‘I Didn’t Buy It to Sell It. Ever.’ MicroStrategy’s Michael Saylor on His $425 Million Bitcoin Bet

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 19 September 2020

⏱️ 81 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

MicroStrategy made waves when it announced in early August it was moving $500,000,000 in treasury reserves out of cash. At least $250 million were to be moved into bitcoin. Earlier this week, the company announced its final bitcoin purchases totaled $425 million. In this conversation with NLW, MicroStrategy CEO Michael Saylor explains: Why he’s always treated the company with a long time horizon Why the asset inflation rate is the real inflation rate How he became convinced that bitcoin is the best treasury asset in the world Why Michael believes some other companies will follow suit, but better do so quick Why the intensity of maximalists is actually part of the reason he grew conviction around the asset Why he would buy every bitcoin if he could

Transcript

Click on a timestamp to play from that location

0:00.0	I watched these crypto Twitter guys and they look at what we just did and they're like,
0:04.6	oh, what happens when they dump it?
0:06.6	Like they bought all this Bitcoin.
0:08.5	That's bearish.
0:09.3	They might sell it and that'll be bad for the market.
0:11.9	Or when is he going to sell it?
0:13.4	If it goes down by 5%, is he going to lose interest?
0:16.3	And I think they don't get it.
0:18.9	I bought it for the next hundred years. I didn't buy it to sell it ever.
0:26.0	Welcome back to The Breakdown with me, NLW. It's a daily podcast on macro, Bitcoin, and the big
0:33.3	picture power shifts remaking our world. The breakdown is sponsored by crypto.com, Bitstamp,
0:39.3	and nexo.io, and produced and distributed by CoinDesk. What's going on, guys? It is Friday, September 18th,
0:48.0	and I am back with another extremely exciting conversation. This has been a year of very big news for Bitcoin. I think when
0:58.3	the storybooks are written, we will view 2020 as a pivotal inflection point moment in the narrative
1:05.2	comprehension, the narrative understanding of where Bitcoin fits in a crazy larger macro context.
1:13.2	Earlier in the year, we had Paul Tudor Jones, who announced his Bitcoin thesis around
1:17.8	what he was calling the great monetary inflation, and I believe that the announcement
1:23.0	that micro strategy made on August 10th of this year will stand alongside Paul Tudor Jones's announcement
1:30.9	as one of those key inflection point moments. Micro Strategy is a business intelligence
1:37.3	and data technology company that has been around since 1989. For that entire time,
1:43.8	it has been run by Michael Saylor, who has a very different
1:47.5	approach, a very different time horizon than most tech CEOs that you're going to find out there.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Blockworks, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Blockworks and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.