MicroStrategy 2021 CEO Keynote with Michael Saylor

hello and welcome to one of the

highlights of microstrategy world our

ceo keynote

with our conference virtual this year

we've decided to place the usual

presentation with a more intimate

interview discussing many changes that

have occurred in 2020 and what's ahead

of us in 2021 and beyond

my name is jody paparello and i'm the

chief hr officer at microstrategy

i've been with the company for a little

over 18 years in many different roles

and i'm really excited to be here today

with me this morning is our founder

chairman and ceo michael saylor good

morning michael

how are you jody

so let's go ahead and jump right in um

and so starting at a high level michael

how would you say the pandemic of 2020

has impacted the macro economy i think

that uh what we found in in

2020 and our response to the pandemic is

a lot of

a lot of business as usual was no longer

practical

and eventually found is no longer

necessary

so

we're all i think pretty familiar with

some big changes the transition uh and

acceleration to remote work

and with that uh

transformation and acceleration to

remote education

and um

yeah

you could say

2020 saw a certain crystallization

and conversion to a much more efficient

economy

you know i think you could say it's the

end of the commute

and the and uh and the end of business

travel as we know it

the nexus of business activity

shifted

from the office

to the home and

the nexus of shopping activity shifted

from stores

to

the handset or the computer

nexus shifted away from hotels away from

public squares it became a lot harder

for us to congregate

it became a lot harder to do things that

required mass and motion

and

as we found that we have to do things

remotely

that accelerated the virtualization

of entire segments of our economy

can you tell us a little bit about how

that's affected the business operations

i think most businesses realize now they

they have to have

a virtual storefront

if you're going to sell goods or

services

it's unlikely you're going to do them

manually

in close contact and as we have

transitioned

from doing things manually in a

labor-intensive

capital intensive

real estate intensive fashion

we've realized our websites are more

important

our social

media

presence is much more important

and the software that we use to either

market the product

or sell the product or service the

product

has become much more important there's a

real big shift to the i mean we talk

about digital transformation this was a

massive acceleration and digital

transformation

of lots and lots of things

yeah so you've talked a little bit about

how it's impacted business operations

products and services what would you say

it's impacted on the financial markets

the things that we can

de-materialize to software travel very

very quickly if we could virtualize it

and so virtual products

virtual services exploded

in uh in utility in the last 12 months

manual products and services were

were much more challenged and uh and

attenuated and of course what we

discovered is that uh

financialization

anything that can be

expressed as a financial product was

able to move virtually we can we can

move a million dollars

as easily as a billion dollars as easily

as a dollar

and so those kind of businesses scale

very rapidly i think what we saw

in 2020

you know as we

you know call a k-shape recovery we saw

that uh that manual main street based

products and services

distributed they disseminated very

slowly they're very challenged they have

to be really completely rethought and

people shifted their demand away from

them and then on the other hand

financial products bounce back

much more rapidly

you could almost say

the political response to the pandemic

is such that it's very challenging to do

things that require material and manual

labor but governments found it's much

easier to distribute virtual products

and the ultimate virtual product is

money finance and financial products so

the responsive pandemic tended to be a

fiscal and a monetary stimulus response

and that resulted

in uh

in

an explosion of interest in those things

as

as the financial markets recovered

just about everybody started downloading

the square cash application they

downloaded robinhood

they started uh to focus upon

financial activity

if you can't go to a sporting event

and uh

and

gamble on the sporting event you can go

to the stock market and you can gamble

on the stock market

because it's completely virtualized yeah

so you use this term a lot at the

company in virtual wave what exactly is

the virtual wave

you know the virtual wave's a paradigm

shift uh a big paradigm shift the the

last major paradigm shift was the mobile

wave and that kicked off in 2010

and that was that was the leaping uh the

transformation of software from the

desktop and the laptop to the mobile

device and

and

the virtual wave is a dramatic

acceleration in the dematerialization

of processes and products

and the way that we interact with people

it used to be that we uh we went to

business events and all of a sudden the

business events dematerialized

to be online events

it used to be we went to business

meetings and the business meetings

de-materialized to be zoom meetings

um it used to be that we

we shipped products

and then the product

dematerialized to software

so

the virtual wave is just a dramatic

transformation in

in the way that we live

who would you describe to be the big

technology winners of the virtual way as

we uh transitioned from

communicating uh communicating to uh to

people in person

we started communicating online and so

you saw you saw a dramatic growth and

dependence on twitter right

i think we've seen an explosion in

utilization of youtube

people are now using youtube

to upload educational content and as

well as upload

entertainment content and in a world

where you can't go to a football stadium

and you're on your computer or you can't

go to a movie theater then you tend to

go to the products that make it easiest

to stream that video

and so twitter and youtube are big

winners we all know the story of zoom

which went from 10 million users to

400 million users in a matter of weeks

we we've saw we've seen an explosion in

social media we've seen an explosion in

online streaming video we all know the

stories of

of the entertainment online streaming

services i mean netflix is a big winner

disney plus has been a big winner um

and in the business world aws is your cl

cloud service providers i've seen an

explosion in demand

all of these things are ways to

virtualize a message virtualize a

service virtualize a product

what would you say that it takes to

really compete in the new world if i

replace

10 000 sales people

with one website

then what i'm doing is i'm automating

the sales activity

right and so there's an explosion in

demand for coding skills to automate

um

you know the other thing that i've

noticed is

you know it used to be you would have

5 000 bars with 5 000 different bands

playing at the same time

now you have one band playing on youtube

to 500 000 people

so

what you have is an explosion

of popularity of the celebrities and and

the best products so specialization is

really important the the world doesn't

want the average bluegrass band the

world wants the best

bluegrass band

on youtube and that means the bluegrass

band that records in super high

definition 4k with great stereo sound

that's attractively produced

that puts out really high quality

content every single week that band

might very well generate a million

followers or a million customers

and

the good news is the band explodes and

the bad news is

3 700 local bands whose primary value

proposition is there in front of your

face playing at the county fair on a

saturday afternoon

they struggle so specialization is

really key you need to be the best in

the world at what you do

automation is really key you need to

find a way to deliver it via a website

um acceleration

is really key um people expect lots of

high quality content and and really good

services and features to be delivered

faster

all of these things play into the notion

of virtualization

and um

and what do we really want in this world

well we want people that have insanely

great coding skills

or we want people to have really good

communication skills

if if you can communicate tell me why i

want to buy that product

we can upload that to youtube you might

have 350 000 views

of that one salesperson explaining why

you should buy that product in in the

20th century we would have hired 10 000

sales people to meet

with every doctor in every hospital

and explain as best they can why you

should prescribe that drug

today why wouldn't you just have the

single best

communicator articulate that upload it

to youtube and let every doctor in the

world

download the video 1.2 million times

so

being really good communicator is

important and without coding skills you

have no product

so you talked a little bit about some of

the winners of the virtual wave what it

takes to compete um some of the skills

that you need in this new world what is

the biggest surprise that you've seen in

the virtual wave

you know i think i think we saw youtube

coming and i think we saw twitter and we

knew about social media facebook and

twitter and linkedin and snapchat these

things they were all coming

we even knew about aws and azure they

were all gradually coming and even zoom

was creeping

uh i i think the the biggest surprise

uh which is which was a shocker to me

is the emergence

of a monetary network the the

virtualization of uh

products and services and things that

people did

well that most people can get their

hands around that they experience that

but the virtualization of money

that's a big idea we have 300 trillion

dollars worth of money floating around

in stocks bonds commercial real estate

and cash and banks and it's the 20th

century

form of assets

and what we saw

this year

is

an explosion

an emergence of a new form of money and

that and that new form of money is

cryptocurrency and the winning

cryptocurrency is bitcoin

and and as we discovered uh digital

scarcity in the form of money

we realize that it's an open

network an open system form of virtual

currency

and of course what's interesting about

it is

you can plug it into a mobile

application so so bitcoin got plugged

into square cash and paypal

and the next stop is hundreds of

millions of people

plugging their mobile apps into a

digital monetary network and as bitcoin

got plugged into it's getting plugged

into mutual funds and investment funds

and we plugged into our company

we're really seeing the emergence of a

dominant digital monetary network

twitter was a twitter became a dominant

digital speech network facebook is a

dominant digital social network

amazon is a dominant digital retail

network

apple is a dominant digital

mobile network of its own

and yet we never really thought there

would be a digital monetary network

we didn't really need it

before march

but in march of 2020

with the k-shape recovery

simultaneously what we realized is main

street needs to virtualize and we needed

to virtualize our products and our

services in order to deliver them

with much much lower friction and human

contact

and at the speed of light

and

then we also realized that we needed to

find a way to virtualize our money

because

the financial response to the pandemic

is one of monetary expansion and the

monetary expansion has created asset

inflation

and the asset inflation has created

created a stampede

toward a new monetary system a better

monetary system

just like twitter is a better way to

communicate your speech just like

youtube is a better way to move your

your uh entertainment or your education

content around bitcoin is a better way

to move your money around

and that's one i just didn't see coming

at all

yeah

so you talked a little bit at the macro

level but when you come back to sort of

the company we've termed this virtual

wave we use it a lot here at

microstrategy what would you say um how

have we adjusted to the virtual weight

well um

first thing we realized is the website

is supreme people need to be able to do

everything on your website so we

overhauled our website and we made it

possible to go and and get all the

marketing information you need about the

company we overhauled all of our sales

information

we really convert our website into a

youtube type experience because we

realize that it's got to be video first

so any question you have about the

product you could find out via video on

our website

we turned our website into our our best

sales person in essence because

anybody can show up 24 7 365 they can

register they can find out everything

about our products

they can

they can also start a trial so we made

it possible for people to start to do

demos and to to engage with us

we made it possible for people to get

tech support on the website directly

we virtualized our education and made it

possible for for all of our customers to

learn anything on our website we

virtualized our investor relations now

you can go and find that out we

virtualized our recruiting activity if

you want to know what roles are

available they're on the website

so

the website really became front and

center and it replaced hundreds of

thousands of hours of of activity

with automated video and automated

routines and that that was a big first

step i think

the next thing we realized is

we're going to have to embrace social

media much more enthusiastically we

can't spread the message uh and

communicate to customers by getting on

planes and flying to places and staying

in hotels and knocking on doors and

showing up in offices

um it's just not practical anymore

um and so we adopted twitter

and i became to i began to tweet a lot

more uh we adopted youtube

uh we adopted podcasting

you know we we discovered uh

microphones so we discovered higher

quality cameras and we realized that

it's not practical to speak to customers

one at a time you need to speak to

customers 100 000

times

in a row so we started to create content

uh and upload it uh into the major

networks into twitter into youtube into

linkedin and just make it easier for

people to uh to communicate to us

um

and those external things i think you

can see those if you're a customer

there's also an internal

set of changes we really move toward

acceleration and compression of our

internal meetings and our business

reviews

um

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used to be we would have um uh

20 people in a technology review we

spent a week working on it

and then we realized that

well we could just um we could upload

the presentation as a video and attach

it to the review and then ask the 20

people

to watch the video before they showed up

to the meeting

and when you watch a video before the

meeting

then you can speed it up and watch it

fifty percent faster

um

if i watch it fifty percent faster

instead of uh twenty hours taken up for

a one hour meeting maybe it's ten hours

that are taken up for the one hour

meeting

well then what happened next is we

realized that half the people just

wanted the content they didn't really

need to be at the meeting

so we're able to save their time and

only 10 people showed up to the meeting

and then we realized that well if

everybody shows up to the meeting and

they already know everything is going to

be presented in the first one minute we

can just start to talk about how we feel

about it

so

our meetings became much more

interactive and of course

we also realized that 10 people could

show up we could have a 15 minute

meeting everybody could express their

opinion and we could resolve the meeting

in 15 minutes so our one hour meeting

became a 15-minute meeting and our

one-week process became a one-day

process and and as that evolved

we realized that we didn't even

necessarily need to think in terms of

meetings

we could um we could integrate video

directly into our systems of records so

if we have a hundred features to build

in the product we might create a two

minute video for each feature put it

into our our

program management system

and then when i come in in the morning i

see 22 features

i click on the feature i look at the

video

i approve the feature or i give feedback

and there never was a meeting we we

actually moved to an organic flow

where somebody in china who's asleep

when i'm awake is able to upload a video

and i watch it while they're asleep and

i give them my comments and then the

next morning when they come in they

actually know what i think even though

we're in different parts of the world in

different time zones

and herein is really the magic of of the

virtual wave which is

we realize you can bend time and space

you know it's possible for

people all around the world uh to be

working in different locations

at different times and yet be together

and once

once we realized that we started

implementing a 24

7 culture

of um of response where a customer might

call in with a tech support case

we could record the tech support case

uploaded our system of record and and

direct it to an engineer

that isn't even awake

and then when they get up and they come

in the office somewhere else in the

world they can see what the customer

thought

they can fix the bug they can upload the

system of record and then someone

uh 3 000 miles away comes in to work

eight hours later they see it they pass

it on and we can follow the sun from the

united states to china to europe and

perhaps 24 hours later we will have

people in three different time zones

work on the problem solve the problem

and deliver it back to the customer and

everybody feels a certain intimacy and

understanding of what the customer

wanted to do

it's an

incredibly empowering you know as we

moved into this virtual wave and

the the big result

is we realized that people in different

places in the world could all work

together in different time zones and we

were released from the tyranny of fixed

meetings

you don't have to fly

from europe to the united states for a

week to sit in a bunch of grueling

meetings in order to be engaged with

other people

you could be intellectually engaged much

more intimately in a much more agile

fashion and you could do it from the

comfort of your own home

and

it's much more physically

healthy it's much more emotionally

intellectually satisfying

i have traveled around the world jody

and i remember you know flying around

the world to give 20 speeches in 20

different time zones

and it's just so uh it's so

grueling right so hard on your body to

be upside down in time zones

the idea that you could communicate to

everybody

that works with you

or everyone that relies upon you

and you could do it from the comfort of

your own time zone

in a comfortable environment

that's a really powerful thing

you know

people talk about uh if we think about

remote work the challenge of how you

stay intimately engaged with your

co-workers

on one hand

you could say

if you're fixed in the 20th century view

it's like i need them to be in the

office face to face or i can't

communicate to them

that's that's one way of thinking and by

the way that's the way i thought a year

ago right that's why i thought you had

to be in front of me for me to

communicate

and then we went through this jarring

transition

to the virtual wave and then we learned

how to virtually communicate

and i remember

uh wasn't that long ago i spoke uh with

everybody that works for our company

in argentina

and they are 12 hours away from us

and yet i was able to speak with each

one of them intimately

engaged and it wasn't expensive and it

wasn't uh it wasn't a challenge or a

physical

uh demand on their time and it wasn't

challenging for me and so i was able

uh to engage with them

uh better faster stronger smarter

cheaper

no no real downside

and after i did that the next week i met

with all of our partners in south

america

and so i i found that

we're much better able to communicate

once we embrace these new techniques

and the result is

is

a lot of expensive painful

activity drops away

and a lot of constructive

uh cheerful

uh activity explodes

and for the organization that can

embrace that kind of virtual wave you

can find this incredibly empowering

yeah i agree i you know personally for

me i've seen our employees adapt so

quickly

overnight into this you know change and

videos and being online and so it's just

been amazing for me to see that as well

from our own employees so can you tell

us a little bit about how it's changed

the company's product strategy just like

we want to be able to accomplish

something from a distance

in the era of the virtual wave you need

to be able to

accomplish things uh from a distance

virtually 10 people in 10 different

places

need to be able to act in a coordinated

fashion effectively with each other

with their vendor

and that means it's just not practical

uh to have manual steps and and complex

steps

in the process so

what we did was

really

thought about how how do you deliver

business intelligence to an enterprise

in the era of the virtual wave in the

era of remote work and it becomes pretty

clear there are certain things that are

critical one of them is you need to be

able to deliver that intelligence out of

the cloud and cloud becomes more

important than ever

because when people decide to upgrade

and they're going to upgrade

they don't really have six weeks or four

weeks you can't have three people coming

on site in order to install new software

and it can't be that challenging so

that the parts of our business that we

have we have really attacked and worked

to re-engineer away are are upgrade

friction

and migration friction we put a big

emphasis on cloud migration a big

emphasis on upgrading all of our

customers the latest version of our

software

a big emphasis on

deploying our software in a multi-tenant

sas model and so

we just launched hyper now

and hyper now is is all about deploying

hyper intelligence to anybody in the

world in less than an hour

if somebody is in singapore or they're

in sydney australia

and uh it's midnight

our time and noon

their time

on the weekend

and they decide that they want to deploy

hyper intelligence

how are they going to do it

their journey is going to be hit the

website register

start their cloud their hypernow trial

they need to be able to plug in their

database their security model they need

to be able to build the application

they need to be able to deploy it and

they need to be able to embed it in

their website and so

and so our emphasis on embedding

intelligence into applications and into

websites has been enhanced and and of

course along the way

we made this rule which is

if you have to ask for help we failed

and so we have we have been relentlessly

polishing

our our hyper

now offering and our and our modern

business intelligence platform so that

anybody in the world anytime can build

compelling business intelligence

embedded in their operation and not ask

for help from a human being

has to all be

self-evident or if it if there's

anything sophisticated it needs to be

easy to get that insight online on

demand anytime

so

you could say it's just all about

streamlining for us so you talked a

little bit about our operational changes

our product strategy changes what about

our um corporate strategy what would you

say has changed from our corporate

strategy the big picture is

the company sells business intelligence

software

we streamline the operations of the

so as to deliver that in a more

automated more virtualized fashion

that has resulted in a dramatic increase

in cash flow of the company the company

generates a lot more cash than ever

before

the second thing we've done is we've

streamlined the product itself so that

we can actually grow the business

without using a lot of manual labor and

without throwing a lot of cash at the

business

and and as we have gone through that

transformation a p l we realize that we

have a lot of cash on our balance sheet

and our treasury

and

we have to figure out how to create

shareholder value with it so one of the

biggest impacts on our corporate

strategy is that as we realized that we

had a great cash generating business

and uh and we weren't going to need to

utilize that cash to grow the business

and scale it

we started thinking about how we how we

best utilize the money and

the year 2020 is an environment of

of

uh quite aggressive monetary expansion

so as the money supply of dollars and

euros has expanded

that has caused an appreciation in asset

prices against those dollars and if we

want to preserve shareholder value we

realize that we need to make sure that

the cash flows we generate

and the cash that we maintain in our

treasury is invested in

some kind of asset which is going to

appreciate as fast as all the other

assets in the market so that caused us

to embrace a bitcoin strategy

and the idea behind bitcoin is bitcoin

is is an engineered safe haven treasury

reserve asset and because it's it's

engineered to be fixed in supply

on a global network

uh that means that if we invest

a million dollars in bitcoin

and if the if the supply of dollars

doubles

the price of bitcoin should reasonably

double or go up faster it becomes an

asset inflation hedge so our big move

from a corporate point of view this year

is is to transition our balance sheet

from from

u.s dollars and treasury

uh treasury bills treasury notes and and

sovereign debt as our primary treasury

reserve asset to bitcoin as our primary

treasury reserve asset

and um

that has worked out well for us

uh another part of our corporate

strategy is

is

we realized that one of the advantages

we have as a publicly traded company is

we have access to cheap financing in the

capital markets

so we've engaged in financing and we've

gone and we have we have raised

650 million dollars in debt and we did

it because we could actually raise the

money at less than one percent interest

it's 75 basis points so for all

practical purposes it becomes free money

so we dramatically uh strengthened our

balance sheet by tapping into those

capital markets

and we have invested that in bitcoin and

as we have done those things and bitcoin

has appreciated our balance sheet as

appreciated

and we think that that gives us a really

strong treasury reserve and it gives us

a strong asset we can use to continue in

our mission

of

building and selling the world's best

business intelligence software

if you want to hear more about the

bitcoin um strategy you can join our

bitcoin track here at world so it should

be exciting to hear some of that um so

how can some of our customers take

advantage of the virtual way what are

some of the trends you're seeing there

across our customer base i see there's a

migration from on-premise to the cloud

so we've been we've worked to deploy uh

tools and better uh better upgrade

programs and and lots of our customers a

thousand of our customers or more have

have engaged with us via our enterprise

support program to either upgrade their

platform to the latest version of

microstrategy

or to migrate their platform to our

cloud environment so that uh so that

they can continue to stay on the latest

version of microstrategy and also to

decrease the cost and the complexity of

deploying business intelligence

throughout their enterprise

so cloud upgrades and migrations really

big trend

uh another big trend is taking advantage

of our modern platform to embed

intelligence into their applications and

in their websites

because all of their customers want

one-click intelligence or seamless

intelligence

uh

right in front of their face and so

taking friction out of

out of uh the business and taking

friction out of the process of getting

the answer has been really critical

embedded intelligence has exploded in

popularity in the past year

and then uh i think uh a very specific

form of embedded intelligence is hyper

intelligence

the idea of putting hyper intelligence

right into your applications and into

your websites

means that if your customers are on your

website or your employees on your

website

trying to figure out whether to buy the

product or or ship it or what to do with

you

if they can hover over that thing and

get the answer with zero click

then that's a big benefit to them

so hyper intelligence has exploded and

and

i think the best idea for customers is

try embedding hyper intelligence in your

applications using hypernow because

anybody could

go on to our website spin up a hypernow

environment they could plug in their

data they could plug in their security

model

they could embed hyperintelligence into

their website using our sdk or they

could deploy hyper intelligence across

anybody else's

websites using our plugin and they could

do that in an hour

you know so so where

what what other technique is there to

deploy better intelligence to hundreds

of thousands or millions of people today

out of the cloud

and everybody's got some intelligence

that will help their customer or their

employee make a better decision

so hyper now represents a real

step change order magnitude difference

in

the cost and the complexity of providing

intelligence to to the world so i'm

really excited

to see how our customers take advantage

of our new multi-tenant cloud our sas

offering and hyper now and and what's to

come

it's been interesting using hyper and hr

has been awesome even for my team i

think nowadays we can't even not have it

turned on when we're working it's been

great as we wrap up what would you say

are the most compelling opportunities in

the coming one to three years

for most corporations the compelling

opportunities

are either going to be to completely

virtualize

some aspect of their sales or marketing

process or completely virtualize

their product to be provisioned

uh via their website and potentially

virally

plugging it into the social networks

and i think

every company's got to be thinking about

how you virtualize that aspect of their

p l their product and their service

another really compelling opportunity

is plugging your company's products or

services or balance sheet

into this emerging digital monetary

network which we call bitcoin

if you have um if you have a mobile

application like square or paypal

they're plugging those mobile

applications into bitcoin and what that

means is

is anybody with a square application can

go ahead and move a thousand dollars

into bitcoin and bitcoin has been

appreciating a 200

per year against the us dollar for 10

years

tax-free so when you plug a mobile

payment application into this monetary

network you're delivering a savings

account that yields 200 tax-free

interest

that's very differentiating for square

and paypal it's been great for their

products uh

millions and millions of new customers

are coming to their network uh their

stocks are exploding they're getting

massive publicity on cnbc and cable

networks so it's great for their

marketing great for their branding

um

we're seeing finance companies like

grayscale they plug bitcoin into their

financial

fund offering a closed-in fund and that

fund went from two billion dollars in

assets to 20 billion dollars in assets

in one year

so they grew by a factor of 10. it's

extraordinary

um

if you look at um

if you look at other companies all banks

can benefit from plugging into this

bitcoin network

there are there are

tens of billions if not hundreds of

billions of dollars are going to flow

from banks that don't support bitcoin

and then monetary network to those that

do

any insurance companies can plug into

this network and their insurance

products that are starting to plug into

into the bitcoin monetary standard

um

every company is a treasury our company

is a treasury

and if your company has

money on its balance sheet and it's

sitting in fiat currencies like euros

and dollars

they're losing about 15 of their

purchasing power each year

so corporations that have billions of

dollars or tens or hundreds of billions

of dollars of cash

are looking at losing 75 percent of the

shareholder value

75 of the cash over the course of a

decade in the current monetary

environment

the simple solution is

convert some of that cash into bitcoin

we did it

um square did it

you're going to see an avalanche of

companies in the coming 12 months also

converting their balance sheets

into

into uh bitcoin because it's a scarce

digital safe haven asset

so

compelling opportunities

i i think that you're going you you

already know what happened with google

google became a trillion dollar company

it was a good idea to plug in plug your

website into the google search engine

and plug your marketing into google's

youtube

and we know what happened with apple

uh people embraced the mobile wave

apple and android we know what happened

with facebook people embrace facebook we

know what happened with twitter

we know what happened with aws and azure

in the cloud

most people don't realize what's going

to happen here with the digital monetary

network but we're looking at a monetary

network that's going to grow from

650 billion dollars in value

to 6 billion

6 trillion

to 60 trillion it may very well become

north of a hundred trillion dollars in

monetary value

and every company

has a treasury

which would benefit from plugging into

it and every financial company would

probably benefit from plugging its

financial

products or services into this network

because this decade

is going to be a decade of explosion

in this digital monetary network and

this thing we call bitcoin it really is

quite an extraordinary opportunity

in my opinion

probably the most compelling opportunity

i've seen in my lifetime

i uh i think i've learned more about

bitcoin in the last three months than i

ever have and it's been really

fascinating so well that wraps up our

session today thank you michael um and

thanks to everybody for joining us and i

hope you enjoy the rest of the

conference