Michael Saylor: The Power of 21 | BTC Prague 2025 Keynote Speech

Wow, a full house. If you're coming into

the room, come and grab a seat. You are

in for a treat because the following

speaker, of course, needs no

introduction.

But we're going to have some fun

together doing it anyway.

First off, please could you help me

finish these phrases? I'll say the start

of the phrase and you will finish it.

Number one, stay humble. Stack.

We want more noise, more volume. Number

two, don't trust

beautiful. That's better. Number three,

cipher punks write

code. Good, because there's a reason for

this. The following speaker is so well

known, he has established his own memes,

his own mantras. A podcast discussion

between Mr. Sailor and Crypto

Rashin led to this meme. Help me finish

the phrase. It's going up forever.

Beautiful. Well, this is the energy we

want. This is the energy we want.

Indeed, Michael will go out to bat for

Bitcoin on any TV show, podcast, or

legacy news station. It is phenomenal

proof of work. Next phrase. Are you all

in on the

chair? Surely, are you all in on the

chair? No one. Okay. I mean, I just

learned backstage that Michael was so

good at selling all of his chairs, all

of the company's chairs, all of the

family's chairs, even the deck chairs on

his yacht to buy Bitcoin that that's why

he was promoted from CEO of Micro

Strategy to Strategies executive

chairman.

I'm sorry, I couldn't resist just one

joke. Just one joke. Oh, one person

applauded. Beautiful. Okay, final

phrase. You can really shout this one

out. There is no second.

Beautiful. Beautiful. Because the

following speaker has orange pill more

people than FTX, Celsius, and Luna

crashes combined. He holds more Bitcoin

than every country on the planet. He is

the patron saint of corporate Bitcoin

treasuries. He is simply the most

bullish Bitcoin billionaire.

Ladies,

gentlemen,

ladies and gentlemen, you know what to

do. Prague, make some noise, get on your

feet, and give it up for the one, the

only Michael J. Sailor.

[Applause]

Love it.

[Music]

Thank you.

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

I had the opportunity to take selfies

with about 400 of you

this afternoon.

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

appreciate it. Thank you for coming

here. Um, today I'm very excited to

present.

I'm very excited to present the power of

21. Uh, my topic today is Bitcoin

time and the engineering of generational

wealth.

Um, for those of you who are in

Nashville last July,

I presented a few slides and I want to

take you back 11 months.

So, this was the status of the macro

economy in July. Bitcoin was

appreciating 55%.

It was uh trouncing the NASDAQ and the

S&P. Gold was a lagard.

Silver was lame.

Bonds were losers.

Bitcoin was a trillion dollar asset

class. Um it was just uh

point less than.1%

of the wealth in the world. But we could

see that something was going to change.

I presented a forecast in July

and I said um I really think

my base case is Bitcoin is going to grow

29% a year for the next 21 years and uh

that's going to cause it to appreciate

to $13 million of Bitcoin.

We had a macro forecast

and that meant that Bitcoin was growing

to be 7% of of all global assets

and it was growing to be it its own

asset class and you can see here

$280 trillion

but

the preeminent monetary asset in the

world.

So all of that was last July.

Bitcoin was $65,000.

What happened since

11 months?

Okay, this is extraordinary. I was uh as

Joe said uh I was bullish last July.

I've always been bullish, but when

Bitcoin

dipped to $16,000 during crypto winter,

I was bullish.

Um,

but stuff that's happened in the past 11

months has been extraordinary.

The White House

has embraced Bitcoin. This is an

extraordinary development. We didn't

anticipate this. We we hoped that we

would get a favorable admin

administration and we hope we get

support and we had this inkwing but uh

November 5th brought a sea change in

politics and and although we thought we

might have a uh pro- Bitcoin president,

we didn't think we get a strategic

Bitcoin reserve. We didn't think that

the president would say America will be

the Bitcoin superpower of the world.

This is an amazing development.

The new administration,

JD Vance, pro- Bitcoin. Robert F.

Kennedy, pro Bitcoin. Tulsi Gabbard, pro

Bitcoin. Kelly Laughler, pro Bitcoin.

Paul Atkins, pro Bitcoin. Brian Contez,

pro- Bitcoin. Scott Benissant,

pro Bitcoin.

David Saxs, a new position, cabinet

level position.

Not just pro Bitcoin,

a cabinet member that would go on

television and say Bitcoin is the one

decentralized crypto network in the

world. It is special.

It is the digital commodity.

Right? The one thing that we've all

known, but a cabinet member in the

United States government says it. He

said it in March of this year. Howard

Lutnik, pro Bitcoin. Cash Patel, pro

Bitcoin.

Every one of these cabinet members

flipped from 12 months earlier where

there would have been no one that would

have been as bullish on Bitcoin as what

we saw here.

Wall Street embraced Bitcoin.

$150 billion of capital,

1.4 million Bitcoin. This entire dynamic

started in January of last year, but it

accelerated after July.

public companies. My company was the

first public company to adopt Bitcoin.

People thought we were crazy. I thought

we were late.

Like some of you, I kept thinking that I

got it right in 2013. Like why did

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

2020, I thought I was late. But what

happened next is the second company, the

third, then 130.

Then then companies like Trump Media and

GameStop and 21.

And now companies are racing racing to

get into the Bitcoin 100. Used to be we

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

Bitcoin companies and 20. Now there's a

hundred. Now there's more than a

hundred. Now we're all going to compete

to move up the leaderboard. Yeah. Let

the games begin.

Bitcoin wasn't an institutional asset.

It wasn't cool on Wall Street. People

thought it might be toxic. Well, now I

have a whole set of equity analysts that

write research and publish their

research to investors and they put a

price target on Bitcoin. So now you have

the entire equity capital markets

embracing the asset class,

writing about it, opining on it. You

know, we went from went from an oddity,

tulip bulbs maybe going away to

an entire array of analyst and

investment banks starting to have an

opinion. And of course, if you look at

all the prices up there, their opinion

is all positive. It's all bullish.

Technology in investors have embraced

What you see there is the Bank of

America investment analyst equating

Bitcoin to something as profound as the

light bulb, the Model T of the worldwide

web.

Right? That's a very important rotation.

Bitcoin is a technology.

Bitcoin is not a speculation.

Bitcoin is not uh is not an oddity. Uh

Bitcoin is not anarchy. Bitcoin is just

the next great technology.

Financial regulators embrace Bitcoin.

This you never believe. The head of the

OC says banks should use they should

support Bitcoin. The Fed says it's okay

for banks. They should get on and and

start supporting Bitcoin. The

accountants say you need you need to

provide fair accounting for Bitcoin. The

SEC says it's okay to create ETFs of

Capitol Hill embraced Bitcoin. The

House, the Senate, the Cabinet. You've

got three bills, the Clarity Act, the

Genius Act, the Bitcoin Act, all moving

through Congress right now.

This is something nobody guessed. No one

conceived of a year ago.

States in the United States are

embracing Bitcoin. governors, right?

There's legislation working its way

through state legislative branches

everywhere.

You know, Bitcoin is money for

everybody. Bitcoin is for everybody and

everybody is getting interested in it.

International governments embrace

Bitcoin. spokespeople for the UK, for

Ireland, for Pakistan, for Bhutan, for

El Salvador,

for Russia,

in China, in Hong Kong, in Europe,

everywhere,

right? They all have an opinion. Their

opinion is this is very important. This

is an extraordinary movement.

The crypto industry,

the crypto industry has embraced

Bitcoin. There was, and this is

extraordinary. You should all give

yourself a hand because you've won.

These are all public statements from the

last 12 months. And let me tell you how

I interpret this. This is everybody in

the crypto ecosystem acknowledging that

Bitcoin is the foundation of the crypto

economy.

Bitcoin is the reserve currency of the

crypto economy. Bitcoin is the one

central certain unshakable

uh unshakable protocol and the fulcrum

the focal point of the entire industry.

Everything else is built on top of it.

uh there's been an unprecedented

uh coalition that's come together in

support of Bitcoin and I think a

realization that uh the entire industry

needs Bitcoin as their ethically sound,

economically sound, technically sound

foundation if they're to have any

future. And uh and I think you guys

should be very very proud of that

development.

12 months. What's going on? Bitcoin is

still running hard, running harder than

it has been, up 61%.

The Magnificent 7 and the S&P are

underperforming.

They're struggling. The tariff wars, the

trade wars have been a challenge for

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

general mainstream

uh lagging of confidence and that's

caused a surge in gold, but Bitcoin is

running much harder than gold. Real

estate soldiers on and bonds continue to

fail.

Bitcoin's outperforming all asset

classes this decade, too. So it

continues with what you would expect,

56% on average ARR for the past nearly 5

years,

more than double the MAG 7.

That's more than double about double the

S&P.

You've got gold, a little bit of a

surge, starting to catch up, but gold's

still underperforming the S&P and real

estate less. This is an important chart.

Here's what this chart is telling you.

The cost of equity is uh 13%.

That means that if a company's

capitalized on gold, real estate, bonds,

soybeans, oil, any other commodity, it

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

You cannot sell equity to buy real

estate. It's dilutive. There is only one

asset that a a company in the world can

hold that you can capitalize on that is

higher than the cost of equity and that

is Bitcoin. And so you see this the

explosion in Bitcoin treasury companies

is because now that the world's

recognized a digital commodity,

they also recognize it beats the cost of

equity. That means that every public

company in theory should recapitalize on

Bitcoin because when they sell equity,

they're actually generating profits.

They're creating an accretive

transaction for their shareholders,

right? That the world is waking up to

this. You see that hint since h since

you see or hint you see an explosion

you know in the shares of metaplanet and

smarter web and h100 and blockchain

group right uh this is going to continue

there these companies are going to catch

fire everywhere in the world in every

capital market for one simple reason

investors can see that 56% is more than

13%.

It's just that simple.

And this is a it's a very powerful

dynamic.

And yet, Bitcoin is just 20 basis points

of global wealth.

So, here's an interesting thing.

We are now at an inflection point.

We have all the information to know

Bitcoin is winning. And yet the

majority, 99.8%

of the capital in the world still

pretends and acts like it isn't. Most is

still oblivious. You know something the

rest of the world has not yet

acknowledged. And yet it couldn't be

clearer uh to all of us in this room.

There's a monetary revolution a foot,

a revolution in economic thinking.

It's spreading everywhere in the world.

It's fueled by the digital

transformation of the capital markets

that you see manifested in all of these

companies and all of these securities

and all of this Bitcoin activity and

it's going to be accelerated by

explosive financial innovation. That

innovation is surging now. Uh you can

you can see it everywhere around us.

Every single company is thinking how do

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

the revolution is a foot. The world is

bullish on Bitcoin. It's being adopted

faster

and more aggressively by governments, by

banks, by corporations,

by investors than nearly all of us

thought a year ago, right? We were

bullish a year ago, but certainly I I'm

hearing now BVVA is supporting Bitcoin.

And I'm seeing the secretary of the

treasury saying it's okay for banks to

Bitcoin. We've uh we've seen the

explosion of all these Bitcoin treasury

companies. I didn't think they would go

so fast. I didn't think Smarter Web

would go from 4 million pounds to a

billion pounds in two months. Let's give

them a hand. That's amazing.

you know, MetaPlanet goes from 10

million to a billion and I was ready to

declare victory. I thought that's great.

That's 100x and then they surge to 8

billion. Let's give Metaplanet a hand.

It's it's amazing.

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

bullish. But the point is the governor

of Texas is bullish. The point is the

president of the United States is

bullish. The point is people you don't

know in places you've never been

are bullish.

This is extraordinary.

And I take a moment

I take a moment to go back to someone

that was bullish when none of us were

here, when none of us had this

information. January 10th, 2009,

the network launched technically January

3rd, but it was kind of clicking away by

January 9th. And the next day, the next

day, a certain genius

estimates that Bitcoin could be $10

million a coin. And this is so humbling.

It took the rest of us

16 years, $2 trillion

in order to come to a conclusion that

yeah, this is going to happen.

Thank you. How

inflection point, ignition point, escape

velocity.

When a nuclear reactor comes online,

when the chain reaction starts up, we

call that criticality.

Bitcoin's reached criticality.

The network has come to life. The work's

done.

The power's flowing.

And there's no off switch.

Satoshi's fire is now unstoppable.

Right. The network is unstoppable.

Satoshi's point is the shelling point

of global money.

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

the rest of the world is beginning to

see

that in fact there is an inversion and

there's a transformation. This network

doesn't need me anymore. This network

doesn't need anyone anymore. It's going

to continue to grow

and um and no one can stop it.

And so with that,

with the help of all that information,

I'm going to now share my Bitcoin

prophecy.

I think we're going to be $21 million

in 21 years.

It's a very special time in the network.

Maybe the one time in the history of the

network where you look out 21 years and

you see 21 million. Specifically,

I expect 21 million coins at a $21

million price in 21 years. And people

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

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

years. The volatility is going to be 21.

This is all the only number you need to

remember is the number 21.

And what does that look like?

Well, that looks like 28.5%

from here. Not that different. Slightly

less than 29% ARR.

But the path the path to 21 million is

not going to be simple.

It's going to be volatile.

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

see a volatility and it's going it's

going to damp over time, but you got to

be prepared for the volatility, for the

surges and the draw downs, the good

days, the bad days. This is Bitcoin's

annualized return looking back a decade,

looking forward two decades, and you can

see that the network was growing faster

when it's small. That's totally

rational.

It's now in the mid50s.

What do I expect? I expect it will

continue to grow exponentially, but as

it approaches hundreds of trillions of

dollars, it will decelerate to the point

where it's growing about 21% a year.

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

It'll be growing faster in 20 years.

It's still going to be the best idea.

It's still going to be the most

lucrative capital asset a company can

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

vital. There will not be a better

investment in the year 2046.

And I think it's very important to

understand that

um Bitcoin's trending toward

the performance of the best capital

assets in the world in the conventional

world, which are like, you know, mag

seven digital monopolies mixed into an

index. It's trending toward it, but it

will never reach it and it will never

perform at that level because it's

always going to be better. It's always

going to be more useful. It's always

going to be less risky. It's always

going to have the counterparty risk of a

company stripped away. There's never

going to be a CEO to subpoena. There's

never going to be a labor force. There's

never going to be the challenge of a

supply chain. It's never going to have a

tariff on it. It's going to be pure

digital energy. pure economic energy. By

then, it will be moving at the speed of

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

be moving 10 million times a second.

It'll be trading between billions and

billions of nodes and billions of other

nodes. There's going to be nothing else

to compete with it. It will be the most

valuable thing performing the best.

You're not going to want to sell it in

21 years. You're just going to wish that

you had acquired more of it.

And here's the volatility.

Looking back, volatility. Okay, it's 80,

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

the the mid40s. What do I expect? Well,

this is kind of very straightforward.

The volatility is going to also dampen

as the asset class grows, as the

structure matures, as the options

markets come on, as the bank when the

banks embrace Bitcoin and they'll give

you a loan, the volatility will damp.

When it's fully banked, when it's fully

optioned, when the when the mainstream

investors are are invested in it, the

volatility will damp. But the volatility

of the S&P is the VIX. It's 16.

Bitcoin's going to be 21. Bitcoin's

always going to be more volatile because

it's more useful, because it's more

pure, right? And that's and because it's

more leverable, because you'll have more

capabilities and you'll be able to do

more with it everywhere in the world.

Um, it will be raw economic energy. And

that's that's okay. Volatility is

vitality.

So now you have a future $21 million

21 AR 21 V.

This is the important part of the

presentation.

What will you do?

First of all, you have a 21-year head

start. You know something? 99.8%

8% of the capital in the world does not

yet know, right? You know that this

thing is unstoppable. You know that

everybody needs it and very few people

understand it. That's the most valuable

information in the world. If I told you

Bitcoin was going to 21 million

tomorrow,

that's not useful.

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

much more valuable. I'm giving you 21

years to leverage that information while

everybody else is oblivious, while

everybody else is afraid, while

everybody else is distracted.

You can do something. If you build the

right machine, build a moneymaking

machine for yourself.

If you build the right machine and you

plug it into the Bitcoin network, it

will grow stronger every day,

it will grow stronger every year. It

will compound

extraordinary

Extraordinary wealth.

And you will change your world. You have

a once- ina-lifetime opportunity to

change the destiny of everybody in your

bloodline, to change the destiny of your

community, everything you hold dear, to

change the political course of human

history.

You can do it. You have the opportunity

because you have the most valuable

information in the world. And the

question is,

how are you going to do it? What is your

Bitcoin strategy?

You need a 21-year plan.

Right? If you have the vision, but you

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

right? You're not going to get there by

talking about it. You need clarity. You

need to know what's going to happen.

You need courage.

You need to be willing to take a risk.

You need to put your own economic

interest at risk.

You're going to need to take a

courageous step and then you need to

take action.

Clarity, courage, action.

People that understand Bitcoin buy

Bitcoin. People that don't understand

Bitcoin talk about Bitcoin.

So, what are you going to do? You're

going to build a long-term plan

based on disciplined work, responsible

finance,

sound engineering,

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

few possible options for you here, and

then you can decide what you want to do

and how aggressively you want to do it.

Let's start with this one. DCA, dollar

cost averaging.

What is the strategy? The strategy is

work carefully

for the next 21 years. Buy

$50,000 US worth of Bitcoin each year.

Increase your savings by 5% a year and

then hold the Bitcoin. That's a

strategy. What happens if you do that?

Okay. Well, you can see your

investment's going to gradually

increment by the 5%. Over the 21 years,

you'll end up putting $2 million of cash

in into this investment. And what's your

outcome? You're going to end up with 1.9

Bitcoin. It's going to be worth $40

million.

Okay? $40 million.

How does that compare to other

strategies?

Well, if you take the same money and you

put it into the 6040 portfolio, if

you're conventional investor, if you

take the advice of your financial

advisor,

you will have $4 million

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

don't diversify out of that. you're

gonna have six million

if you actually invest in Bitcoin, but

then every time Bitcoin doubles, you you

kind of you rebalance the portfolio.

If you're responsible and you engage in

that rebalancing,

you'll have 15 million. If you let

Bitcoin run by a factor of 10 and then

you take money off the top

and you rebalance that way, you'll have

28 million.

And if you just buy the Bitcoin and

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

So the difference between conventional

and Bitcoin

is a factor of 10x.

That's the DCA strategy.

What's the next strategy? Leverage.

Borrow a million dollars up front. Pay

less than 10% interest if you can.

You're leveraging your future. You're

going to tap your underutilized assets.

If you got to sell your chairs, sell

your chairs. Mortgage your house.

Use capital intelligently. Ask your

family for a loan. A approach your

grandfather, your grandmother, your

father, your sister, your uncle, your

brother.

Ask your friends next.

Don't pay off your student loans.

Definitely don't pay off your mortgage.

Okay. What happens? Well, that's a

single jolt of energy one time.

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

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

of courage,

taking a risk.

What happens if you combine the two

together?

You basically borrow the money up front,

you DCA, and then every year you

leverage 5% of your existing Bitcoin

stack into Bitcoin. Again, this is what

the outlook or the outcome looks like.

You're going to end up with $260 million

of US value. You end up with

approximately 14 Bitcoin. And you can

see the the recycling of the leverage is

a very powerful powerful technique here.

What about a financial strategy? Let's

just take that a little bit further.

What if I just recycle 15% leverage

not 5% 15%. You can still survive an 80%

70% draw down. What happens this? you'll

be up to $370 million.

And then here's a business strategy. I

form a company.

I maintain 10% leverage.

I issue 5% equity every year at a

multiple of NAV of two. 5% dilution a

year on a business. Okay. What happens

there? Well, you're going to generate

$760 million of wealth by issuing equity

and by staying a little bit levered. And

so you can see it when you consider

these comparisons,

right? DCA is work hard, invest in

Bitcoin. Leverage is use some financial

engineering.

The DCA plus leverage takes you much

further. The financial strategy of

course is almost 10 times a DCA

and then the business strategy of course

is extraordinary almost 20x. Now

let's talk about tradecraft.

How do you do this without getting

liquidated?

How do you do this in an intelligent

fashion? So this is a credit matrix.

On the y ais is the interest rate you're

paying. on the x- axis is the duration

of the credit instrument. If you're

borrowing money for less than five

years, four years, you're a gambler.

When you're when you're borrowing

short-term money, you may get

liquidated, especially when you're

borrowing money for four weeks or 4 days

or 4 hours. This is this is a little bit

of a risky zone. When you're borrowing

money that cost you 20 or 30% interest

in short duration, you are a lone shark

victim. Okay? This is suicidal. You're

going to get your legs broken. Do not do

that.

When you borrow money at expensive rates

for long periods of time, you are an

indentured servant. You're a debt slave.

You're going to work your entire life.

You're going to have nothing to show for

it. That does not make sense.

What you want to do is borrow money for

10 years or longer and you'd like to get

the interest rate below 10%. So 10ear

duration less than 10%. If you get to a

30-year loan with 3 or 4% interest,

you're a financial genius. You know what

that is? That's mortgaging your house 2

years ago to buy Bitcoin, right? That's

the thing that all the non-coiners made

fun of us for. If you were smart enough

to take a 30-year or 20-year mortgage at

3 or 4% and buy Bitcoin, you are

financial genius. Not not complicated.

You're swapping 3 or 4% cost of capital

for a 29% return on the capital. What

about equity? Okay, so you have a

company.

If you sell 90% of the company at three

times NAV, you just cashed out. You made

a you made a lot of money. You're

retired. You're going to sit in a rocket

chair rocking chair. You're rich.

Congratulations. Right? That that is

your exit strategy. If you basically

sold 50 60% of your company at three,

four, five times nav, you're a

racehorse. You're going to be racing.

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

You're in business with other people. If

you manage to sell 20%

at seven times nav, you're looking like

a unicorn. People are going to write

books about you. You're going to be the

cover of magazines.

And if you can actually sell less than

10% of your company at a 78, n times

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

superstar, a shooting star,

right? They're going to write entire

books and teach courses about you.

Right. So that red line, that red line

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

equity below one times NAV, you're

deluding your own shareholders, right?

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

stay above that. Now, some common

objections.

You're going to hear these objections.

You're going to hear more of them from

all of your, you know, wealthy financial

advisors or or wealthy friends that are

no coiners. And they're going to say

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

late. You know, you did it, but you

know, if I done it back in 2013 or done

it in 20120 or done it whenever, it's

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

say. Um, Henry Ford decided to harness

fire a million years after human beings

discovered fire. It was not too late.

It's not too late to use the wheel.

It's not too late to master explosives.

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

someone invented a gun 500 years ago,

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

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

English? Someone learned English before

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

language. I guess it's not that useful

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

person to fly.

There's another company in my town. They

installed electricity. It's too late for

my company. After all, someone else

installed electricity first. I don't

really need electricity. It's too late.

Or the mobile phone.

Too late to use a computer. Too late to

get on the internet.

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

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

missing.

Bitcoin's technology. It's not a

speculation. It's the ignorant

speculators that think it's too late

because they don't understand that it's

digital energy. It's digital technology.

It's never too late to master

technology.

And I would leave you with the thought,

it's never too late to do the right

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

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

It's tulip bulbs. Blah blah blah. It

seems too good to be true.

The four most dangerous words in

finance. This time it's different. John

Templeton. Well, Sir John Templeton is

not on the walls of MIT's great court.

They have Newton and Madame Cury and

Einstein, you know, and Galileo, but

they did not put his name up there

because he's not a scientist or an

engineer. And the point is this is

different. Fire is different. Water is

different. Wind is different. These

things, guns, germs, when the Spaniards

show up in the New World and 90% of the

Native American Indians die because of

the germs, it was different, right?

These things are not the same. John D.

Rockefeller noticed oil was different.

If you're actually basing your strategy

on a technology or a paradigm shift,

then in fact, it is different.

And the point here

is Bitcoin is different. That's why it

matters.

People that tell you it's not different,

they don't understand it.

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

going to end with some final thoughts.

There's a saying in the American West,

the cowards never started.

The weak died along the way.

In this case, to never start means to

never invest in Bitcoin. If you have

your money and it's invested in not

Bitcoin, you never started. You have to

put your capital into Bitcoin. And then

the weak dying along the way. Okay.

Well, you did a stupid deal with a lone

shark and he broke your legs because you

borrowed money for four weeks at 37%.

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

easy journey, but neither is getting in

a wooden ship and sailing across the

Atlantic an easy journey.

The best way to predict the future is to

create it. Everybody in this room can

watch or await or you can go and create

the future.

Metaplanet's creating a future in Japan.

H1's creating a future in Sweden.

Smarter Web is creating a future. BTC

Prague is creating a future. Everybody

here is creating the future. Build the

machine. Put energy in it. Turn the

crank. Harness the energy.

21

is the winning hand. You're sitting at a

blackjack table and you get a king and

an ace. You can't lose.

We've got the winning hand. 21 in 21

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

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

Should you magically develop the ability

to see the future 60 seconds in advance

and you're sitting at the blackjack

table and you see blackjack coming,

bet large,

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

play the game. You have to bet.

You have a winning hand. Play it.

Embrace the volatility.

Volatility is Satoshi's gift to the

faithful. If Bitcoin was not volatile,

people with more money than you, more

power than you would outbid you for the

Bitcoin you couldn't have it. The only

reason you have the opportunity, the

only reason that you have a 21-year head

start is because it's volatile. At the

point that it becomes completely

predictable, Warren Buffett will say,

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

the Bitcoin. The Bitcoin went to 20

million a coin. Your opportunity is

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

rich if this thing doesn't stay

volatile." In chaos

lies opportunity.

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

Revel in it.

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

turbulent sea and you get seasick,

what do they tell you to do? Focus on

the horizon.

Look out. What is the horizon? The

horizon is 21 years. And what's on the

horizon? $21 million and don't pay

attention to what's happening in the

here and now. Look out. It will calm

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

to regret later.

Hodal. What does it mean? It means

ignore the noise. It means the noise

dilutes your performance. It distracts

your attention. It detracts from your

quality of life.

The news media, everybody, the everybody

is constructed to actually generate

noise, to generate inflammation, to tell

you, oh, this or that or the other

thing. And you have to avoid allowing it

to make you make a mistake or wreck your

life. Total. Remember, on the horizon,

4.8 Bitcoin makes you a centaillionaire.

You'll be 300 times as wealthy as the

average middle class person at that

point.

48 Bitcoin

makes you a billionaire in 21 years if

you can get to 48 Bitcoin. And trust me,

you're going to want to get to 48

Bitcoin if you can. Why?

This is the chance to build your legacy,

right? Thinking beyond yourself. If you

can do it for your family, do it for

your children. If you don't do it for

your children, do it for your community.

Do it for your way of life. At the end

of the day,

do it for everybody in this room. Do it

for the people that took this journey

with you, that bled, that sacrificed,

that took risk, that fought for this

thing that you have an opportunity to

share in.

This is your legacy.

Leave that. If you don't leave it to

your children, leave it to the Bitcoin

community

and I will see you at 21 million. Be

there.

Give it up for Michael Sailor.

See you at 21 million. Amazing.