Bitcoin recouping some of its losses from earlier in the week, the cryptocurrency trading
above 60,000 as the crypto market tries to find its footing from Monday's sell-off,
Bitcoin, bull, micro strategy, executive chairman, Michael Sailor joins us down.
Michael, it is great to have you on the show.
I want to start, Michael, with just the moves we saw this week.
Riling here now, briefly, top 62,000.
We did have that sell-off early in the week, Michael.
I'm just curious what you think explained that.
What was going on there?
Was that just investors see Bitcoin as a very speculative asset?
Was it margin calls?
What was going on in your opinion?
I mean, Bitcoin is the only truly global capital market in the world.
And so if you think about the volatility of it, the volatility is the price that you
pay in order to create billions of dollars of credit and liquidity at your fingertips,
all times everywhere for everybody.
And so on Sunday night, all the other capital markets are closed.
Bitcoin is the only capital market that's functioning.
What you saw over the past week is that it's functioning really, really well.
And that is the secret to the success of the asset class.
Let me get your thoughts, Michael, though, on the critics are out and forced, right?
You know that.
Colin from The Washington Post and the title was, when markets get scary, crypto proves
its worthlessness.
And talking about that sell-off early in the week, Michael, the columnist goes on to say,
Bitcoin dropped by 15%.
This is not how a hedge against inflation or disaster acts.
Give me your response, Michael, to that.
You know, volatility is a sign of high energy.
It covers waterfalls, buyers, windstorms, they're volatile.
They have massive amounts of energy.
Niagara Falls is a scary place if you're going to play in the pool.
5,000 people have died in Niagara Falls playing with it over the past 100 years.
But it generates five gigawatts of power.
That's 7 million horsepower.
That's 33 million people working as hard as they can.
So if you're going to harness the energy as an engineer, then you want the volatility.
And if you're a tourist and you're playing in the water, you know, taking selfies, then
it's scary.
No one that understands Bitcoin's afraid of the volatility.
Okay.
Well, Michael, I want to switch gears a little bit because crypto has sort of become this
political football, this election cycle.
I'm curious, are you advising either candidate or either campaign on cryptocurrency?
I'm advising everybody in the world that Bitcoin is digital capital.
There's a revolution in the global capital markets and traditional finance operates, you
know, 19% of the time for 10% of the world that makes it a 2% solution.
Bitcoin's a 100% solution.
Michael, sorry, it's just a good idea.
Let me just be a little bit more direct with you.
Have you spoken with either Vice President Kamala Harris or former President Trump specifically?
I speak with both Democrats and Republicans.
Have you spoken to either of them in the past, say, month?
You know, I don't share my conversations that I have in private and confidence with anyone
in the world.
Okay.
Fair enough.
Let's say that you were on a hypothetical phone call with either of them.
What would you be telling them that your dream is for cryptocurrency moving forward?
The future is digital, right?
There's race to own cyberspace.
That being the case, empires are built on productive property and they're defended by
firepower, naval power, air power, nuclear power, and digital power.
Bitcoin's digital power.
You want Bitcoin, you want to own cyberspace, you want the most digital power, just like
you want nuclear power, air power, and space power.
It's a good investment, it's like buying Alaska or like the Louisiana purchase.
And it's also essential to national security.
Which candidate is better for crypto?
I think that, again, crypto is, I'm not going to comment on anything political at this
point.
I'm going to say it's just a good idea to support digital assets and digital capital for
any nation, state, any political party, any politician.
It will be a factor in November in the elections I have no doubt.
I want to try to get you to comment, I think, specifically political, Michael.
But I am it to get your take on this, which is that it does seem like at this moment that
crypto is breaking hard along ideological lines.
I mean, Trump certainly, you seem speaking at the Bitcoin conference, talks about making
Bitcoin great again.
Is that good for crypto or long term, do you think?
Do you really need friends on both sides of the political aisle?
I think Bitcoin is digital capital, right?
The world's going to be remade.
There's a digital transformation in finance taking place.
Everybody on Wall Street understands it.
Everybody on Capitol Hill understands it.
Everybody on Main Street understands it.
It's like electricity or fire or the internet.
I can't imagine that a nation state accompany a government or any particular family even
is going to be successful without embracing technology.
I kind of investor psychology question for you, Michael, too.
It just interests me.
I'm curious how you kind of stay calm and cool and collected and committed to Bitcoin,
even when you have these sell-offs, because that's tough for some people, Michael.
They see their investment get banged up.
And oftentimes, the first instinct is, you get nervous.
You want to slam the cell button.
How do you navigate that?
How do you actually keep your emotions in check?
Well, first of all, Bitcoin has been appreciating at 55% a year for the past four years.
Bonds are depreciating 5% a year.
The S&P is appreciating at about 13% a year.
It's amazing to me that people would rather have a 20% ARR with 20 vol.
Then 55 ARR with 55 vol.
But if you think about it, it's pretty obvious.
You want the 50% return, not the 20% return.
So if you're going to embrace the future and embrace digital transformation, it's going
to be more volatile.
It's going to be higher performance, but that's the future.
So I don't get upset because I know we're winning.
Bitcoin's winning.
It's pretty obvious to anyone that can chart the thing that there's a right answer and
there's a wrong answer.
Michael, save to assume you bought the dip this week.
We're buying all the time.
We're buying every quarter.
We're buying the lows, the mids, the highs.
I'll be buying the top forever because I'm expecting Bitcoin will continue to appreciate
as digital capital.
I think physical capital, real estate capital, financial capital, people are going to sell
those things and they're going to move their money into digital capital and it's going
to be a trend for a long, long time to come.
A trend that you've certainly been at the helm of as the largest corporate holder of Bitcoin
Michael.
Thank you so much for joining us.
We do appreciate your time again.
That was Michael Saylor.