Bitcoin Is The Future And The Opportunity Is For Everyone

Micro strategy now known as strategy expects to raise nearly a billion dollars from the IPO of preferred stock

That pays a 10% yield the company plans to use the proceeds to general corporate purposes including

buying more Bitcoin join us now as Michael sailor a strategy executive chairman

You've described some of these

Some of these moves these financial moves before to us Michael

Is this more of the same or is there anything unique or different about this round?

You know, what's exciting here is we've done three IPOs of preferred stocks in the past six months

Strike was our first convertible preferred and that was up 29% while all the other other prefers were down 6%

Strike was a fixed preferred paying 10% fixed yield at par

That's up 22% versus all the other preferred down 4.5%

So stride was the third of those preferds and what's going on here is is

We are offering fixed US dollar yield and we're swapping it into BTC yield

Which is what our equity investors want the big breakthrough is that and the preferred market

The capital never comes do there's no refinance risk

We're basically offering a perpetual US dollar yield forever

We're getting the capital forever and so by matching a very long duration instrument on the liability side with a long duration asset

We're creating an essence an indestructible balance sheet and these preferds are a very scalable

Look extremely low risk way to generate leverage to drive a very large premium into the MST

Our stock so it's a win for the fixed income investors because they're getting a yield 400 basis points more than typical

preferred stocks or junk bonds would yield and it's a big win for our equity investors because

They want more Bitcoin and this is a way to get leverage without worrying about any kind of bond coming due

Wow, you

Obviously are the ultimate holder you would buy if you have money you buy

Bitcoin, I think they're not that matter whether it's up down or flat

150% Bitcoin Joe

Do you think at this point that there's?

Let me just say what what are you waiting for at this point in terms of good news?

I think the regulatory environment

since the election is definitely

Improved we've talked about how much harder it gets to mine and and there's having when is the next having and

and what are the next

Moves that that it would cause the

The asset Bitcoin to get to some of these I don't know whether you have Tom Lee type

projections

I think Tom the other day said eventually it could get the two and a half million per coin or higher

Before we're we never really will get to mining the last coin will we not in our lifetime?

Not in our lifetime, but the last six months have been tremendous all of the fundamental planets have aligned

Bitcoin's been acknowledged as the one digital commodity in the world by the administration

The banking regulators have given a green light to bank Bitcoin the accountants have have

Upgraded the accounting to fair value accounting. There's been a surge of Bitcoin treasury companies

There's like a hundred public companies or more they're holding Bitcoin on their balance sheet and every single week

There's another announcement

I think that

You know it used to be we're focused on the having's but at this point the entire natural supply of Bitcoin is only 450

Bitcoin available for sale every day that's sort of about 45

50 million dollars a day at this level that is all being

That is all being consumed by the Bitcoin treasury companies and the Bitcoin ETFs are coming on strong

so I'm very bullish my

My my forecast in July of last year in Nashville was

Bitcoin's gonna appreciate 29% a year on average for the next 21 years and that moves it from it was about mid-60

65,000 to 13 million coin in the year of 2045

I'm getting more bullish on that forecast

But I'm certainly comfortable forecasting 30% a year a or on average for the next 20 years

I think Bitcoin's up

57% a year

For the past four and a half years again. That's double the mag seven. That's quadruple DS and P

You know that's you know is eight times real estate and bonds are down 4% so so Bitcoin is smashing everything Joe

Hey, Michael

You keep popping up in my feed you've gone viral with some comments you made at the Bitcoin

2025 conference in Las Vegas recently and it was where someone was asking you about proof of reserves for strategies

567,000 Bitcoin you said that that was not a good idea

You don't agree with it because you think it's a security risk to have been a lot of critics in the Bitcoin world about that

They say that snubbing audits like that flies in the face of

Bitcoin's founding principles which are verifiable

Transparent ownership and they say for a company that has its entire business model around Bitcoin that that stance raises some eyebrows

What do you say to that?

crypto Twitter is very colorful and we have these these fun back and forth

the highest standard

of

In this case transparency would a public be a public company audit from a company like KPMG where they're auditing both your assets and

Your liabilities combined with officer and officer

Representations pursuant to Sarbanes oxley about related parties and

And the like and so we are a publicly traded company our assets are audited our Bitcoin reserves are audited by KPMG

As our liabilities I think that you know, we're we're always thinking and considering is there a way to do proof of reserves in a secure way

We're not enthusiastic about publishing all of our wallet addresses and having people track them every minute by minute because it

Exposes our custodians our counter parties and our employees to a to more IT risk

But we're considering it or thinking about is there a way to do it with a zero-knowledge proof?

And we're also always thinking about self-custody and what is the what is the right way to manage custodian risk and I think

What you see is is there's the OG crypto

Advocates who developed a bunch of very strong ideas over the past decade and there's emerging class of

institutional Bitcoin holders like BlackRock like

Like the ETFs and like the Bitcoin treasury companies and they're focused not just on the assets

But also on the liabilities we have to we have to audit and publish those audits with 10 cues and 10 Ks

Hey Michael just very quickly to follow up the finances former CEO Changping Zao

Made some kind of cryptic comment where he said he probably sold Bitcoin's people thought that was referring to you

I am certainly not referring to Changping Zao as some

Paragon of virtue, but just to be clear that's not the case you haven't sold

No, I've I've never sold any Bitcoin. I haven't sold my personal Bitcoin the company

The company did a tax wash transaction for a

Dementimus amount of money many many years ago, but the company is as accumulated Bitcoin

You know in every period since we began this journey

When I heard that

Right now

ECDSI a signature breaking would only require a million qubits

This is I'm speaking your language now. I have no idea what I'm saying down from a previous estimate of 13 million qubits

Theoretically means that private keys from from public addresses could be broken from the shores algorithm could be

Gotten around by quantum computing so quantum computing

At some point could could break the algorithm for Bitcoin are there countermeasures that they could be put in you probably understand when I'm what I'm asking you

Do you worry about that?

You look like you look like you slept okay last night

It's mainly marketing by people that want to sell you the next quantum yo-yo token

But look Google and Microsoft aren't going to sell your quantum computer that cracks modern cryptography because it would destroy

Google and Microsoft and the US government and the banking system and at some point

I don't think it's this year next year in the next five years, but sometime 10 20 years out if there's a hyper powerful computer that

That threatens modern cryptography the answer is

Bitcoin network hardware upgrades Bitcoin network software upgrades just like Microsoft Google the US government upgrade all their messaging and banking applications

The key for everybody is Bitcoin to protocol like the English language and base 10 math when the quantum computer breaks your calculator and breaks your messaging app

You're not learning base 16 math and you're not going to switch to a different language

You're just going to upgrade your software and Bitcoin's a monetary protocol. We're just going to upgrade the software Joe

Wow because there are people that did you know that throw that around that didn't know actually they know less than I do I think but

So there are countermeasures to deal with that

You know if I wanted to hack your Bitcoin

I'd send you an email saying a quantum computer can hack your Bitcoin click on the link to upgrade now

And then I'd steal your Bitcoin it's 10,000 times more likely I'm fishing you then there is there then there is a threat

So now I'm not worried about it

Bitcoin's a protocol the software gets upgraded all every year the hardware is being upgraded

Continuously and it's the hardest thing in the universe to hack they will hack your banking system your Google account your Microsoft account

Never the other asset you have you know much sooner because they're an ordered magnitude weaker

Okay, great

On Halloween what color tied you wear

Look we're all orange. It's the orange

So even on Halloween it's just a orange orange

Here it's an orange sky. Yeah, there's an orange way of coming and and and every public company is gonna be thinking about Bitcoin on their treasury because

you know

Bitcoin is digital money what if Moore's law applies to money and and your capital is doubling every 18 months

That's what the Bitcoin treasury companies have included you've got

Between 37 trillion and 50 trillion reasons to buy Bitcoin. I think don't you probably come up with that 37-incount 37 trillion in counting

Like a hard day point is the future

Yeah, it is the future and it's it's the opportunity for everybody

Thanks for coming on a day Michael. We'll see you later. Yes. Thanks for having me. Okay