Bitcoin Is Available To Everyone, Everywhere, All The Time

Welcome back. Stocks are higher right now as they come off their worst day in

nearly two years. Meanwhile, Bitcoin is staging a comeback as well up more than

5% and crypto adjacent names like Coinbase and MicroShadigy are also

attempting at comebacks. You're joining us now to discuss is Michael

Salar, co-founder and chairman of MicroShadigy. Michael, it's great to speak

with you. Thanks for being back. Yeah, thanks for having me. So we did see this

mini crash in Bitcoin yesterday. It's treated as a risk on asset. Considered a

proxy for liquidity in the markets. At least one technician I've spoken to in

the last 24 hours said we're really range-browned here up to 61,000. What's the

next catalyst? What breaks it out? You know, I think the events of Bitcoin 2024

in Nashville a few weeks ago were just very catalytic and marked an inflection

point for Bitcoin. You had presidential candidates, you had governors, you had

senators, you had house members, you had CEOs, you had billionaire investors and

the audience. Senator Lomas presented a strategic Bitcoin reserve bill and

that's our Louisiana purchase moment. What happened there was we the Overton

Windows shift. Now it's possible to discuss nation states holding Bitcoin on

the balance sheet and if nation states are going to buy it then it's

reasonable for institutions, corporations and individuals to buy it as well.

So that was tremendous. And for President Trump got behind the idea too. So it's a

good idea. You think a strategic reserve for Bitcoin is a good idea? Well,

Thomas Jefferson purchased the Louisiana territory for $15 million and

$18.03 and nearly doubled the size of the United States. Suored paid $7 million

for Alaska. It's got a trillion dollars of oil underneath it. Everybody's

going to be doing business in cyberspace. Bitcoin is scarce desirable digital

property. It's a great idea to trade a little bit of currency or paper for

some place that billions of people are going to be in a hundred years. So yeah,

I think it's a great idea. Interesting. I mean, I feel like there's always been

this ethos around Bitcoin and cryptocurrencies in general that they're decentralized,

digital gold. You've called it digital real estate in the past and it's sort of a

hedge against inflation. It's a hedge against government spending too much money

for example. So the idea that governments would be holding it seems like it goes

against that. You know, it's desirable property and and if you're

capitalizing a country based upon scarce desirable property, buying Manhattan,

buying the United States, buying Alaska anywhere you can do business, it's

the basis of a great empire. So no, I think it's a good idea for a nation, but

it's it's an equally good idea for a corporation and individual family or

the way. Okay, so Bitcoin and cryptocurrencies clearly on the ballot. What's

at stake then in November? You know, what you have is two constituencies. You've

got traditional finance and traditional finance operates 19% of the time. It

costs $40 million to take a company public. You know, there's no credit. There's

no liquidity on the weekend. Bitcoin represents a different thing. It represents

the 21st century. So I think the millennials are looking at the world today and

they think electricity, water, elevators, the internet, they operate 100% of

the time. Bitcoin operates 100% of the time. Why are we stuck with 20th century

banks, money markets and capital markets that shut us down at 4 p.m. on

Friday? Don't open up until 9 30 on Monday. You know, if we did that to your

food, your water, your air, it'd be considered cruel and unusual punishment.

You're buying more here. You've raised more debt to do that in recent months.

Files last week to sell more shares. How does the strategy continue to play out?

Micro strategies, Bitcoin development company, we're an operating firm and that

means we have some advantages over a trust company. We've got permanent

capital. We can generate cash flows. We've got operating flexibility. Our

shareholders want more Bitcoin per share. They think if we get more Bitcoin per

share, that's creating shareholder value. That means we're pursuing BTC yield.

Whenever we can do a capital markets transaction that's a

creative and generates more Bitcoin per share, we'll do it. We have the

ability to sell equity into the market at a premium to net asset value. We have

the bow to issue convertible bonds. We have the bow to generate operating cash flow.

We're just going to keep generating more Bitcoin per share anyway we possibly

can by selling the volatility of the asset class and then sweeping it into the

underlying asset. I found it as an enterprise software company, business

intelligence, micro strategy. That business has enabled to build out of this

Bitcoin book. Can the core business continue to generate enough cash flow to

support the business for Bitcoin and the business there, given the fact that

revenue has been stagnating? The business is stable and it is a cash cow

and we have a lot more room to issue debt based upon that cash flow but we've

also got options like convertible bonds and equity and the like and some

other strategic alternatives that will allow us to continue to raise

capital to buy Bitcoin.