jakiro
Source: Liu Jiaolian
Overnight BTC continued to oscillate around the 96k center, waiting to converge with the 30-day line.Many people say that the copycat season has started.Jiaolian just saw that his Uniswap position yield was closely following the Ethereum position, and he was still 10 points away.
Teaching Chain basically follows the principle of “eat my own dog food”: use Uniswap yourself, so you hold Uniswap; develop code on EVM, so you hold Ethereum;BTC is a savings tool, so it holds BTC.
Therefore, Jiaolian has no interest in pure “speculation”.Fried coins, stocks, and houses, it is better to fry eggs, stir-fried cucumbers, stir-fried potato shreds, stir-fried oil and wheat vegetables, stir-fried wormwood stems… Teaching chains may even think that stir-frying various ingredients afterwards and investigating things to know.It may be helpful to the previous speculation.
In fact, top chefs don’t cook.
Michael Saylor, top chef, representative of institutional diamond player, and founder of micro-strategy company, recently visited the Microsoft Board of Directors, gave the directors some popular science on BTC and mobilized them to adopt the BTC strategy.Put some money out to build Microsoft’s own BTC reserves.
His logical thinking is clear and rigorous.His PPT is relatively long, and many people may not fully understand it if they do not understand “capital” enough.Here is a brief summary of the teaching chain:
1. In the future, BTC will absorb all long-term capital.
2. If Microsoft replaces the capital “waste” of repurchasing stocks with BTC, it will push up Microsoft’s stock price more effectively.
3. Therefore, Microsoft should adopt the BTC strategy and stock up on BTC.
So, Michael Saylor’s positioning of BTC in his speech was also what he said“Digital Capital” (Digital Capital)This word is not what we usually call “digital gold”.
Wonderful.
After he said this, he further opened up the future growth space of BTC.The ceiling is not the market value of gold at $16 trillion, but half of the global total wealth of about $900 trillion…
What is capital?Capital is the production surplus, and it is the surplus used for input and reproduction.Any society, no matter what stage of civilization, culture, or system, its progress depends on the accumulation and application of capital.
If the whole society is like a primitive society, eating and drinking all the things produced, squandering everything, without any left, then everyone will be in the lowest state of rushing for survival all day long, without time, energy, or noResources are further developed.
After measuring various production surpluses with monetary tools (i.e. monetization) it is transformed into so-called value.Marx called it surplus value in “Das Kapital”.
Under the capitalist production relations, workers work hard to produce surplus value, which is controlled by the capitalists.Note that the capitalists here are strict people who do not work; the boss who works on their own can only be considered half a capitalist.Capitalists consume a small part of the surplus value themselves, and then put half of the remaining part into reproduction, while the other half should be placed in a safe capital storage tool as long-term capital for future production purposes or to resist economic cycle risks.
The advanced nature of capitalism is reflected in this link of capitalists.In the slave age or feudal era, the unworking class that dominated surplus value only knew how to squander, which was very harmful to the accumulation of capital, thus hindering the further improvement and improvement of productivity.Although the capitalist class will also consume a small part of the surplus value, its squandering degree is already frugal than that of feudal emperors. A large amount of surplus value can be retained and become practical capital for reproduction, as well as long-term capital for temporary savings., thus promoting the rapid progress of social productivity, and in the past three or four hundred years, capitalism has created more wealth than the total wealth created by the entire human society in the past thousands of years of civilization history before this.
Therefore, Michael Saylor believes that the current global wealth is 900 trillion US dollars, and half is estimated to be 450 trillion US dollars, which is practical capital for current reproduction, while the other half is 450 trillion US dollars, which is long-term capital that does not use temporary savings.For the half of the 450 trillion US dollars of long-term capital on the right, you need to find the right “store of value” tool to properly save and save.
Why doesn’t Michael Saylor call BTC electronic gold but electronic capital?Because today, the tools people use for “store of value” have long surpassed single gold.Stocks, real estate, bonds, fiat currency and even artworks, etc. are all used to store value.
However, these things are used as “store of value” and have a huge flaw.What is it?Please think about it all.
By the way, this fatal flaw is that these things are often controlled by others, and the controller can dilute and dilute the value you store in it by constantly issuing (over-issuing) their quantity.
For example: artworks, artists can continuously create new products; stocks, listed companies can legally issue additional shares; real estate, new houses can be continuously built; bonds, governments and institutions can legally issue more; fiat currency, central banks can legally print themNotes; etc.
They have one common feature: they have no deposits, but they can be withdrawn infinitely.
Obviously, they are not your companions, but your opponents.
The purpose of using these tools is to store value, but the existence of these opponents is a big or even the biggest risk.
There is a financial term called “counterparty risk”.
Therefore, Michael Saylor said that BTC is a better value store tool than all of these tools, because BTC has no “opposite risk”.Fundamentally, because BTC was decentralized from the beginning.During the process of starting it, Satoshi Nakamoto never introduced any “opponent” to the BTC system.Retire yourself after success and dissipate this potential risk in the clouds of history.
In this way, BTC will eventually become a historical choice, and will be unanimously favored and chosen by all those who have the opportunity to dominate long-term capital and need to find the safest value storage tool without the risk of the opponent to store these long-term capital.
In the end, other capital tools will gradually degenerate into practical capital (for example, housing for living, not for speculation, can only be used for self-occupied (consumption) or rental (utilitary capital)), and the demand for long-term value storage will all fall on BTC.
This leads to Michael Saylor’s first conclusion: in the future, BTC will absorb all long-term capital.This scale is half of the total global wealth.
His conclusion, article on Hejiaolian 2024.3.4“Bitcoin End: It may be equal to the sum of all remaining values of human beings!》Similar, but more specific and accurate.
This is also what the Teaching Chain has said many times.The true meaning of hoarding BTC is to absorb the surplus value of the whole world.More stockpiles and more absorbs.Little stockpile, less absorb.
Based on this inference, Michael Saylor proposed that BTC will be expected to grow from a 140-fold increase in the market value of US$2 to US$280 trillion in the next 21 years.
This provides Microsoft with better strategic choices as a controller of surplus value, how to more reasonably control and use the surplus value it controls.
In the past, Microsoft made a lot of profits and had nowhere to invest, so it bought back its own stocks, thereby raising its stock price.
Raising stock prices is to give back to shareholders and company executives (most high-tech enterprise executives have many incentives such as stocks or options in their salary packages), and even some shareholders.
Michael Saylor is an excellent salesman.
Remember: The first principle of sales is to appeal to interests, not emotions.
Although painting a big pie seems magnificent, if it cannot bring personal benefits to all the audiences, then you will not be able to impress them and let them pay.
Who are the people here for Michael Saylor’s speech?Microsoft’s board of directors, directors, shareholders.
They have no direct resonance with BTC’s grand vision.But they resonate with the rise in Microsoft stock prices in their pockets.
So Michael Saylor changed his tone and began to talk about the fact that if Microsoft changed its strategy for disposal of surplus capital, it would bring considerable stock price returns.
He gave four strategies: BTC minimization, BTC maximization, double maximization, triple maximization.They represent different investment efforts.The teaching chain will not be expanded here.
Then he thoughtfully helped everyone present in the conference room to calculate how much excess stocks have increased under various strategies.Subtext: You can think secretly about how much your value can increase.
According to his estimates, adopting the BTC strategy can allow Microsoft stocks to generate an excess increase of $155 to $584 per share in the next decade – that is, additional growth in addition to the conventional increase brought about by ordinary business growth.
For reference, Microsoft’s current share price is $430 per share.
What is logic?The logic is that using the money earned by the company in its own business to buy back its own stocks is to make money to support its own stock price; and using this money to hoard BTC is to use the money earned by the whole world to support its own stock price.
Obviously, absorbing the surplus capital from the world to support one’s own stock price is definitely much better than working alone.
Michael Saylor is most qualified to say this.Because the stock price of MicroStrategies is almost supported by BTC, not by its small and pitiful software business.
So he showed off his big thing – 3045% of the big pillar.
At this point, the words are finished.
Dear directors and friends, do you want to get rich and your value soar?Please increase the company’s share price.Don’t use the old way to increase stock prices by repurchasing, please use the BTC strategy to significantly increase the company’s stock price.
This is Michael Saylor’s “sales” logic.
Why did he convince Microsoft’s board of directors at this point in time?My friend may still remember that December is the 10th of this month, and Microsoft will hold a shareholder vote to discuss whether to adopt the proposal to reserve BTC.
Do you think Michael Saylor’s statement can convince Microsoft’s directors and shareholders to finally vote for the adoption of the BTC reserve strategy?
