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Press: Not long ago, the Bitcoin2024 conference held in Tencanville, USA has received high attention from the encrypted community, especially especially>TrumpAs well as>SnowdenSpeech.
However, according to feedback from the participants, the speech of MicroslateGy CEO Michael Saylor was also very exciting, but it was ignored by the Chinese encrypted community.In order to complete the lack of information in the Chinese encrypted community, Bitchain Vision 0xjs specially compiled Michael Saylor’s speech.
The following is the full text:
It is great that a group of Bitcoin enthusiasts gather together.I am glad to come to Nashville, a city known for music and freedom.I am honored to speak after Senator Hagerty.
Today I decided to use slides. Those who had seen my speech knew that some speeches used slide, some were not used.I have received a lot of praise to use slides, so I think the best way to improve this speech is to use more slides.
Bitcoin Revolution: Use digital capital to rebuild the global economy
I want to talk about the Bitcoin Revolution, and I also want to talk about reconstructing our global economy with digital capital.
The world we know is based on the concept and technology of the 20th centuryStock transactions from 9:30 am to 4:00 pm. When the bank holiday and weekend cannot be traded, everything is very slow, everything is very expensive.
If we want to prosper in the 21st century, we need new ideas and new technologies -based methods.
You have seen this chart before,$ 9 million global wealth.It is scattered in physical assets and financial assetsIt is the concept and technology of the 20th century.
There is a small orange point in the upper left corner, which is the orange asset we call Bitcoin, which is $ 1 trillion.If you start from scratch, there seems to be a lot, but when you look at it in a larger background of the world, it is only 0.1%.
This is another way to look at the same chart.This is not a $ 9 million asset, butA bunch of assets for practical value and a bunch of long -term capital assets that are stored in value storageEssence
When I buy a house, I want to live in it; but when I buy a bond, I just put the money there because I don’t know where to put the money.
When you start seeing the world as a huge long -term capital, more than 45 trillion US dollars or more capital, you start thinking about how we store these capital, and you will see the engine of the revolution.
The global economic struggle is because we rely on incomplete assets and systems to store these capital, which is weakening our capital preservation.
How do we design a better system?
Monetary physics
This is Tesla.He has a saying: “If you want to understand the universe, you must think from the perspective of energy, frequency and vibration.”
I translate it into “the physics of currency”.
Energy is currency or capital or wealth.You can swap in this speech.
The frequency is about duration or life cycle, how long is it?One minute, one hour, one year, a century.
Whenever we trade each other or transfer from one place to another, or transform one property into another asset, we vibrate money.
This is an important equation,The value of service life is equal to the value of assets to maintain the cost of maintaining the assetEssence
If you are looking for a way to maintain financial assets, then the method of calculating its service life is to ask how much money you spend to maintain the intact state of assets each year.How much does I need to spend in order to avoid the depreciation or decline of assets?This service life is very close to the stock/traffic ratio we know in the Bitcoin community, and they are very similar to the measurement of the year.
Many individuals and most companies use financial assets to save capital.This is the root of our challenge.
Financial asset
Let’s talk about financial assets.I want to retain my money for a long time, starting from $ 1 billion.
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Putting on PESO in Argentina, money will depreciate within two years. 98%of the inflation rate will deprive your economic energy or capital. This is not a good long -term asset.
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Turkish lira, your capital can last for three years.
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The US dollar may last for 14 years under the traditional currency inflation of the past century, but this is not like you have been in 14 years, and the vitality of those years will be absorbed linearly.
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Putting money on hedging funds, the annual management fee is 2%, then a 20%increase, about 4%per year.If you invest in ordinary assets, it means that it is a 25 -year asset.
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Young debt, you will get a yield, but 3.5%of the after -tax yield compared with 7%of the currency inflation, your money may last 30 years.
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Invest in the common fund, you will pay 1%, which is the best result you can get.If you buy a variety of investment portfolios at a price of 10 basis points, your opponent’s risk will give you a cost of 1%.
These are your financial assets. We run the world in the concept and technology of the 20th century. On average, financial assets will last 30 years.
We all know that inflation will dilute the value of financial assets, but inflation is just the tip of the iceberg.
You will also be diluted by tariffs, tolls, litigation and transfer taxes. We have various taxes: income tax, capital benefit tax, and every time you vibrate and transfer money, you will be destroyed by taxation.
If the tax does not let you collapse, the litigation has not caused you to collapse. You still have things that will dilute your capital value in weather, competition, outdated, and political disasters.
If you want to maintain economic energy, you must fight these frictions.Most people realize that this is a frustrating task, a task that cannot be won, so they gave up financial assets and started to turn to physical assets to save capital.
Physical asset
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Ferrari in physical assets is not a good way to retain your money for a long time, because your expenditure and depreciation of your insurance and maintenance after 5 years.
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The yacht is not much better than Ferrari. If you spend 10%of the year to operate it, you will also be depreciated and do not store the money on the yacht.
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A house on Miami Beach, if you bought a house of $ 10 million, you better take out $ 10 million to maintain the house for 17 years, and then you have no money.
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Silver, 22 years;
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Warehouse, 40 years;
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Gold bar, 62 years;
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A painting, 72 years;
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Land, the average property tax in the United States is 1.1%, which means that your money will last for 91 years. Unless the government re -evaluates your property value, it will be less than 91 years.
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The oldest family farm in the United States is King Ranch, and they have persisted for 173 years.Every other family in the United States failed.
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The longest -held property is British Royal Real Estate in 19958.You can say that the British royal family held it in 1066, but on the other hand, it passed from the golden bird flower dynasty to the Stuart dynasty, and finally arrived at the Hannover family through Lamaste and York.Therefore, there may be seven different families that divide it, and no family can hold it completely.
soYou may think that physical assets can last a thousand years, but in fact, about 50 to 75 years is the best result you can doEssence
Entropy is diluing the value of your physical assets, and it is absorbing their capital energy.
It is called the earth rather than heaven, because politicians are very creative. They have urban tax, county tax, state tax, federal tax, federal tax, transfer tax, and property use.There are also rent control, price control or cultural impact.
Then there is competition, you may be discriminated against, there are recessions, currency collapse, tenants do not pay, someone slipped on the sidewalk before and then prosecuted you. There are weather, war, crime and disaster.If the energy price is soaring, it is difficult for you to keep it.
Perform capital is not a simple solution.
Digital Capital: Bitcoin
The three thermodynamics laws I learned at Massachusetts Institute of Technology are: you can’t win it, you can’t break it, you can’t exit it.
You can feel a little frustrated here, but we don’t want to fail, so you start thinking. If we find a way to exit the game, then we can tie, then you can win.
Nakamoto found a way that he created Bitcoin.
Bitcoin is a digital capital, which is what he created.
Bitcoin is an immortal, inseparable and non -material capital.
The meaning I use here is,It has unlimited life, and it is not attacked by weather, entropy and inflation.It is non -material because it is not affected by all the terrible problems of all the terrible problems in the physical world.
It is a solution for our economic dilemma. From the process of changing from finance and physical assets to digital assets, we solve the problems we are facing.
How long is the life of Bitcoin?
Put your Bitcoin with a institutional custodian and pay the cost of 10 basis points, which means that your assets will last a thousand years.The custodian may not last a thousand years, but this is not important because you can move Bitcoin every year or every ten years, and you can keep a step ahead.You can’t transmit a building, you can’t send King Ranch, so Bitcoin is an asset you can move.
You can host your Bitcoin yourself at the cost of one base point each year. Suppose you bought a good hardware wallet and signature equipment, and spent a day track it every year. Now you have a 10,000 -year -old asset.
If you hand over Bitcoin to AI or computer programs, AI can maintain these private keys at power costs, and you have a 100,000 -year -old asset.AI will want Bitcoin.If they can choose to have Bitcoin, Ranch with Texas, gold bars or Argentine peso, it is clear what they will choose.
You can see why they want Bitcoin.
Digital assets are a unique category in terms of capital preservation.When you compare them with all other assets for capital preservation, you will find that they are extraordinary.
The life expectancy of other assets is 30, 40, and 50 years, and the life of digital assets is 1,000 to 100,000 years.
This is a breakthrough in capital preservation, which makes it a revolution in economics.
Those great transactions in history
If you want to be rich and smartly traded.
This is a very simple principle:
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Replace the temporary things with permanent things.Replace your (upcoming) ice cream to a peso, replace the peso with the US dollar, change the US dollar with land, and then change the land with Bitcoin.
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Replace the currency with capital;
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Replace the fragile things with tough things;
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Replace the local things into the world’s things;
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Replace the physical things with the number of numbers;
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Replace the securities into a product;
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Replace the goods with scarce assets.
You will not make mistakes along this direction.
Now let’s talk about some great transactions in history and some trillions of dollars.
The Dutch understands the power of the navy. They understand the ships, and they have thousands of ships.They used hundreds of dollars of plastic and textiles, and they bought the best port (New York) in New World (New York).
The port is now worth $ 2.5 trillion.It is an investment with a 6%return rate for 398 years, with a return rate of 1.05 billion times.
If you think about it, you will ask,Why do people use the best US port in exchange for a bunch of textiles and plastic and glass products?People who sell Manhattan do not understand the importance of naval power.
If you don’t understand the reason for having a certain property, you will not pay attention to it.
Napoleon wants to run around the old world, and Jefferson wants to expand in the new world.Therefore, France sold to Louisiana, USA for $ 15 million in 1803.
The $ 15 million may only be enough to maintain the cost of the French army for several months, and then it is gone.Jefferson got 27%of US territory.
This is a transaction with a return rate of up to 800,000 times. It is now worth $ 12 trillion or even more, and its value will continue to grow.
Jefferson has vision, just like this Sward.Two years after the Civil War, he bought Alaska for $ 7 million.
At that time, Rockefeller was founding an oil company.Now Alaska has a trillion -dollar oil on the ground.This is a huge return brought by a paper contract.
Bitcoin total value forecast
What is the value of digital capital?
Assuming that global wealth is $ 45 trillion, multiplied by 3%of inflation costs, which means that it requires $ 1350 billion to fight against all these financial issues each year.
If you valuation it is like a company or long -term bonds, give it a 20 -fold price -earnings ratio, it is worth $ 27.7 trillion.
Therefore, the annual return of digital capital is between 10 and $ 15 trillion, with a total value of millions of dollars.
In fact, the annual return of digital capital in the past four years is 55%, while financial capital (the best capital in the world) is bonds, and its annual return rate is -5%.
Imagine that you use-5%return to capitalize your company or country, not+55%, obviously digital capital is playing a role.
Back to my “Global Wealth” chart now, we can look at it like this, and we can see the small bitcoin in the upper left corner.what happens?
Bitcoin price forecast
This is my Bitcoin forecast, the price of Bitcoin from 2045 after 21.
What is my prediction?I think the annual return rate will gradually decrease from 55%to 50%, 45%, 40%, 35%, 30%, 25%, 20%, and finally stabilize at about 20%, which is two faster than the S & AMP; P index.About times.
At this speed,By 2045, the price of Bitcoin will reach $ 13 million each under the benchmark. At that time, Bitcoin will account for 7%of global assets.The bear market forecast may be $ 3 million, and the bull market forecast may be $ 49 million.
So what about other assets?I actually think that AI and technology will completely change the technology industry.There were no $ trillion companies, and then we had some trillions of dollars.You will see more, because there will be companies with 100,000 AI and no employees, they will complete the work of 100,000 employees before.You will see the development of large companies, such as robot transportation, self -driving cars, and a company that can provide private doctors without a doctor without a doctor.Therefore, it is clear that the equity will grow rapidly, gold will be derived, and the degree of monetization of land will be reduced.
But in the future, it will not seem so revolutionary in 2045, it looks not much different from today.It is just that Bitcoin becomes obvious on the chart.When Bitcoin becomes obvious, it will be the benchmark.
Your personal bitcoin strategy
Let’s talk about personal Bitcoin strategies.
What should you do?
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Take Bitcoin as your main reserve asset,
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Convert your surplus to Bitcoin,
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Using low -interest loans, if the government will lend you money, borrow money to buy Bitcoin,
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Find a method of efficient taxes to invest in Bitcoin.
What should you do?
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Don’t quit your daily work,
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Don’t focus on Bitcoin,
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Do not use margin loans and leverage transactions, otherwise you may be liquidated while sleeping on Saturday night, which is not good.A 30 -year -old 3%loan is good, while the leverage of 10 times overnight is not good.
What about a typical person?We model a person.
Suppose you have a net asset of $ 750,000, earning an annual income of 200,000 US dollars, an annual increase of 5%, a savings rate of 25%, and an annual investment of $ 50,000.
There are many strategies:
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You can be an ordinary person, adopt a diversified investment portfolio strategy;
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You can be a 10%person to invest 10%of the assets into Bitcoin;
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You can be the biggestist of Bitcoin, investing 80%of the assets and income into Bitcoin;
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You can be a dual largestist. At this time, you actually use the house to mortgage and borrow an additional $ 250,000;
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The biggestist of the triple is to buy house financing, replace all assets with Bitcoin, and then move to the low -tax zone to invest in additional $ 50,000 Bitcoin, such as Singapore or the UAE.
What is the result?This is the result:
Ordinary people will have 7 million US dollars assets after 21 years, 10%will be more than twice, Bitcoin’s maximumist will have 100 million, dual -maximum doctors will have 150 million, and the triple maximum doctrine will have 214 million.
You can see the power of leverage, the right to choose in your hands.You can also see that it takes 15.9 Bitcoin to become a triple maximum doctrine.6.25 Bitcoin can make you a rich person.
Company’s Bitcoin Strategy
Let’s talk about what the company should do:
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Convert your capital to Bitcoin,
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Convert your cash flow to Bitcoin,
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When the stock price is overestimated, the issue of the shares to buy Bitcoin,
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When the debt interest rate is low, the debt is issued to buy Bitcoin.
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Don’t use tax dividends to exhaust your capital,
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Don’t use stock repurchase to give up your capital,
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Do not dilute your shareholders’ rights and interests with high -risk and high -valuation mergers and acquisitions.
Let’s give a typical company example, with a cash flow of 100 million US dollars, a corporate value of $ 1 billion, and a stock price of $ 100.
What is your strategy?Ordinary strategies, Bitcoin maximumist strategies, dual maximumist strategies or triple maximum doctrine strategies?
Ordinary strategies will give you a stock price of $ 1,200, but only 10%of the configuration will double it. Bitcoin maximum doctrine strategy will make it close to 8 times. Double maximum doctrine strategies will allow it to reach the stock price of $ 177,000.The triple maximum doctrine strategy will make it reaching a stock price of $ 28,000.
What type of company do you want to run?
This is a realistic examination.
This is the Microslategy, which is currently implementing the triple maximumist strategy.August 10, 2024 will be the 48th month of us on this road.
In the company’s management, if you think you can operate like Microsoft, Apple and Google, then congratulations, you can reach 20%to 25%of the annual return rate.If you want to imitate Nvidia, you will surpass everyone.But I think that in the board of Microsoft, Apple, Google, and Tesla, they are anxious about imitating Nivine.
Ironically, it is not difficult to copy the strategy of copying Microslategy.I have provided you with a script, which can achieve 1300%growth in four yearsEssence
The bottom line is: establish a powerful capital structure to avoid dilution financial practices.
Institutional Bitcoin strategy
If you have a church, charity, donation fund, or Harvard University, what should you do?
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Modify the articles of association to invest in Bitcoin
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Configure short -term assets to long -term assets, do not invest (upcoming) ice cream or peso, do not hold 20 years of financial instruments or 50 years of physical land
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Buy thousands of years of assets and use Bitcoin as capital costs, not the S & AMP; P index.The annual return rate of S & amp; P index is 133%, while Bitcoin is 55%
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Use intelligent leverage
Assuming you have a $ 1 billion investment portfolio, do you want to be an ordinary person, the biggestist of Bitcoin, or the triple -mostist?Double maximum doctors will invest 100%of funds into Bitcoin, and the triple maximumist uses a 10%leveraged investment.
What is the final result?
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If you are a normal strategy, you will have $ 4 billion in 21 years,
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If you are the biggestist of the triple Bitcoin, you will have $ 300 billion.Triple extremes will grow 100 times.
State’s Bitcoin Strategy
Now let us discuss the wealth of the country, which is an interesting topic.
What is the country’s Bitcoin strategy “doing and not doing”?
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The finance should be re -distributed from gold and bonds (these are short -term assets) to a 10,000 -year -old asset (Bitcoin).
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Issuing currency to buy bitcoin,
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Issuing debt to buy Bitcoin,
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Encourage Bitcoin ownership, through favorable laws
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Protect the self -custody of individuals and companies,
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And support the integration with the national banking system.
These are what you should do.
What should not be done is: Do not adopt the policy of hostile Bitcoin and its holders.These are not complicated.
Debt country
Now, assuming that you are a country with a debt, in fact, you are under debt and are facing deficits.I can enumerate these countries, but I do n’t do this. I just say that I owe a lot of money, and I am struggling with hard work. The interest rate is very high. I do n’t know what to do.
So what is your strategy?Ordinary strategists, 10%strategists, maximumist strategists, dual maximumist strategists, or triple maximumist strategist?
The maximumist strategy is to invest 35%of the fiscal input; the dual maximumist strategist is 65%; the triple maximumist strategist will invest all the finances and start issuing debt.
For those who can really understand, the subtext is:The first country to buy Bitcoin through issuing its own currency will winEssence
This is very simple, you can print money.You know,Two years after the US civil war, the country was bankrupt, millions of people died of non -life, the south was dying, and the north was angry.The person named Seward came up with an idea -to buy a lot of frozen frozen originals from a group of Russians who want to banknotesEssence
Therefore, even in a worse case, people have done such a thing.
You can see that ordinary strategists owe $ 3 trillion, you will have no help; the maximumist strategist will pay off the debt; the dual maximumist strategist makes you rich;rich.
Why?Because you are buying an asset that everyone competes for a hundred years.You go to buy Bitcoin now, just like buying Alaska in 1867. There was no standard oil company that year. There was no gasoline, car, and diesel locomotive.We later invented everything.
Common sense tells us that I can buy a dollar as an asset equivalent to the size of the country. Why not catch it?
Rich country
Now let’s talk about Bitcoin strategies with rich countries.
Suppose you have a lot of money, such as you are Saudi Arabia and Norway. You have made a lot of money and have a net fiscal surplus of $ 350 billion.
So what is your strategy?Do you want to be an ordinary strategist, the maximumist strategist, the dual maximumist strategist or the triple maximumist strategist?
The maximumist strategist puts 25%of the money into Bitcoin; the triple maximumist strategist converts 75%of the money into Bitcoin and the surplus is converted into Bitcoin.
What is the result?The biggestist of the trilateralist will become extremely rich, $ 58 trillion.
Not only that, this also enhances your national security,Because you will have $ 5 trillion or more digital capital, no one can take it awayEssenceIf other countries bomb your country and invade your border, they will not get Bitcoin.Therefore, this is good for your financial security and national security.
But please note that if you are Saudi Arabia or Norway, and you adopt triple maximumist strategies, this is very easy to do. In the end, you will have 4.2 million Bitcoin.This means that at the national level, there are not many quotas for tri -trials, and there may be only one or two.Essence
This is an opportunity for radical actors.You can have many triple maximum strategists’ families and companies, but there are not many triple maximists at the national level.
American Bitcoin strategy
Look at the United States again, the United States is a special case.
The rules are still the same: buy bitcoin, sell banknotes, get rid of gold, and hold it for a long time.What should not be done is still: Don’t harass Bitcoin holders, do not transfer industries overseas, and do not transfer capital overseas.
But our basic situation is as above.36 trillion US dollars debt, 3.5%interest rate.We believe that artificial intelligence and new technologies will promote growth.I want to assume that the United States will be led by capable executives. They will use technology. We will truly use artificial intelligence to create robot cars and robots, and establish a billionaire website that provides free accounting, law and medical proposals.The growth rate exceeds expenditure growth, and in the end we will reach the level of reduced interest rates.
So what is the Bitcoin strategy in the United States?We can be ordinary strategists; they can be a 10%strategist to purchase 500,000 Bitcoin; can be the maximumist, buy 1 million bitcoin; double maximumist strategists, buy 2 million Bitcoin; triple maximum doctrine;Strategic person, buy 4 million Bitcoin.Then began to transform the national surplus into Bitcoin.
What is the result?If you are an ordinary strategist, even if you have huge productivity growth and excellent technology, and the robot has completed all jobs for us, you will still be in debt, but you will not become worse.
If you are the maximumist strategist, you will pay half of the debt.If you are a dual maximumist strategist, you will have surplus.If you are a triple -to -maximum strategist, the country will not only owe 3 billion US dollars, but will have $ 3 billion.
Bitcoin is not a solution to all our problems, but it is a solution to half of the problem.The important thing is that the other half is very complicated and requires the energy and efforts of many people, and this half is simple.This is a very simple way to solve half of our problems.
Bitcoin is the Internet Manhattan
so,Bitcoin is the Internet Manhattan.Hundreds of trillions of dollars of capital will flow here.We will de -monetized Russia frozen soil, China real estate, everything in Africa, and all those shabby buildings that are not needed but purchased.
You buy a Bitcoin building, a road or the entire community.It has only 3 times of 276, as shown in the figure above.
Is it necessary to buy some bitcoin
Finally, I want to quote a sentence.
Satoshi Nakamoto launched the Bitcoin Network on January 3, 2009. On January 17, 2009, Satoshi Nakamoto said: “It may be necessary to buy some to prevent it from being popular. If there are enough people,It will become a prophecy of self -realization.There has never been more intelligent words.
You see the current market value of Bitcoin reaching $ 1 trillion, which proves that Satoshi Nakamoto foresees.But there will be a thousand times increase in the future.You have more information on hand, and the time is destined to occur (The Writing Is on the Wall).
Bitcoin is the future of capital and the future of currency.
It may be necessary to buy some bitcoin because it has become popular.
