It is the year 2045. Digital assets move at the speed of light. AI agents interact millions of times per second, using bitcoin as a base currency. Bitcoin is now a class of $ 200 billion assets, a settlement layer for the Internet age.
This is the future imagined by Bitcoin Evangelist Michael Saylor, the Executive President of Strategy (MSTR). Saylor was a pioneer in Bitcoin’s corporate treasure, turning his agitation software firm into a leverage Bitcoin power of $ 85 billion listed in Nasdaq.
Coendesk recently sat down with Saylor, the maximum final maximalist of Bitcoin, for a two -hour interview to break down his vision of Bitcoin’s global domination.
Since the election of US President Donald Trump, Bitcoin has maintained a gain of 26%, reaching a maximum of $ 2.1 billion and playing a January maximum of $ 109,000. The strategy, a proxy of Wall Street for Bitcoin, remains strong with approximately 50% gain, despite falling approximately 30% of November maximums in the middle of a broader decrease in US actions, 10 -year treasure performance of the United States and oil.
The United States went from regulating cryptography for the application and dismissal of Banking Digital Assets, called “Operation Chokepoint 2.0” of the industry, to declare that the United States will become a superpower of Bitcoin and the capital of the World Cup crypt. For Saylor, sea change means that the doors that were closed above open. Traditional institutional government governments and investors who used to be afraid to get involved with digital assets are now curious.
Saylor said he is presenting invitations to speak at all elite meetings: the 100 richest families in South America, the sovereign wealth funds of the Middle East, the prestigious technological conference of Morgan Stanley, the CPAC and the White House. It has gone from encouraging corporations to adopt the Bitcoin bonus to advise national states on the establishment of Bitcoins strategic reserves.
Bitcoin has reached “escape speed,” he said, because once the United States government begins to acquire it aggressively, the United States will become a beneficiary and will force each country to adopt Bitcoin as a global capital.
“It becomes a fait accompli“Saylor said.” It is one of those geopolitical movements that when you embrace the network, you force all your allies to adopt it, and then all your enemies have to adopt it. “
EE. UU Bitcoin Strategic Reserve.
The executive order of President Trump to establish a strategic bitcoin reserve of the United States represents a milestone in the realization of Bitcoin’s manifest destination. At one point, the United States had around 400,000 bitcoins, but sold half of the $ 366 million profits. Trump’s Crypto Czar David Sacks lamented that the cost for US taxpayers for selling this Bitcoin prematurely is $ 17 billion to the current market value.
The Executive Order orders the Treasury Secretary to never sell the Bitcoin of the United States and develop neutral budget forms to acquire more bitcoin. It also directs the creation of a reserve of digital assets, a portfolio of seized cryptographic assets that can be administered and rebuilt as necessary.
At the Digital Assets of the White House of President Trump on March 7, Saylor proposed that the United States acquire 5% to 25% of Bitcoin’s total supply in 2035 that could generate approximately $ 100 billion in economic value by 2045.
When asked about this proposal, BO HIES, Executive Director of the Presidential Council for Digital Assets Advisors, told COINDESK that the Trump administration wants the United States to acquire as many bitcoin “as possible” and is considering several creative methods, including Senator Cynthia Lummis (R-WYO) to use the federal reserve profits and gold certificates to buy Bitcoin.
As the USA Bitcoin, world banks will inevitably follow.
“Pandora’s box has opened,” Saylor said. “When Bitcoin extends … and there are a billion dollars of digital capital in the banking system, it will not only be in the United States, it is a virus. Therefore, the virus spreads. And in this case, that means that it will have hundreds of thousands of banks and billion dollars that are held by one billion people.”
Money ‘thermodynamically solid’
Michael Saylor was born in Lincoln, Nebraska. It grew in the bases of the Air Force throughout the west, as well as in Japan and New Zealand. A Air Force Scholarship sent Saylor to the Massachusetts Institute of Technology, where he obtained dual titles in aeronautics, astronautics and the history of science. A literal rocket scientist, Saylor’s Systems’s mentality attracted Bitcoin “thermodynamically sound” design.
After serving as captain of the Air Force Reserve, Saylor co-founded Microstrategy in 1989, a software firm that mounted the Dot-Com BUnce, until Saylor and two other Microstrategy executives were involved in an accounting fraud scandal in 2000. Eventually, they settled with the US values. UU.
In Microstrategy, Saylor invented more than 48 patents and deployed dozens of business ideas. Some succeeded, most of them failed. Saylor said irony is that his greatest success was the idea of another person. Satoshi Namamoto, Bitcoin’s pseudonym creator, created “Digital Gold” that Saylor discovered while he was locked during the Covid-19 pandemic. He grabbed him by despair, preferring Microstrategy to have a quick death for a slow if he failed.
In July 2020, Microstrategy began buying Bitcoin constantly and continuously through cash flows, capital and debt, basically in any way that could. He rose the maximums of the 2021 bull career and resisted the charges for deterioration of cryptographic winter 2022. By 2024, the Bitcoin corporate treasure strategy emerged the proven battle. He survived his first crypto market cycle and the triumph of Microstrategy catapulting a market capitalization company of $ 1 billion to a market capitalization of $ 100 billion.
“[Bitcoin] It became an opportunity, “Saylor said.” Then it became a strategy, and suddenly in the last 12 months, we realized that it was a really good business. “
From Microstrategy to strategy
Microstrategy, renowned and doing business as “strategy,” proved to be an incredibly desirable action for institutional investors who want exposure to Bitcoin’s upper volatile. In December, the strategy was admitted at Nasdaq 100. Now it is looking at the membership in the S&P 500, which would cause an additional wave of access to the public market.
To generate a positive impulse, the strategy focuses on the laser to raise capital to buy more bitcoin through a large amount of fixed income values, creating a casino of financial products for merchants addicted to Bitcoin’s volatility. By constantly weighing market conditions, adjust the performance parameters and conversion factors, the strategy has designed the “intelligent leverage” designed to attract demand and ensure that each series of successive values is extended to each other in a cycle of endless positive feedback.
“If I said it sounds like financial engineering, it is absolutely financial engineering,” Saylor said. “It creates more pressure to increase the price of Bitcoin, which increases the price of MSTR, which increases the leverage of Mstr, which increases the value of the options, which increases the demand for equity, which increases the demand and value of the [convertible bonds]that increases the price and demand of the favorites [shares]. “
The strategy has raised approximately $ 33 billion to buy half one billion bitcoins through this financial engineering. That has turned on the online debate about the ability of the strategy to pay dividends or bond maturities if markets are sorry or cannot raise new capital. The money will probably not come from the existing company cash flows: the strategy software profits are insignificant; In 2020-2023, they were negative, according to Marketwatch data.
All this keeps Saylor at night. So, the strategy is to keep all your options open.
“When the capital markets variable give us a mass premium, we will sell capital,” Saylor said. “If we are too signed, we will avoid the lever. If we believe that capital markets are not really favorable to sell values, we will only stop and wait.”
Last week, the strategy brought its Bitcoin holdings above 500,000 tokens buying 6,911 additional bitcoins for $ 584 million, using the income of the sale of common Mstr shares. They admire He announced his new perpetual offer Strf raised $ 711 million to buy more Bitcoin, when his initial objective was to raise $ 500 million.
This last series of preferred actions differs from the original Strk offer, since it comes with a higher coupon (10% versus 8%) and does not have a provision of conversion of common actions. Explicated in the prospects of both offers are risk factors that do not include any obligation to pay accumulated dividends “for any reason.”
The strategy has also eliminated any guaranteed debt and, therefore, the risk of liquidation of the company’s bitcoin assets.
“We have built an indestructible balance. Bitcoin could change 99%. There are no margin calls. The instruments that are built have no bitcoin promised as guarantees,” Saylor said.
Ultimately, the dates to be observed are when strategy loans to bond holders are due. The first “setting date” is September 16, 2027. If the strategy does not encourage bond holders to turn their bonds into MSTR actions or persuade them to wait for the main refund the following year, these bond holders could demand that the strategy return their loan of $ 1.8 billion in cash. If markets are still hungry for exposure to Bitcoin, it will be easier to raise capital and pay investors. If there is a market recession, and the Wall Street spike dries, the strategy may have to consider selling your bitcoin or breach.
‘Economic immortality’
But Saylor said the strategy, such as the United States government, “will never sell” its Bitcoin. It is betting on the entire BTC price that goes up forever, and sovereignty, solid money, freedom and property rights idealized by the community.
Before dying, Saylor may burn Bitcoin instead of giving his assets. That would be an “ethically solid and ethically adequate form of charity and would grant” economic immortality. ”
“If I believe that and burn those keys, then I have done everyone in the [Bitcoin] Much richer and more powerful network network forever, “Saylor said.” We are all together, from now on eternity. So yes, that is my legacy. “
