Michael Saylor Keynote | Bitcoin MENA 2025

[applause] Welcome,

welcome, Michael. My floor is yours.

[applause]

So, I I've been all around the region

this week. I started in Dubai and uh

went to Bahrain and went to Kuwait and

of course I'm ending in Abu Dhabi, the

big end, this is the big end of the

tour.

uh and uh I have had a chance to meet

with uh hundreds of hundred investors,

regulators, sovereigns,

banks,

crypto enthusiasts,

uh Bitcoin enthusiasts,

and I thought I would share with you

what I'm showing them and what I'm

speaking about with them and uh give you

a sense of of what we're proposing to

the sovereign wealth fund, the hedge

funds, the investment funds, the family

offices, the banks, the traders

and uh and those running the government.

And uh very exciting. So without further

ado,

let's put my presentation up on on

stage.

Uh

I'll start with the title, right? Uh my

topic today is uh digital capital,

credit, money and banking.

And so let's let's start with the first

topic digital capital. What is digital

capital? Bitcoin is digital capital. Um

gold is metallic capital. Real estate is

property capital.

S&P is equity capital. Why is Bitcoin

digital capital?

First of all, because Donald J. Trump is

the Bitcoin president.

Donald J. Trump says he is intent on

making America the Bitcoin superpower,

the crypto capital of the world, the

leader in digital assets. And David

Saxs, who works for him, in March of

2025, this year, said, "Bitcoin is

special. Bitcoin is an asset without an

issuer. It is the dominant digital

commodity in the world. This

administration designated Bitcoin as

digital gold. And of course, it's not

just the president. It's the vice

president who I've met who said that.

It's the secretary of treasury who I've

met who has said that. It is the head of

the SEC who I've met who has said that.

It is the head of national intelligence

Tulsi gar govern who I've met who said

that. It's the head of commerce, a small

business administration, Kelly Laughler,

who I've met who said that. It's Bill Py

who runs the Federal Housing

Administration and regulates five

trillion or six trillion dollars of home

mortgages. Who I've met who said that.

It's RFK

who who not that long ago wanted the US

government to buy 4 million Bitcoin. Who

I've met who believes it. It's the

incoming head of the CFDC, Mike Sullig.

It's David Saxs himself. The cryptos are

and the bitcoins are. It's Howard

Lutnik, the commerce secretary. And it's

Cash Patel,

the head of the FBI. So, you have a

profound consensus amongst everyone

running the United States. And the most

important thing is that the United

States is the most influential financial

regulator in the world. Then whatever

the US banking system does and the US

security market does ripples through

South America, it ripples through

Africa, it ripples through Europe, it

ripples through the Middle East, it goes

to Canada, goes to Australia, it even

goes to Hong Kong. Even the Chinese will

copy what the US is doing. So it's very

very profound inflection.

The the other major inflection point is

all of the large banks in the United

States have gone from not banking

Bitcoin 12 months ago to in the past six

months I have I have noted and been

approached by BNY Melon, by Wells Fargo,

by Bank of America, by Charles Schwab,

by JP Morgan,

uh by City. they are all starting to

issue credit against either Bitcoin or

against Bitcoin derivatives like IBIT.

And so there's a sea change here. Uh

Wells Fargo and City have both public

announced intent to allow uh the custody

of Bitcoin within the banks and the year

2026 they'll start to extend credit. And

so Wall Street, the banking uh the

banking establishment and the regulators

have all endorse Bitcoin as digital

capital. Where does that take us?

Well, my company's strategy is the

world's first uh digital treasury

company. And because it's digital

capital, we have capitalized on it and

we have now accumulated

660,624

bitcoin.

uh including 10,600 yesterday. We

announced

we are uh acquiring at the range of 500

million to a billion a week worth of

Bitcoin. Uh we've now at this point

acquired not quite $50 billion

of Bitcoin which is worth substantially

more. Um, we're not stopping.

For those people that we have buyer

fatigue, we don't have buyer fatigue.

Uh, I I think that we can buy more

Bitcoin than the sellers can sell. And

we're going to take it all. Uh, and and

uh we're going to take it out of

circulation. In essence, we're winding

up the network. We're powering it up

like an engine. It's coiling like u like

a torsion

spring of sorts. Um, and what do you do

with all that capital?

Um, what we've decided to do with that

capital is to create start creating

credit, Bitcoin backed credit, and we're

we've created the world's first digital

credit vehicle. In essence, we are going

to digitally transform the credit

markets

by creating a vehicle powered by digital

capital. So, the company today is paying

out about $800 million worth

on our digital credit. We have about 76

years worth of dividends if Bitcoin goes

up 0% a year. So I think the Bitcoin

reactor has about 76 years of energy. If

Bitcoin goes up 1.4% a year, we have

infinite energy. We can go forever. So

that's that's really our our break even

point. And um what why do we exist? What

is the purpose of our company?

We exist to transform capital into

credit. So what is capital? Capital is

you have a fivey old kid and you give

them a million dollar block of real

estate in the middle of New York City.

It's just dirt. It's land. There are no

rents. And you say, "Child, hold that

real estate for 30 years and you'll be

rich.

No cash flows, but you have to wait a

long time and it's hard to value the

real estate." Um, in our particular

case, we uh maybe in 20 years you can

finance the real estate. And if you ever

want cash flows from it, you're going

have to form a company, get a

construction loan, build a building,

market the building, you're going to

have to rent the building. Then you'll

get cash flow. That's a lot of work for

a 5-year-old kid. Maybe you don't want

to do it. So, there's another thing you

could do for the child. You could give

them a piece of paper, a credit

instrument that pays them $10,000 a

month forever.

Right? The picture on the right is

credit. I'm just going to give you money

every month forever starting now.

Instant gratification.

And the picture on the left is capital.

I'm not going to give you any money for

the next 30 years, but if you've got the

patience and you can stand the risk and

hold your breath, you'll have even more

money.

So, Bitcoin is digital capital. It's

volatile. It's going up.

How do you create digital credit? The

the world is built on capital. All all

of the blocks of granite underlying

Manhattan are the capital. The world is

built on capital. The world will be

built on Bitcoin. But the world runs on

credit.

You need money now to eat, to pay the

bills, to pay the rent, to pay for your

tuition, to get on an airplane, to live

your life. And of course, the criticism

of a lot of a lot of uninformed skeptics

is, well, Bitcoin's not an investable

asset class because it doesn't have cash

flows and we don't know how to value it.

And they don't believe something's

valuable unless it has cash flows. So a

treasury company that's capitalized on

Bitcoin can create the cash flows. And

so we're creating the credit in order to

make this an investable asset class. And

what our company does is we convert the

digital capital to digital credit. Um we

we create the currency. So if you have

BTC, we convert it to USD or we convert

it from BTC to euro. We could in theory

convert it from BTC to JPY or a great

British pounds. We convert the currency.

We strip the risk by overcolateralizing

the credit instrument 5 to one or 10 to

one. Bitcoin could fall 90% but we're

still overcolateralized and so you still

got your principal. That's the credit

proposition. If Bitcoin falls 90% and

you have the capital, you've lost 90% of

your money. That's the capital

proposition. Strip the risk, strip the

volatility,

convert a 45 ball asset to 20 ball or 10

ball or five ball

and then extract the yield, pay you 10%

dividend yield forever. Now, Bitcoin's

going up 45% for the past five years. So

in essence, if you have and I believe

and I've said this to many a many a

time, I think Bitcoin's going to go up

about 30% a year for the next 20 years.

So if you have a long time horizon, you

shouldn't take the 10%. You should take

the 30%.

But you have to have the stomach for the

volatility. And most people don't want

30% with 30 ball. They want 10% with 10

ball or less ball. So we distill the

yield. And then the last thing we do is

we compress the duration.

Your 5-year-old has to wait 30 years to

get rich.

That's difficult. Your 5-year-old gets

money now forever. That's instant

gratification. We're converting 120

months or 240 months of duration.

A 20 a 30-year bond has 240 months of

duration. If you're an interest

investor, we're stripping it down to one

month. Pay me now.

And so the way you do that is with a

huge pool of equity capital. We have 60

to 70 billion dollars of equity capital

a day. And then you embed the credit

instrument into the equity capital. And

that's what allows us to build this

digital credit. And I'm going to talk

about digital credit and digital equity

but with an aside. When gold was money

and gold was the commodity store of

value in the world. The killer app for

gold. It wasn't the gold cash settlement

meant I move gold from here to there.

The killer app of gold was credit. The

Rothschilds created gold back credit.

The banks created credit. All currency

was credit. All sovereign debt was

credit. All corporate debt was was gold

back credit. All consumer debt was gold

back credit. All mortgages were gold

back credit. It used to be the world for

hundreds of years ran on gold back

credit. If we have digital gold, it's

very logical that the world's going to

run on digital gold back credit or

digital credit if you will. And how do

we get it? Well, if we've got an asset

that outperforms the S&P index, we just

strip off the amount of yield you want

and then the excess yield goes to the

common stock shareholders. So, the first

digital credit instrument we created was

uh STRK.

We created as a preferred stock. We pay

an 8% dividend forever and we give a

conversion rate into the common shares

forever.

100year call option, 100year bond. We

took it public and we put a shelf

registration on it. So the innovations

were preferred stock as credit, a public

instrument, a happy name strike. Sorry,

Jack Mers, I just I'd like the name, so

I took it, but you could still have it.

Strk.

And then um we also backed it with

digital capital Bitcoin.

And because it's perpetual, we could

sell the instrument into the market any

given day. So it's like taking the best

ideas from an ETF and and adding them to

the best idea of a bond, the best idea

of a common equity, and then putting

digital behind it.

And then after we did that, we thought,

why don't we create a perpetual bond

that pays 10% dividend yield forever?

And we did that with Strife, STRF.

Uh you would never pay 10% in a bond to

build a house or uh to build a a data

center because it's not going to last a

100 years. How do you actually pay

someone for a 100 years? You have to

have a use of proceeds that will last a

100red years. So we borrow the money

forever and then we invest the money in

Bitcoin forever. We're basically funding

the bit. We're investing in the digital

asset economy forever with money we

borrowed forever. We're matching the

duration because that's a senior

instrument and traded way above par and

the effective yield is 9%. And the idea

is that's 9%

and investment grade bond is 4%.

We had to pay a higher rate because we

never intended to pay the money back.

Right? That's the we're not giving you

the money back in five years. we're

giving you the money back in 5 million

years. An investor would say, "Pay me

more." And first we thought that was a

bug. Oh, we have to pay more. And then

we realized that's a feature because I

would rather pay 10% forever than 5% for

5 years. If you do the math in your

head, if you got to repay the principal

in five years, that's 20% a year plus

five, that's 25% financing versus 10

So if we'd rather pay 10%, who would

rather collect 10%. The credit investor.

So we created the best credit. The

credit became the product this traded

up. And after we did it, we thought, how

could we pay people more? Because

Bitcoin is going up more than 9% a year.

Bitcoin's going up 29% a year. So, how

do you actually create a perpetual swap

and pay somebody more than that forever

without credit?

And the way you do it is you do it with

a non-cumulative junior preferred stock.

We created a the same version of the

stock of of strife, but we stripped away

the cumulative rate and the governance

provision and it trades below par at 80.

And that means that the effective yield

is 12 a.5%. So there's a three and a

half% credit spread between the senior

instrument and the junior one. And what

that means is

if you don't trust anybody in the world,

you buy Bitcoin and you collect 30%.

If you trust the company and you trust

Bitcoin, but you don't want uh if you

have a short time horizon, you don't

want to you want cash flows, you would

buy STD and you would collect 12%. the

first 12% of Bitcoin return forever and

everything above 12 and a half percent

goes to the common equity to MSTR

shareholders.

And then uh if you semirust the company,

if you kind of think Bitcoin's good and

the company's good, but I want to make

sure that it's very painful for them to

ever skip a dividend, you buy STRF,

the price to semirust us is you get

three and a half% less yield. The value

to trust us is three and a half percent.

And the val and the value you get paid

if you have a long time horizon. If

you're willing to wait 10 years and take

nothing for 10 years, you get paid 30%.

And so that's three interesting things.

We took the idea of strife and then we

did it in Europe and we actually created

a hundred euro part that pays 10% in

euros for European investors and we call

that stream.

Same idea strife.

And then after we've done all those,

I'll call those digital notes. They're

they're like bonds, but they're not

bonds, but they're long duration digital

credit instruments. Generally for PE, if

you walk down the street and you ask the

average person, do you want to buy a

30-year bond? Not many people want to

buy a 30-year convertible bond. But if

you said, do you want a bank account

that pays you 10%. Everybody wants that.

So we started thinking how do we strip

the volatility, the duration, the delta

and the complexity off the instrument

and we created stretch STRC

and the idea of STRC is we'll just pay a

monthly cash dividend and try to get it

to trade about at par about 100.

So if strife is a 20-year bond, Stretch

is a one-mon T bill a one-mon Bitcoin

bond.

Now, this next chart shows you the

difference between credit and capital.

We took Stretch public and and in August

1st, if you bought a $100 of Stretch, it

would have traded up to about 99. It

would have traded up 9% and you would

collect $3.70 worth of dividends. If you

had bought a $100 worth of Bitcoin, it

would have traded down $23.

Which is the better investment? Well,

over the four months, it's the credit.

If you're going to hold it four years,

it's the capital. Bitcoin is a much

better long-term investment, but you

wouldn't be able to tell from that

chart. And if you needed the money

tomorrow, you'd want the credit. And so,

what we're what you can see we're doing

is we're straightening out that

volatility and we're stripping that risk

and we're creating that cash flow.

Now, remember I told you I had to pay

more money for the for the preferred

credit. That was the bug, but it became

the feature. And then I said, well, we

wanted to take it public. So, we took it

public. It pays a big dividend. It's

backed by Bitcoin. And inadvertently, we

created the most interesting credit

instruments in the world. These are the

most successful preferred stocks ever.

Um, and here's one way to see it. The

average preferred stock trades over the

counter. That means it's illegal for you

as a retail investor to buy it. It's

only institutions that can buy it. It's

like 37 guys in a back alley trading

baseball cards with each other. They

trade a 100,000 a day. Wide bid ass

spreads. It's not very good product. If

you take them public in Europe or the

US, they trade $1 million a day.

The first credit instruments we created

like Stripe and Strife and Stride, they

trade about $30 million a day. So they

were 30x more liquid than anything

anybody had done before. But then people

said, well, I don't want the volatility.

I want monthly. I want it simple.

Everything else is too complicated. So

when we did stretch, we found the right

product market fit. And you can see the

instrument started trading 130 million a

day. 100x

more interesting. That's in the first

four months. It became a hundredx more

interesting. I think this will become

hundreds of millions then billions of

dollars a day. And you can say well why

doesn't anybody else do this? Because

the rest of the capital market

purchase credit differently. When Apple

borrows money, they borrow money

tactically to finance a a tax arbitrage.

When Microsoft borrows money, they're

borrowing it tactically to finance a

data center. When a bank borrows money,

they're borrowing money to fund a

consumer loan business.

The money that they're borrowing, they

want to get as cheaply as possible. It's

a tactic in order to improve a product

or a service.

For us, the credit is the product. We're

not b we're not trying to minimize the

cost of the credit or the or the yield

we pay. We're actually trying to

maximize it and strip the credit risk

away so we can invest in Bitcoin

forever. And so we're an example of a

well-run company where the credit is the

product and the rest of the capital

market is full of junk bond issuers and

and investment grade issuers and bank

preferred issuers. the credit is u the

byproduct right it's a necessity but if

the if the CFO of Microsoft had a

preferred stock paying 10%

the board of directors would say you

should call that retirement refinance it

and replace it with 5% money and so most

well-run companies aren't trying to

create good credit they're creating

crippled credit that's good for the

issuer bad for the investor investor and

we inadvertently flipped that on its

head and we created credit good for the

investor

and we didn't actually need the tax

deduction because we're a treasury

company and we would rather pay a higher

yield because we wanted to invest the

money forever in Bitcoin. Nobody else

has a use of proceeds to invest in

forever that's going to go up faster

than the S&P index. And so you have to

have the right capital structure and the

right corporate structure.

And so I I talked about the bug being

the feature. One way the bug was the

feature was we used preferred stocks.

The other thing we did is we took them

public because over-the-counter markets

are very inefficient and the public

can't buy them. The third thing we

discovered is that if we pay the

dividends by issuing equity or by

selling securities or even by selling

highly appreciated commodities,

the t the dividend we pay is taxfree.

It's tax deferred. That is to say, you

get the dividend and then until you've

reduced the basis in the instrument to

zero, you don't pay taxes on it. Now, if

you live in Dubai or Abu Dhabi, it

doesn't matter to you. But if you live

in New York City or San Francisco or

London or Paris, it does matter to you.

And so what we did is we created in

essence uh tax tax deferred dividends,

huge amounts of them. And um

what does that do to the equity, right?

Our MSTR is digital equity. Well, if I

issue 10% of my Bitcoin capital as

credit each year, I'm actually creating

a BTC yield of 10%. So that means that

every seven years I double my Bitcoin

per share.

So if you want to actually hold Bitcoin

per share constant, you buy Bitcoin.

if you or you buy the ETF.

But if you wanted to double your Bitcoin

per share, what you'd want to do is

issue credit instruments and then buy

Bitcoin back. And you can see here that

if we just run a routine amplification,

uh then what we do is we 2x or 3x our

Bitcoin holdings over the period that

you would otherwise have the same. So So

the way to think of it is MSTR equity is

amplified Bitcoin. It's more volatile.

It's more performant on the downside,

the upside. If you're an equity investor

and you want 2x Bitcoin, you would buy a

an equity that's amplified by credit.

If you don't trust anybody, you buy

Bitcoin, which is a good idea. If you uh

if you have a short time horizon and you

don't like volatility, you buy the

And now let's let's look at how this

breaks down in the world.

This is the stretch yield. It pays 10.8%

effective yield. Private credit only

pays seven.

Junk bonds pay six. Money markets pay

four. Municipal bonds pay less. The bank

doesn't want to give you much of

anything. This is the best it gets in

the entire world. US-based uh credit.

The benchmark is sulfur. Sulfur is going

to fall. When sulfur falls from 400

basis points to three, mortgage credit,

corporate credit, and junk credit is all

going to be drawn

uh south by 100 basis points. So digital

credit's already two to four times

better.

If you're a retail investor or

corporation and you pay taxes,

the fact that you can defer the tax, New

York tax, city tax, federal tax, means

that buying STRC, buying digital credit

is like a bank paying you 22% interest

on your bank deposits.

You can see it's it's off the chart.

It's four times or five times better

than buying a conventional money market.

In fact, all digital credit is better

than all conventional credit. Why?

Because the collateral is appreciating

and it's digital and conventional credit

is built on depreciating collapsing

collateral whether it's a data center or

a product or a warehouse.

Uh and it's all indexed to uh the

risk-free rate which is repressed

by most central bankers. the you know in

Japan it's 50 basis points

all the credit is tied to 50 basis

points and so digital credit is free

market rates and if you're a taxed

investor the tax advantage of digital

credit is again do you want 1.5% in

Europe or do you want 20%.

Our

objective is really to build out that

entire free market yield curve around

the world, right? Why can't you get paid

10%

in any currency everywhere? And you can

see all these currencies, right?

You know, you're getting zero in

Switzerland.

So the opportunity for treasury

companies, ours and other treasury

companies, and the reason we need

Bitcoin treasury companies in

Switzerland and in Japan and in France

and in Great Britain, is because we need

companies to accumulate pools of capital

and issue credit that's that meets

regulatory requirements that integrates

into the banking system that absorbs the

currency risk that fixes this yield

curve, fixes this savings problem.

So, if you don't know what you want,

you probably want treasury.

Um, I joke, you know, it takes a 100

hours for people to understand Bitcoin.

So, you go and you orange pill and you

say, "Here's Bitcoin and let me tell you

about money and let me tell you why it's

not currency and why it's a store of

value and why the utility is doesn't

matter and why we're going to use it."

and after 100 hours you decide it's a

volatile asset that's better than the

S&P and if you don't need the money for

four years you should buy it. But that's

a very very difficult educational

process.

This is another educational process.

This is a 15-second ad.

What it says is if you like money and

you're not getting paid by your bank,

you can get paid 10 or 11% 10% by buying

digital credit.

Okay, short and sweet. I don't need to

explain Austrian economics to you. Like,

you use electricity and probably not

many people know how a nuclear reactor

works. You don't care. All you know is

you want free electricity and you use

the iPhone, but you know, not one in in

10,000 electrical engineers understands

the way the codecs work and the chips

work, you know, in in wireless handsets.

Doesn't matter. Creating a great

consumer product is the way to deliver

technology to the world. Digital capital

is appreciated by those after 100 hours.

It's loved by people after a thousand

hours. But what's the equivalent of the

automobile?

What is the mass consumer product? Well,

here's digital credit. But I'm not going

to stop there because what I'm going to

say is this is a journey of discovery.

First I discovered digital capital. Then

I discovered long duration digital

credit. Then we discovered short

duration digital credit like stretch.

And now we realize that we can create

digital money. And what is digital

money? Well, digital money is when we

start to plug the credit into the

traditional finance economy. What we

think is that digital credit is going to

power insurance and pensions and long

duration liabilities.

But we think digital bills uh stretch is

like a digital tea bill, a a digital

short duration instrument. We think it's

going to power money. And let me show

you what money looks like.

If you take digital credit, take

stretch, and you create a fund which is

80% stretch, 20% currency equivalents,

then you've got um a digital money fund

that could be buffered against instant

instant liquidations. If people want to

redeem 20% of the fund, you sell the

currencies instantly without actually

putting pressure on the underlying

digital credit instrument.

um the blended rate of that it wouldn't

be 10%, it might be nine.

Now, if you want to if you want to strip

all the volatility off it, if you want

it the volatility of stretch might be

five, it might be 10. What if I wanted

it to be zero?

If you want to strip the volatility, you

c the the formula, the recipe for

digital money is 80% credit, 20%

currency, and a 10% cash reserve.

So, you actually take uh $10 million of

cash, $20 million of currency

equivalents, like a money market, $80

million of stretch, you hold the cash in

reserve, and then every day at 4 p.m.

you just top up the NAV using the cash

reserve. So you trade like a stable

coin. You would have $1 NAV.

Now if you do that, you've got zero

volt. It's totally backed. You'll

probably get about an 8% yield.

Your sharp ratio

8%us 4% divided by infinity or sorry

divided by zero. It goes to infinity.

The sharp ratio goes to infinity because

the ball goes to zero. And um

And now think about this for a second.

What could I do with digital money?

I could create a digital money coin.

I can create a what looks like a stable

coin. A $1 stable coin stable to six

significant digits that pays you 8%

yield tax deferred. tax deferred 8%

yield 12 16% tax equivalent yield

but powered by Bitcoin right p digital

capital creates digital credit creates

digital money put it in a stable coin

instead of a stable coin that pays you

nothing or a stable coin that pays you

4% taxable

why not why not a coin that pays you 8%

or more so you can actually put it in

the crypto economy if you want and we

wouldn't do it but our partners would.

So we would actually let a crypto

company create that money coin powered

by STRC

and then they could do it. The other

thing you can do is create a digital

money fund. basically an ETF, a private

fund or a public fund that pays you 8%

with a stable NAV of one, zero

volatility.

Vanguard could do it. Black Rockck could

do it. Anybody that creates a private

fund, a public fund could do it. You can

take it public. It could trade on any

stock exchange.

And um anybody can trade in and out of

it. And then the last idea,

why not put it into a bank or a crypto

exchange? I'll give you a digital money

account and I just put my money in the

account and I get 8% daily

dividends tax deferred no volatility

from my bank.

So now you see we can't create digital

capital. Satoshi did that. You do that.

The Bitcoin community creates the

capital. The treasury company creates

digital credit. We're the middle, you

know, and then the bank or the crypto

exchange or the money manager creates

the fund, the coin, the account.

And now I want to end with this is my

pitch to you. If you if you have a

country, if you want if you run a

nation, if you uh are you interested in

making your nation the digital banking

capital of the world, if you'd like to

be the Switzerland of the 21st century,

then these are the three ideas, the big,

the bigger, and the biggest.

The big idea is you take your sovereign

wealth fund and you invest in digital

capital,

Bitcoin,

buy as much as you can. Digital credit

with your credit portfolio because it

pays two to four times the other credit

you hold. Digital equity if you want to

buy treasury companies because the

treasury companies will create the

credit. That's the first idea. It's a

simple idea. Digital capital is growing

30% a year.

Digital credit's going to pay double

your corporate bond or your junk bond

rates.

Digital equity is going to outperform

Bitcoin if Bitcoin goes up 10% a year.

Now, here's the bigger idea. You have a

bank, have the bank custody Bitcoin,

custody crypto, extend credit on it,

create digital credit. If you create, if

you allow a regulated bank in a country

to take Bitcoin deposits, you have $2

trillion worth of Bitcoin that's not

banked. People start wiring you 50

billion or hundred billion dollars of

Bitcoin. They create billions of dollars

of credit. It pours into your economy.

You can build all the derivatives, the

notes on top of it. This is a two

trillion dollar idea, not a $200 billion

idea.

And then here's the biggest idea.

Create digital money. I take a bank. The

bank gives you a a digital money

account.

You just put a billion dollars in the

digital money account and you collect 8%

no volatility from a regulated bank.

There's $200 trillion dollars worth of

money out there. the money from

Australia, Singapore, Hong Kong, China,

Europe, Canada, the US, all of Africa,

all of South America, all of Russia, all

of Ukraine, everywhere on Earth.

It's all going to come to you wherever

you are. Um, what is the perfect

product? I used to think it was the

iPhone, but you have to be awake and you

have to be able to see and hold things

in your hand to use an iPhone.

But you could be in a coma. You could be

a three-year-old asleep. You could be an

unborn child. You could be a person yet

to be born 10 years from now. You're

going to want an account that pays you

10% or pays you 400 basis points more

than the risk-free rate in the currency

of your choice. Basically, when I pay

you anything more than the risk-free

rate, I'm giving you money, free money.

And there's a word in the English

language for universal utility

appreciated by everyone everywhere

that buys anything. And the word is

money. So you create digital money,

the first bank to do it, you won't draw

a little bit of Bitcoin. You will

actually pull billions and then tens of

billions and hundreds of billions and

trillions of dollars of capital from

people that don't understand Bitcoin.

I don't got to understand nuclear

reactors to know that electricity is

free in the country. If you give people

free money, give them money that's

better than every other bank on earth,

all of the capital in the world will

flow into that country, that bank. And I

think right now UAE is a leader in

digital assets. Obviously, they're

enthusiastic.

I think the USA is committed. I just

showed you that Donald Trump wants the

US to be the leader.

Everybody else is following. The

question is who is going to lead the way

and it's a combination of you have to

have commitment, you have to have

clarity, you have to have a bit of

courage, you have to have competence,

and you have to be an optimist and

believe in the future. And if you

believe that there's a digital

transformation of banking and capital

and we can give people digital bank

accounts and digital money that makes

them wealthy forever,

right? Then you have a chance to be you

deserve to be the digital banking, the

banking leader of the 21st century.

Everybody will follow you and by

everybody I mean all the money will come

to you. Thank you.

Heat.

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