Bitcoin Is Fire — And It’s Melting Wall Street - Michael Saylor

and bitcoin will potentially solve all

that

there it is you have all that property

and now everyone can access it

and it's now so clear to you that this

is the solution and again it's tech so

it works

so give the people the fire and let them

use it and

and this bitcoin aspire bitcoin is

electricity

right bitcoin is not a speculative

uncorrelated asset

right so when people get beyond that

what what's going on right now brian

is that as the u.s dollar expands and

let's say we're inflating we're

devaluing the dollar

20 a year maybe and we're going to keep

doing it all these strong currencies are

also devaluing

20 a year against scarce assets that's

why you have asset bubbles

that's why housing is up 25 in the u.s

year over year

that's why the s p is up 35 or 38

year over year that's why the sap had

seven consecutive days of all-time highs

and seven consecutive months of all-time

highs and looks like this there is no

price discovery in bonds

there is no price discovery in stocks

there is no price discovery in property

as that's happening other weaker

currencies are falling faster

so so there's a set of currencies that

are devaluing 20

against scarce assets they're the good

ones there's another set

de valuing 40 a year against scarce

assets they're the middling ones

the weak ones are falling 80 percent

versus scarce assets that's where you've

got hyper inflation

you can see that happening all those

countries are going to lose their

currency privileges

their local currencies are literally

collapsing

in el salvador their currency collapsed

after the civil war

20 years ago they had the dollar eyes

okay well

nice idea let's dollarize okay fine if i

don't have a bank how do i get dollars

uh yeah right you remember the

you know the the history of the

chesapeake bay is the settlers came here

in the 1600s

they didn't have pounds they didn't have

currency they used bales of tobacco as

their currency

right when you don't have dollars and

you can't manufacture

dollars what are you trading seashells

tobacco

what okay so what's going on here what's

going to happen this is the ending

everybody has an android phone it costs

50 bucks

if they're rich they have an iphone the

wealthy of an iphone

the working class and the poor have an

android phone you've got a digital

wallet

and you've got digital currency in it

the digital currency is not going to be

the zimbabwe

dollar it's not going to be the

boulevard the digital currency is going

to be the us dollar

everywhere in the world where the where

us is the predominant political

influence

the chinese would like it to be the cny

they'd like it to be the roman

rmb if they could so you're going to see

a little struggle between

digital currencies in the china sphere

of influence versus digital currencies

in the western sphere of influence

people are going to use those dollars to

buy coffee they need

digital ones so they'll either be stable

coins running on a crypto network like a

tether

or they'll be a digital dollar that came

through a centralized solution

el salvador legitimized bitcoin as

tender so you could swap between bitcoin

and dollars using the el salvador

banking system and that's how they do it

but everybody's going to have that

digital wallet and you're going to have

digital currency which is like a dollar

or cny or euro or maybe the

yen there's only going to be about a

dozen

the world only really needs a dozen

strong currencies and most of them

i could argue that every western

currency is pretty much pegged to the

dollar

even the cny brian is paid to the doll

it's pegged to the dog

everything is pegged to the dollar and

so the us dollar be the world's reserve

currency it's going to move on

on these crypto bitcoin rails

and then the underlying the the other

part is going to be digital assets

people want to hold digital currency and

digital asset the assets hold their

value

the currencies devalue one or two

percent a month if they're good

they devalue faster but you know when

you divide the currency 85

a year everybody wants to get rid of it

in venezuela they want to trade their

bull bars for dollars

and then they'll want to trade their

dollars for bitcoin right

right if you need if you need to spend

the money in the next 12 months

you're going to hold currency if you

need to hold the money for the next 12

years or for the next hundred years and

give it to your children and your

children's children

you need property so

that's called an asset property so what

you're going to see is

mobile devices with the currency and one

layer and then

property or asset in the other layer

bitcoin is the king

of the assets because it's the most

secure

most likely it's got the strongest

integrity

the greatest durability over the next

century

the us dollar is the king of the

currencies it is the world's reserve

currency most of the world you're

talking billions of people in south

africa and south america and asia and

africa

they're going to want to flip to the

dollar and the bitcoin

that's the 21st century ecosystem

and they'll augment those wallets with

some other assets

may if you can hold an equity token or

an apple stock or whatever you love it

if

you hold some rights and privileges you

will and they'll want to hold

maybe some local currencies if by law i

have to pay my taxes in euros or pounds