Michael Saylor at Bitcoin Atlantis 2024

thank you everybody for showing up so do

we want a little sailor

chant sailor sa

sa

well thank you for

coming happy to be in

madira

um so I was delighted I got a chance to

speak but I was terrified because I knew

that this crowd would already know

everything I'd already

said and I'd have to come up with

something new to say so I'm going to put

your fears the rest I'm not going to

talk about uh all the things I I'm not

going to recite the breed love sailor

series

verbatim and we're not going to do the

4our Lex podcast I actually put together

a new presentation today and uh this is

my first time that I'm presenting

it I was asked to talk about how

bitcoin's can impact corporations and

individuals and I get asked a lot about

how do governments perceive Bitcoin and

and uh I've I've spent um you know I

spent a lot of my time uh dealing with

corporations talking to Executives uh

talking to institutional investors

talking to politicians reading thousands

and thousands of pages of government

filings I'm the kind of guy that I will

listen to every minute of congressional

testimony just so I know what each of

the 40 congressmen said or thought

admittedly I'll do it on a speed listen

but I will listen because I want to know

what they thought and um so what I

prepared today is kind of amalgam of my

views on this and I think um I think

this is the perfect audience presented

to after I finish

I'm sure I'll get a chance to meet some

of you and I'll look forward to getting

your

feedback so I'm going to start with a

simple observation I think we all

understand to survive everyone everyone

must convert their work into

assets that are scarce desirable

portable durable and maintainable if

you're a living creature you're you're

converting your work into organic energy

we call it fat Fat's the most scarce

desirable portable durable maintainable

asset in the organic World it might have

been demonized but if you can't generate

fat you're a type one diabetic life is

going to be short and brutal and

difficult you really need to be able to

store energy now if you're a individual

a company a family a government you have

the same exact challenge now we all know

Bitcoin is the best

asset

you

[Applause]

agree and there there is no second best

asset and that is why we are here right

because we need an asset Bitcoin is the

best there is no second

best but why is that the case

well let's just start with Bitcoin is

digital and the entire world for the

last 5,000 years has lived on analog

assets real estate gold silver paper

money bonds buildings Collectibles

sports teams livestock cattle and bales

of tobacco seashells and glass

beads now we have a digital asset in

fact this is the digital asset maybe

this is the only digital asset now what

is that what kind of asset is it well

you could think of it as digital capital

and I've you know we've talked about

capitalism there are hundreds of

trillions of dollars of capital Bitcoin

is digital

Capital you could also call it property

we have hundreds of trillions of dollars

of property in the world Bitcoin is

digital property something you can

own we could also call it wealth Bitcoin

is digital wealth analog wealth is when

you own hundreds of acres of land

somewhere we can also call it digital

money money a medium exchange a store of

value a unit of account but as you see

sometimes when people get wrapped when

they when they get focused on money they

immediately go to medium exchange and

they immediately think about a currency

and they immediately get themselves

wrapped around the axle in apposition to

the peso or the dollar or the area and

it becomes a very political discussion

when you come back to think of it as

property or wealth then it becomes much

less

political and of course my favorite

Bitcoin is digital energy now fat is

organic energy the universe is made up

of energy matter is static energy

Einstein showed us that when he gave us

the E equals

mc² he said matter is energy energy is

matter now Bitcoin is more than these

things I could I could go on for a while

but the point of this is not to talk to

you about what Bitcoin is you already

know what Bitcoin means to you the real

point of this discussion is to talk

about what Bitcoin means to the rest of

the world bitcoin's going to have many

types of participants in the

future you know one set of

participants one set of people that are

going to be plugged into the Bitcoin

Network are clearly individuals there

are8 billion individuals on the planet

what are individuals going to contribute

to the Bitcoin Network right the

individuals bring creativity they bring

Clarity they bring conviction they bring

capability they bring the conscience of

the to the world and of course they are

going to hold they're going to hold

Bitcoin for life right now how

many

Lots right right now there are hundreds

of millions of individuals that have an

interest in Bitcoin one way shape or the

other it's going to be billions it's

going to continue to grow and a lot of

times a lot of our education is really

focused on the individual but I think

that I think that we can't stop with the

individual because these individuals

form groups families corporations

governments they perform nonprofits they

form clubs churches there are a lot of

ways that individual

individual creativity and aspiration

manifest itself and of course one of my

favorites is families there's a billion

families billi about a billion families

and why do families matter they're the

future of humanity that's why they

matter right families bring the

compassion they bring the community they

bring continuity they bring joy they

bring hope and if and a family is is

just a much more powerful unit than just

an individual families will hold

and we start we're starting to think

about families now and how they join the

network but there's a third

organization third type of group an

investment company this is a this is an

a set of organizations have not been

involved in Bitcoin much uh for the

first 15 years of its existence but

investment companies can be um they can

be mutual funds they can be trust funds

they can be exchange traded funds these

TFS they can be hedge funds and they

have not trillions but probably hundred

trillion dollars worth of assets

floating out there and they get to

decide how those assets will be disposed

of and how they'll be situated and they

are actually acting on behalf of

families and on behalf of individuals so

on one hand you can't write them off

when they can decide to to reallocate

$10 billion from gold to bitcoin on

behalf of 18 million retirees that used

to work for the postal service right and

when they make that decision they're

making that decision that impacts

families and impacts individuals but

they're also making the decision as a

fiduciary and the last 36

days have been an illustration of how

important these kind of companies are

because every day in the market they're

buying hundreds of millions of dollars

of Bitcoin they're trading it and

they're building up Billion doll

positions this has just started we're 36

days into a massive adoption of just

these exchange traded funds but it's

going to just keep going and they're

going to Ripple all through the world

through all sorts of economies and they

will have a profound impact and and in

my opinion a profound impact for good uh

it used to be if you go back to 2018 in

the Bitcoin community if you said the

word you said Larry thinkink people go

they would say oh Larry Fink doesn't

like

us and uh in the year

20124 Larry fank goes on television and

speaks to leaders in the world and says

Bitcoin is a store of value it it

protects the sovereignty of the

individual it allows allows you to

achieve your hopes it is Hope Larry

think is said Bitcoin is hope

now what does that what does that say to

me it says we don't have

enemies what we have are people that

need Bitcoin that don't yet know why

they should be our

friend when someone goes on television

and they're ask what do you think about

Bitcoin and they get poked and they're a

little bit irritated they got to ask the

question they're not an enemy of Bitcoin

they're just not prepared for the

question and in fact over time the

journalist will do the poking because

they know the most important thing in

the world today is Bitcoin and you're

going to have a group of people that

understand it that will say it's the

future and you'll have a a group of

people that don't understand it and they

will not have embraced it but at the end

of the day with time with education

we're going to we're going to see more

and more people join the network and

they're going to participate now now

those investment companies aren't the

only type of

companies they're operating companies

and uh and operating by the way how many

if you do a quick Google search

333 million is the count on Google of

companies in the world think about that

for a second 333 million there's a lot

of companies and and and all of these

individuals and all of these families

they all act through corporate entities

often times you'll see a group of five

or six or 10 or 50 or 500 or 5,000 or

50,000 now how important are companies

well they provide all the products all

the services they develop technology not

many people in the room can create their

own iPhone you know not many people in

the room want to manufacture and and

ship all their food or grow their own

fruit in the winter these companies are

critical to our quality of life we know

that from Austrian economics

but if you're wondering like how long

have we had specialization of

Labor you know one 1 million years ago

they dug up Stone axe factories and it

indicates that a million years ago

before we had writing before there was

recorded history there was a company

manufacturing Stone axes which meant

that there was a specialized economy

with corporations but there are people

growing food there were people hunting

there were people fighting there were

probably people collecting the taxes to

pay for the stone axes for the people

fighting it's it's all happened before

and uh and today companies like Apple

and Google and Microsoft perform pretty

systemically important roles as does the

airline that flew you here as does the

contractor that built the stadium or

built the bridges or the tunnels or the

airports you landed on these are

important what are they going to bring

to bitcoin well they're going to bring

new services like cash app as a service

they're going to bring new products

they're going to bring your your signing

devices they're going to bring you full

nodes or integrated nodes or or or the

like they're going to bring new

technology one day I believe Apple

Microsoft Google they will all integrate

Bitcoin and Layer Two protocols like

lightning into their phones into their

computers into their web services into

their cloud services they're going to

bring cool

applications you know every single

Bitcoin wallet lightning wallet is a

cool application it they were all made

by a

corporation they're going to provide

support and and maybe importantly they

provide

credibility right companies have

credibility with the people when when uh

when a large corporation offers

something to a billion people over the

weekend you get 437 million downloads

right an individual can't get 437

million people to do anything over the

weekend when uh when a company has a

problem they pick up the phone they call

the White House or they call a senator

or they call a congressman or they go to

court and they sue companies actually

can Avail themselves of the legal system

the political system the executive

branch you know sometimes they're in um

controversies but companies have

credibility and that credibility will

will defend the network it will spread

the network it will enhance the network

it will uh it will actually embrace or

enhance and support the lives of every

individual and every family we need them

right companies are companies are

not you know the evil empire creature

that's against you companies are just

made up of people and the person running

the company either understands Bitcoin

or they don't and if they don't then

they're just a supporter waiting to be

recruited or there'll be someone that

understands it you know and and they own

it personally and they're waiting for

the political environment in their

company to change so that they can buy

it corporately you know Tim Cook has has

uh admitted to you know owning Bitcoin

right lots of senior level CEOs own it

sometimes they're reacting to their

shareholders their board of directors

their employees their regulators and

privately individually they would pursue

one one uh agenda but publicly because

they have to uh report or they have to

represent the corporate interest and

they have to respect the constituencies

they serve like the customers that don't

understand it they have to wait until

their customers understand it or demand

it before they can move but ultimately

these operating companies are going to

be great supporters of the network they

already are and they will hodal they're

going to build Bitcoin on their balance

sheets in the same

way now we get to everybody's favorite

Banks right

and you can be your own bank that's the

promise of Bitcoin but you

know there are thousands if not tens or

hundreds of thousands of banks in the

world and there

serving they're serving you know who

knows how many people you know billions

and billions of people and they're

custody hundreds of trillions of dollars

of assets and they are intertwined

essentially in the fabric of the economy

and Bitcoin offers them something too it

offers them the same benefits and many

of the benefits it offers a family and

individual

Corporation what do they do well they

they custody extend credit they'll give

you a loan they make they deal with

compliance rules how many different sets

of rules are there in the world there's

10,000 jurisdictions 10,000 different

sets of rules and the banks have armies

of lawyers and accountants and

compliance people to figure out how to

give you a mortgage or to figure out how

to give you a car loan right it's a lot

of

work you know you don't really want to

borrow money from the Dude down the

street right they call that aone shark

and yes you can do it but the interest

rate you know is going to run to 70% a

year not 7% a year so however bad you

think it is with a bank it gets

infinitely worse when it's an individual

right and uh they don't sue you they

break your legs when you don't pay the

bill so banks are really important for

these things they also have a important

role in transfer settlement moving

moving assets around millions of times a

day or billions of times a

day and

ultimately you know they used to joke

Banks where all the money are where all

the money is banks will holdal banks

will also hold Bitcoin on their balance

sheet in

time as well nonprofits right how

important are nonprofits your church

your

school right your your soccer team or

your clubs right the Garden Club the Pet

Club The Horse

Association the Olympics every possible

nonprofit every activist group you you

know that almost 6% of the US economy is

nonprofits I mean it's a Prof it's an

incredible amount right and so what what

can they contribute well they

educate they Empower they will expand

the Bitcoin Network throughout the world

they'll go places that you know maybe

you don't want to go and they will go

right uh they will drive engagement

right that they have missions to engage

with the weak the young the old the poor

I mean everybody everywhere over the

Border where you are not they go into

dangerous War zones they're the Red

Cross right they provide medical

services right and they provide advocacy

they're pretty effective at providing

advocacy when they're on your side they

spread ideas all through the world and

when they're against you they can can

also be not so

good and they're endowed right the

greatest endowments of the world the

Harvard the Yale endowments right uh

these institutions like Cambridge or

Oxford they've been around for hundreds

and hundreds of years that's because

they have endowments Bitcoin is the best

the best asset in the endowment right

this is a solution to them and this is a

need they

have and and we will see more and more

of them Embrace this and then finally I

I I could subdivide the world into 37

categories but I'm going to end with

governments because often times people

think well the government is against

Bitcoin and what I'm here to says the

government is made up of people and the

government's here to provide essential

Services everywhere on Earth to deal

with with defense water sewer education

medicine Insurance social security for

the young for the old for the orphans

there's a lot of things governments do

including keeping traffic working and

keeping the ports working and so how do

they integr how what can they bring to

the Bitcoin Network

education we're actually here in madira

at the IM the only reason I'm here is I

was invited here by the president of

[Applause]

madir and so they have this role they

they will integrate they will provide

security I think governments will will

eventually engage in Bitcoin mining they

will support Bitcoin miners they will

defend Bitcoin miners when you see a

world of a hundred different countries

all of them mining Bitcoin then then a

tack on one of the of the Bitcoin miners

may result in a response by another

country so I think the governments will

also be Advocates and the governments

have balance sheets and the governments

will hotle so everybody here they all

need Bitcoin they can all contribute to

bitcoin and they all supported so key

Point everybody and when I say everyone

I don't mean every person I mean every

entity every the ones you love the ones

you hate your enemies your friends the

company you dislike the company that you

adore the other family the whatever your

favorite sports team and the awful

soccer team that beat your soccer

team sawry awful football team that beat

your football

team it's not just Bedford that needs

Bitcoin

um Everybody benefits from

Bitcoin they might not know it but they

do benefit why they benefit because

because the story of

civilization is about purging toxicity

from our systems right humans started

Living longer when we realized we

shouldn't drink water with germs in it

and then we realize we why do we cook

our food to get the toxic germs out of

the food right and then at some point we

realize that if we could get the toxic

pathogens out of our blood we might live

longer antibiotics are about getting the

toxins out of your blood right

sterilization boiling water is about

getting the toxins of the water cooking

food is about getting the toxins out of

the food we've lived with toxic money

for 5,000 years the money is simply the

economic energy coursing through every

government every corporation every group

every family every

individual when it's when it's moving

through your p&l right and it's toxic

it's undermining your performance but

when you store it in your treasury right

right then it's actually just

undermining your life expectancy so

toxicity is holding us

back in 1900 the average life expectancy

was 50 by 1950 it was

70 that was the conquest of infectious

disease another way to say it was

overcoming tox toxic pathogens and we

did it with a combination of

sterilization modern medicine

antibiotics okay everybody wants to live

longer even the people you disagree with

even the people with missions you don't

agree with they all want to achieve more

of it and they all want to achieve more

of it by not being held back by

toxicity

so everyone needs it everyone benefits

from it but the most important point is

everyone benefits

Bitcoin right when the when the bank

that you hate starts to custody Bitcoin

well that just means that the Bitcoin

that you self- custody became worth 10

times as much right that these ETFs that

have bought up 1% of the supply of

Bitcoin well they have conveyed 100x as

much benefit to the people that don't

believe in

ETFs right it's $400 billion dividend to

people that don't like ETFs they're not

hurting you what happens is when your

enemy joins you get you're improved and

the network is improved and the

likelihood of War decreases we we move

if we want to eliminate war and conflict

and violence we really want all of our

enemies to settle their differences in a

fair Equitable fashion and the fair

Equitable peaceful way to sell your

differences is Bitcoin so you shouldn't

fear those who don't understand who are

your enemy who join Bitcoin you should

fear

those who are your enemies that don't

join Bitcoin they're the ones that will

use bullets to solve the

[Applause]

problem so let's get to the Happy part

how are individuals going to benefit

from

Bitcoin well what is what does Bitcoin

bring you right I mean it empowers

everyone to live their best possible

life right it is bringing you Freedom

economic freedom political Freedom you

go where you want you have you have

control of your destiny it's not that

different that you know for people that

fast we've discovered that you don't got

to eat for three or four days and when

you realize you don't have to eat for

five days at a time that's pretty

empowering like I can go through an

airport without stopping to eat it's

pretty amazing well imagine being able

to go where you want to go it opens up

opportunity for you it provides you with

emotional security mental security

physical security Economic Security it

provides camaraderie I mean look at us

all here today I have something in

common with every one of you and it's

just

[Applause]

awesome I invite you all to think about

your relationships and the nature of

your relationships before you discovered

Bitcoin and then think about how they

changed after after you discovered

Bitcoin right I I just see it as like

it's like coming out out of the darkness

into the

[Applause]

[Music]

light and that and that's why I see

Bitcoin as empowerment and Hope For The

Individual but for the family what does

it mean to the family it is a foundation

to support your family for

Generations right what is the tragedy of

the family the tragedy of a family is

when you run your family on toxic money

and you build your family on defective

assets and defective property I'll give

you a classic cliche tragedy our family

came to this country my

great-grandfather bought this Farm my

grandfather farmed this land my father

farmed this land now I can't pay the

taxes on it we got to sell it and all

move into like

Apartments why

because property is a defective way as

it was the best idea 200 years ago I get

it but if you actually own a thousand

acres and then someone comes in and

creates a state and a mayor gets elected

and the mayor decides to spend a lots of

money on whatever and they raise your

taxes and raise them again and raise

them a third time pretty soon the people

with the farm can't pay the taxes and

then the government decides that you're

the bad guy they take all your land and

inject you or evict you you know and

maybe they don't do it directly maybe

first you mortgage the farm and then you

can't pay the mortgage and then the bank

seizes your property and that's a

tragedy and what is the tragedy the

tragedy is you built your family on a

defective asset you need a an defective

money not your fault I mean look you go

back a million years people are dying at

age 28 they have no antibiotics we

didn't know that sugar was toxic our

teeth fell out we didn't know how to how

to deal with a pneumonia infection you

get cut you die you know someone drinks

water it kills them you eat the wrong

food you get dentry you get chalera no

you know whatever the H the history of

humanity is people dying and suffering

because of

toxicity and the promise of technology

is first we come up with the science to

figure out it's toxic right the

microscope let us look into the and

realize that there were bacteria that

were killing us right you need the

instrument then you need the

understanding then you solve the problem

right that that is the story of

civilization that that is how humans

progress well with families a lot of

families struggle and and the economic

struggle is a defective economic

strategy Bitcoin gives you that

foundation and you can use it to protect

your family relocate anywhere change

your career here create a legacy

accumulate more assets accumulate wealth

plan for the future you know if you

asked me if before Bitcoin if you asked

me how are you gonna how are you gonna

create or or fund your foundation for

the next hundred

years I would have said something like I

guess I give all my money to Wall Street

and I hire some good money managers and

70 years from now the grandson of

someone that I hired today might go to

college figure out what to do and and

day trade or shuffle my money around so

I don't lose it man I mean that's the

best

idea it's not a good

idea right right that's how the

Rockefellers do it right but but you

know that what you'll see is that a

hundred years after someone actually

accumulates some wealth the money's

generally gone 99% of the time and what

Bitcoin offers to family is the would

actually plan for your great

granddaughter and think that maybe

there'll be some support for them and uh

no one is going to take it from

[Applause]

[Music]

them why do those OP why do those

investment companies need Bitcoin right

they need Bitcoin to attract Capital you

see it happening $600 million flowing

into black rock

yesterday Bill 10 billion dollar in a

month right if you look at the ETFs what

you'll see is that the Bitcoin ETFs are

crawling up past all the Commodities

they're about to eat the gold ETFs and

then they're going to eat the S&P 500

index ETFs and when that

[Applause]

happens everybody's going to take note

Vanguard is going to take

note right that the world is going to

change you can't attract Capital without

Bitcoin and you can't

outperform Bitcoin is going to

outperform the SNP and gold and bonds

and and as it outperforms everyone who's

indifferent and objective who doesn't

know what it is and doesn't care right

they're going to just say move more of

my money over here because the world's

full of people that would just like to

not lose their

money right and uh and

so what we're going to see is investment

companies need this to outperform and

that's going to result in them

generating

income and that results in them staying

relevant right I mean how many people

are bragging about their you know new

gold

ETF right it's not

relevant it's not relevant

um you want to be a leader right the

people that we that we look to are the

people that were that that discovered or

or created Google and apple and

Microsoft and they create the next

airplane and you know they they put

starlink in the sky and they give us

internet and they give us the next phone

right be relevant be a leader these

companies want to be leaders you won't

find a CEO that says my aspiration is to

be viewed as as a follower and late to

the next great thing

and they all want to create shareholder

value right you can't create shareholder

value by

shrinking and so that takes us to

operating companies it's the same thing

but operating companies for the most

part in the world are like type 1

diabetics I I had a 100 competitors over

20

years they all

failed there's a 99% mortality rate with

these companies right you look at the

number you're like well I don't know 300

million companies that's because they're

failing Millions every single month

they're all failing all the time why are

they

failing they can't store energy they

can't harness Capital right what does

Facebook do they give all their Capital

back to the shers and a dividend and and

a buyback what does Apple do they give

their Capital back and a dividend and a

buyback they take on debt how do

companies fail they leverage up they

take on debt what happens when you take

on debt well instead I used to say to

people well we have 500 million in

capital we could go for 40 quarters we

go for 10 years and not make any money

and we'll still be in business it's like

you could go for 10 years and not eat

and still be alive that's

indestructible on the other hand when

you give all the money back and then you

borrow a billion dollars well in that

case you end up with a debt Covenant and

you have to generate $27 million this

quarter and if you generate $26 million

this quarter if you miss buy

one one 1,000th of your capital

structure if you miss by

0.1% you actually trip all the debt

covenants and the bank owns you you're

technically you're technically in

violation of your of your debt they can

call the loan you're ins solvent so

think about the difference between you

starving to death if you miss one meal

versus you starving to death when you

haven't eaten for the

year okay that's the difference between

having capital and having no Capital the

status quo in the world today is we tell

people you can't keep capital in an

operating company because all of the

uses all the the liquid capital is

dilutive and it doesn't beat the cost of

capital Bitcoin solves the problem you

can harness Capital you can improve your

products you can grow your revenues you

can can beat inflation for the first

time you know this The Magnificent Seven

are good Investments the other 493

companies are not because the other 493

companies cannot beat inflation because

beating inflation means raising

increasing your cash flow 8% every year

forever or more like raising your prices

10% a year forever who can do that a

digital Monopoly a company with no cost

with Monopoly pricing power how many of

them are there in the world like there's

like one in 10,000 companies that you

would know of and one in a thousand

public

companies okay so these companies the

ones that you might be afraid of they're

not winning right they're struggling in

the same way and Bitcoin is a Lifeline

for them that you could think of them as

wage slaves in the same way that you are

a wage slave everybody is working having

to get 10% more every year just to keep

ahead of inflation it's just theirs as

in revenue and cash flow and so what

does Bitcoin offer them extended

lifespan you see a CEO and you say well

you're going to adopt Bitcoin he says

why should I say well it might keep your

company from going bankrupt in 10 years

it might it might allow you to continue

to do business and serve your customers

for the next hundred years how many

companies are 100 years old not many

I'll ask you another question how many

famous education institutions with

endowments are 100 years

old most of

them right why is it that that

universities last 100 years and

companies don't no Capital that's why

you think anybody goes in business

wanting to die that you think they want

to have their company fail in 12 years

or 6 years or 25 years no they're stuck

in

system right they're stuck in a

traditional system that makes them do

this banks have the same issue they want

to attract and retain Capital they want

to decrease risk you know you could say

well you know the bank is beholding the

Central Bank well here's another V

Vision what about 100,000 banks that are

all tapped into the Bitcoin Network and

they don't have to worry about the

Bitcoin Network shutting them

down right when a bank joins Bitcoin it

becomes systemically

robust much more anti fragile this is a

benefit to Banks right they' like to

find a way to do this this will decrease

their risk increase their earnings let

them create shareholder value let them

Delight their clients they have a

billion customers they have corporations

they need to serve them all of these

companies all of these nonprofits they

all need the bank to support what they

do right and in time they

will the the nonprofits are also going

to benefit they want to raise Capital

but also they have endowments they want

their endowments to go up 40% a year not

go up 4% a year right there's nobody

running a church a charity a benefit a

school that'll say we don't want our

endowment to appreciate and we don't

want an endowment this allows them to

harness technology this allows them to

extend their reach

globally you know Bitcoin is money

that's global

and has got a halflife of

forever all of these all of these

endowments they're using money that has

a halflife of 10 years or five years

your property might have a half life of

20 years their Investments are short

duration and their Investments are local

right their property is local so Bitcoin

stretches your scope across time and

space now tell me what itable Pursuit

doesn't want to do more and last

forever they all do right you won't find

anyone that that says well we just want

to be out of business in three years so

bitcoin's the solution to

nonprofits and for governments

traditionally people have thought you

know well the government doesn't like or

won't Embrace Bitcoin but you know they

will Embrace Bitcoin because Bitcoin

provides them with the financial power

to thrive in the 21st century and

there's no there's no government on

Earth that doesn't appreciate the power

of money right this will allow them to

lower taxes it will allow them to

strengthen their currencies defend their

sovereignty improve their

economies join the global community and

Delight their citizens and and if you

talk to any politician there's none of

them that will say these aren't agenda

items for them and if you say well well

could you achieve that with infinite

money they would say well I don't know

if I could achieve it but it would make

it a lot easier right and if you said

well how about if I just took all your

money away from you in five years would

that make it easier or harder and the

answer is it would make it somewhere

between hard and

impossible so now I get to the important

part of my

in

[Applause]

ask not what Bitcoin can do for you ask

what you can do for

Bitcoin Bitcoin needs

you that's the reason if you're

wondering why you're here you're here

because Bitcoin needs you and and my

deepest hope is when you leave you'll

leave believe empowered inspired and

enabled to go do good for Bitcoin

wherever you go back to after you leave

madira I can't stress this enough

everyone you encounter is an opportunity

to improve the World by gaining their

support for

Bitcoin your customers your employees

your boss your investors your clients

the mayor the the co Co on the team the

parents at the at the PTA meeting the

teachers of your kids the doctor at the

hospital you're a dentist everybody you

run into is an opportunity

and what we can do collectively that'll

make the biggest

difference is spread to people right the

knowledge of Bitcoin is like if you knew

that drinking dirty water would kill you

you would tell people you love to stop

drinking it if you knew antibiotics

could save their life you would tell

them about your

experience when it comes to this and we

we I've got the orange pill here and we

talk about orange pilling but but I

break it

down in uh in two different Cycles right

first of all everybody you meet has an

intellectual perspective on

bitcoin okay and they're going to click

through these five gears the first

perspective is denier Bitcoin is a scam

it's tulit bulbs it doesn't exist it's a

ghost a

mirage a pyramid

scheme and if we convince them that you

know I would show them a picture of all

the Bitcoin miners in the world and say

oh you look there's like hundreds and

hundreds of data centers burning more

gigawatts of electricity than the US

Navy this is not a scam this is the most

powerful computer network in the world

and we want to get them from denier to

skep

the skeptic is okay I get it Bitcoin may

be a good thing but it's too good to be

true the government's going to ban it

you hear that a lot okay it's good I get

it but someone's going to take it away

from you the skeptic and what you have

to then show is well if the government

was going to ban it they wouldn't be

bragging about having captured three

billion of it and selling it in the open

market right nor would they have approve

the ETFs nor will they be fighting over

who gets jurisdiction over it right and

we need to move people from Den I are a

skeptic and then the next step we take

the trader okay well maybe I guess I

might buy some but I'll probably sell it

I don't you know I'll buy it if it's

going up I'll sell it if I think it's

going down I don't have an opinion but

look that's a step

up and then hopefully they get to that

next level investor Bitcoin is great

technology just like Google just like

apple just like Microsoft just like

water electricity cars and planes are

great technology

it's

technology it's the future I should

invest in it you made a lot of money on

the Magnificent 7 how do you not own

Bitcoin do you not believe in the

Magnificent 7 you think semiconductors

won't make a difference you don't

believe in artificial intelligence they

have the same Cycles by the

way once we get them to invest are the

last step until actually

is Bitcoin is an instrument of economic

empowerment

and if Jack dorsy is here I give him a

shout out Jack dorsy put that in my

[Applause]

head by the

way don't get don't get dejected that

someone may actually be a denier you

know who was a denier

me and you know what I became next a

skeptic and at some point I looked and I

said you know the world's kind of messed

up and interest rates are zero and my

dollars are generating zero I'm going to

buy Bitcoin and I became a

Trader and then after I bought the

Bitcoin I started reading a lot more and

listening a lot more podcasts and

thought about it and I realized no I

should be an

investor you know and I I would say when

I got in the when you started hearing

about me I was kind of at the investor

stage but it was everybody in this

community and every every Bitcoin

podcaster and every writer and every

educator that collectively got me over

the line to becoming a maximalist where

I

[Applause]

said so yeah if you don't think you make

a difference you do make a difference

right you're never going to see a

collection of people like this at a at

an apple investor conference or at a

Google investor or Microsoft investor or

Nvidia investor conference or gold

investor conference this is very

special I like the orange I'll marry the

orange

um when you're orange ping right you're

working people intellectually but

there's also

spiritual and they all start as

observers it's all the people writing

about Bitcoin on Twitter and they

observe it but they don't own any and

then they become participants and then

they start to actually buy and build on

it and maybe they own like

1% and then the believer say wait a

minute this really is the best asset and

maybe 40% of my portfolio is liquid and

my rest of my wealth is in my house and

so they go and they start to put a bunch

of their liquid wealth in the the

Bitcoin because they're Believers and

then at some point you get to be

hardcore and I'll call you an adherent

and then you're like all in it's like

the only thing I want to invest in is

Bitcoin you know I'm not saying you got

to sell all your

chairs just the ones you don't

need but this is a spiritual journey and

then and then at the final point you

become an advocate and when you're an

advocate it's not just you're Allin you

want to go tell other people

you want to convince your company your

charity your church your government your

friends your family you're an advocate

so think of this as a as a Continuum and

we're working together to move people

from the lower left quadrant you know

denier or

Observer and they're going to say well

don't talk to me about Bitcoin they know

about it but they don't want to talk

about it and you move to the upper right

quadrant you know you're a maximalist

and you're an advocate and uh you know

and and you don't necessarily just stay

there we all got to work together to

keep ourselves motivated to be in that

quadrant because it can be uh quite a

drain but I but I just leave you with

this thought right which is Bitcoin

grows stronger with every new

participant at any level right it you

know you can say whatever you want about

me just spell the name right right say

the name right Bitcoin Bitcoin right

when when people are talking crap about

Bitcoin we're winning when they're not

sure about Bitcoin we're winning when