200 billion idea. And then here's the biggest idea. Create digital money. I take a bank.

The bank gives you a a digital money account. You just put a billion dollars in the digital money

account and you collect 8% no volatility from a regulated bank. There's $200 trillion worth

of money out there. the money from Australia, Singapore, Hong Kong, China, Europe, Canada,

the US, all of Africa, all of South America, all of Russia, all of Ukraine, everywhere on

Earth. It's all going to come to you wherever you are. Um, what is the perfect product? I used to

think it was the iPhone, but you have to be awake and you have to be able to see and hold things in

your hand to use an iPhone. But you could be in a coma. You could be a three-year-old asleep. You

could be an unborn child. You could be a person yet to be born 10 years from now. You're going to

want an account that pays you 10% or pays you 400 basis points more than the risk-free rate in the

currency of your choice. Basically, when I pay you anything more than the risk-free rate, I'm giving

you money, free money. And there's a word in the English language for universal utility appreciated

by everyone everywhere that buys anything. And the word is money. So you create digital money,

the first bank to do it, you won't draw a little bit of Bitcoin. You will actually pull billions

and then tens of billions and hundreds of dollars and trillions of dollars of capital from people

that don't understand Bitcoin. I don't got to understand nuclear reactors to know that

electricity is free in the country. If you give people free money, give them money that's better

than every other bank on earth, all of the capital in the world will flow into that country, that

bank. And I think right now UAE is a leader in digital assets. Obviously, they're enthusiastic.

I think the USA is committed. I just showed you that Donald Trump wants the US to be the leader.

Everybody else is following the question is who is going to lead the way and it's a combination

of you have to have commitment you have to have clarity you have to have a bit of courage you have

to have competence and you have to be an optimist and believe in the future and if you believe that

there's a digital transformation of banking on capital and we can get people digital bank

accounts and digital money that makes them wealthy forever ever, right? Then you have a chance to be,

you deserve to be the digital banking, the banking leader of the 21st century.

Everybody will follow you and by everybody I mean all the money will come to you. Thank you.