Michael Saylor's Conversation On Crypto Carnage

Well my next guest is made what you would call a huge battle big coin and for that reason

he frightens the establishment and he's been an easy target for the media whenever there's a

hiccup in the crypto world of course this FTX episode is a lot more than that right it's an

earthquake with ramifications far and wide and now it has many calling for an end to the whole

thing all crypto joining me now micro strategy executive chairman michael sailor Michael you know

I cannot help but think if Sam a bakeman freed had gotten the kind of scrutiny that you've had

to deal with your entire career this thing would have never happened but he's an Ivy League

insider they rolled out the red carpet form they put him on a pedestal and now we're all wondering

just how much we have been fleeced any idea yet you know it's quite the story Charles FTX they

created a few tokens like FTT and SRM they promoted a few tokens they transferred the tokens to

Sam's hedge fund alamita and since the supply was largely in friendly hands they were able to

manipulate the price of those tokens up through insider wash trading they eventually got it up to

fourteen billion dollars in in accounting value through slight of hand and and of course normally

the cynical bitcoins think you know these crypto casinos are just manipulating the price of the

token up to dump it on retail but sam came up with a particular diabolical twist of the entire

thing which is he didn't just create fourteen billion dollars of air tokens through insider trading

he actually posted them as collateral and then went shopping for a ten billion dollar loan from a

bank against the air tokens and the only bank that he could find that would give the loan was his

own bank so he applied for the loan he granted himself the loan and then he very quietly in a

duplicitous fashion siphoned off ten billion dollars or more of real assets out of FTX and alamita

where they proceeded to spend the money on politicians and lobbying and stadium rights and

advertisement and celebrity endorsements and condos and the Bahamas and then they traded a bunch

and made a bunch of bad trades and then they lost the money and you know here we are it's just a

really tragic situation it really really is and I you know we always say this when these things

start that we hope we get to the bottom of it I really truly truly desperate to get to the bottom

this because I think it stinks and I think a lot of important people might have been able to help

us out before then of course though that brings us to now the world again saying that the entire

crypto experiment is failed and part because the free money is drying up now this FTX incident

the final nail in a coffin but you still believe tell us why you are still so wedded to this idea

that bitcoin is the answer like Satoshi had had a just a beautiful vision a beautiful dream and that

was what if we didn't have to trust the banks whether it's a conventional bank or a crypto bank

and what if we didn't have to save our life savings and a fiat currency that's collapsing in value

and so I mean bitcoin is the world's most powerful computing network it's got 270 extra hash

of computing power and it's got 10 gigawatts of energy backing it it means you don't have to trust

the FTXs of the world so yeah I am a big believer because I believe that although crypto in this case

may have been the problem bitcoin is still the solution and Sam may have made a million bitcoin

maximalists with this crash and in meantime you are calling for registered digital assets to be

traded on regulated digital exchanges I got only a minute to go with that removed those some of

the anonymity that people say is an attractive part of this whole thing I think for the industry to

move forward the regulators in the US need to give people the ability to register their digital currency

their digital token their digital security and their digital commodity so that they trade on

digital exchanges and right now the massive confusion is nobody knows the difference between a

security and a commodity and in America we can't trade on digital exchanges with all these things so

we're really waiting for the regulators to give us a roadmap that allows us to move forward Michael

you're one of my favorites and this whole thing because you put your money where your mouth is you

articulate this in a way that no one else does and every time I speak with you and have the

opportunity to interview I'm I become more of a believer so you got to stay out there my man

because there might be a few more SVFs out there we don't know thank you so much we appreciate your time

thank you strong