Bitcoin Is The Apex Property Of The Human Race

Well, despite declines for Bitcoin today,

MicroStrategy shares, well, they're higher.

TD Cowan raising its price target on the stock to $1560.

That's $1,560.

After MicroStrategy increased its Bitcoin holdings

by another 12,000 Bitcoin, the total holdings

about 205,000 now.

Joining me now, MicroStrategy Executive Chairman,

Michael Seller, Michael, it's good to see you.

It's been a little while.

Thanks for having me, Jullin.

So I want to start.

I know that you were bullish on Bitcoin.

I think everyone knows by now that you see a long-term

store of value in Bitcoin.

And you have said that you see it as digital property,

as opposed to think of it as a digital currency.

So if you could help me understand, as you add more

to the company's balance sheet, what the sort of endgame is

for those holdings on MicroStrategy's balance sheet.

Well, we think Bitcoin is the highest form of properties,

the apex property in the world.

And it's the best investment asset.

So the endgame is to acquire more Bitcoin.

Whoever gets the most Bitcoin wins.

Well, I guess...

There is no other endgame.

But Michael, I guess what I'm trying to understand is,

so if I think of it as digital property,

and I think of analogies, I think of a real estate company

that buys property and holds on to other kinds of property,

they may not be the apex, but whatever kinds of property.

I think of an asset manager that buys all kinds of different assets.

Eventually, they sell those assets in order to make profits.

But I don't think that is your endgame, right?

You're not planning to sell the Bitcoin at any point.

So kind of...

What is the purpose of it over time?

Well, let's keep in mind the fundamental principle.

What's the use case of Bitcoin?

It's capital preservation.

So if you have a billion dollars and you live in South America,

or you live in Asia, you live in Africa,

and you want the capital last for 100 years,

you're not going to want to buy a billion dollar company,

or a billion dollar building,

or a billion dollars of land in any place in Africa.

You're going to have to find some other form of property

that you can hold for a long period of time.

Let's take New York City.

Developers of New York City in 1776 didn't have an endgame.

They've been raising capital to invest in New York City real estate

at the all-time high for 300 years.

If you went and talked to them today,

and you said, what's your endgame,

they would say, well, we're going to keep investing in New York City.

If you've ever talked to a person

that owned an apartment in New York City,

no one aspires to hold the apartment for a few years,

sell the apartment and move out of New York City.

They put it in their will, they give it to their children,

and if you ask them why, they say,

there's no better place on earth to live than New York.

There is no place up from there.

So New York City is the endgame for people

that want to live in the greatest city in North America.

Bitcoin is the endgame for anybody

that wants to own the greatest property in the 21st century.

Well, I guess that is the case,

but is there a price at which you would consider selling

some of the Bitcoin pulling out?

So I mean, because you can do something with New York City,

you can live in New York City,

you can have a business in New York City.

You know, what do you do with the Bitcoin

besides it just gather value?

Well, the real estate developers in New York City,

they're not buying the real estate because they want to live in it.

They're buying the real estate because they expect

that they want to sell it eventually, Michael.

I mean, let's be honest, most of the people who are,

yes, you sure some people pass it on to their children,

but like most of the people who are buying assets,

at some point want to sell the assets out of profit.

So let me say it differently.

Okay.

People that use theot currency as a store of value,

there's a name for them, we call them poor.

Okay.

Anybody that's rich in the world, they own property.

They own large ways to land.

The royal family of England,

it didn't sell all of its property in central London

in order to buy currency or paper money.

Nor did the royal family of Japan.

Nor did the royal family in the Middle East.

In fact, they want to own the property forever.

I want to,

I want you to imagine Bitcoin is,

it's a city and cyberspace, the 276 blocks wide,

276 blocks high,

276 blocks deep,

about 21 million blocks.

Now imagine all 8 billion people in the world

want to live their one day.

They want to put their capital there.

There's 900 trillion dollars of wealth in the world

as people migrate from every other form of property

and they've assets into cyberspace.

You're going to see the Bitcoin network go

from a trillion dollar network to 10X that to 100X that

and there really is nowhere else to go.

It is the apex property of the human race.