What Bitcoin Did

Podcast Notes Key Takeaways

• “People joke like, ‘are you going to be 5% exposed, or 100% exposed,’ I’m 500% exposed. I’m not 5%, 50%, we started with $250 million of capital, we bought $3.5 billion of Bitcoin.”
• You can think of Microstrategy as the first digital property development company. 
• It doesn’t make sense for Bitcoin to be spent on anything. 
• Bitcoin fixes every company and governmental institution.
• Unless you’re willing to default on your taxes to your nation-state, you can’t use property as currency. 
• One useful thing to do for everyone every day is to convert some piece of property to Bitcoin. 

Read the full notes @ podcastnotes.org

“People joke like, ‘are you going to be 5% exposed, or 100% exposed,’ I’m 500% exposed. I’m not 5%, 50%, we started with $250 million of capital, we bought $3.5 billion of bitcoin.”
— Michael Saylor

Location: Miami
Date: Monday 29th November
Company: Microstrategy
Role: CEO

In August 2020, MicroStrategy commenced with the bold defensive move to invest significant treasury assets in Bitcoin in response to inflationary pressures. Since then, MicroStrategy has strategically enhanced their holdings to become the largest corporate owner of Bitcoin and just last week announced an additional $414 million purchase. 

The strategy has been led by CEO Michael Saylor. As a developer of enterprise software, Saylor has long espoused digital transformation. Bitcoin is part of that process, digitising the last major building blocks of the analogue society: property, energy, and money.

Whilst this first wave of corporate adoption is entrepreneurial in spirit, the advantages of corporate adoption are clear. Yet, despite a glut of Bitcoin miners maximising their Bitcoin hodling, MicroStrategy hasn't been followed by a wave of institutions following suit. Such inertia is predicated on a range of impediments that may fall away in the next few years.

In this interview, I talk to Michael Saylor, the CEO of MicroStrategy. We discuss the evolution of their Bitcoin strategy, technological disintermediation, and Bitcoin as a foundational societal technology. 

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
BlockFi - The future of Bitcoin financial services
Sportsbet.io - Online sportsbook & casino that accepts Bitcoin
Casa - The leading provider of Bitcoin multisig key security.
Exodus - The world's leading Desktop, Mobile and Hardware crypto wallets.
Ledger - State of the art Bitcoin hardware wallet
Compass Mining - Bitcoin mining & hosting

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WBD431 - Show Notes

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