Bitcoin doesn’t have a CEO but if it did, Michael Saylor would be that guy.
The co-founder of investment firm MicroStrategy has de-facto become a brand ambassador for Bitcoin, because his company has de-facto become a Bitcoin company.
Saylor spoke at the Bitcoin 2024 Nashville Conference, these are the key bullet points from his speech.
Bitcoin will be worth millions
Saylor said Bitcoin could reach $13 million per coin by 2045, or $3 million in a bear case, $49 million in a bull case.
Sell everything, buy Bitcoin
Saylor says it makes sense to sell everything to buy Bitcoin and move to a ‘cheap tax jurisdiction’ and invest the extra money in Bitcoin.
Bitcoin is immortal
While the ‘sell everything buy Bitcoin’ and the ‘Bitcoin will be worth millions’ parts of his speech were definitely predictable, what he said next was a bit interesting.
Saylor has always maintained that energy is the key.
According to Saylor, all physical capital, including stocks, bonds, Ferraris, Lambos, real estate and so on, is subject to the laws of thermodynamics, including entropy, which is energy’s tendency to dissipate over time.
“Entropy is diluting the value of physical assets. It’s sucking the capital, the energy out of them,” Saylor said.
“[There are exceptions], physical assets might last 1,000 years, [but] probably about 50 to 75 years is the best you’re going to get.”
Bitcoin, as you can imagine, is the exception, according to Saylor.
“Bitcoin is immortal, immutable, immaterial.”
MicroStrategy’s Bitcoin investment
As of June 20, MicroStrategy held 226,331 BTC acquired for roughly $8.33 billion, at an average price of $36,798 per coin.
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