Michael Saylor: The U.S. Dollar Is the Biggest Winner in the Stablecoin WaveStrategy co-founder Michael Saylor told CNBC on Nov. 29 that stablecoins and Bitcoin are in “completely different lanes.” He said stablecoins compete with Visa, Mastercard, and the traditional banking system, with the U.S. dollar poised to be the biggest winner as stablecoins expand globally. By contrast, he described Bitcoin as “digital capital” focused on long-term value storage, competing with gold, real estate, public equities, ...

Core Viewpoint - MicroStrategy, led by Michael Saylor, continues to aggressively acquire Bitcoin despite market challenges and potential exclusion from the MSCI index, positioning itself as the largest corporate holder of Bitcoin globally [1][2][3]. Company Actions - MicroStrategy purchased an additional 10,624 BTC last week, increasing its total holdings to 660,624 BTC [2][3]. - The company has publicly criticized MSCI's proposal to exclude firms with over 50% digital assets, labeling it as "misguided" and "discriminatory" [3]. Industry Perspective - Saylor emphasizes Bitcoin as a foundational element of a new digital capital era, noting a shift in perception among major U.S. banks towards embracing Bitcoin [5]. - He argues that Bitcoin could evolve into a yield-generating credit vehicle, similar to gold's historical role in credit systems [6]. Criticism and Controversy - Notable figures, such as economist Peter Schiff, have criticized Saylor, calling him a "bigger conman" than Sam Bankman-Fried, reflecting skepticism about Saylor's vision for Bitcoin [7][8].

Core Viewpoint - Michael Saylor asserts that Bitcoin is digital gold and envisions a future where global credit is built on it [1] Group 1: Bitcoin Accumulation and Strategy - Strategy is acquiring nearly $500 million to $1 billion worth of Bitcoin weekly and has managed $60 billion in equities over the past 14 months, positioning itself as the fifth largest treasury in the S&P universe [2] - With the current pace of accumulation, Strategy is projected to become the largest treasury in about four to eight years [2] Group 2: Institutional Support and Credit Extension - The entire US cabinet, including President Donald Trump, along with financial and non-financial regulators, supports the idea of Bitcoin as a credit vehicle [3] - Major American banks, including previously skeptical institutions like JPMorgan and Bank of America, are now extending credit on Bitcoin and its derivatives [3] Group 3: Financial Innovations and Dividends - Strategy has created the world's first credit vehicle, generating $800 million in dividends with approximately 10% dividend rates through equity sales, Bitcoin commodities, or derivatives [4] - Saylor believes Bitcoin is a superior long-term investment compared to credit instruments, predicting a 30% annual increase over the next twenty years [5] Group 4: Digital Credit Concept - The concept of digital credit is based on digital capital, with Bitcoin being identified as the necessary commodity for public companies to capitalize on securities [7] - Saylor differentiates between capital and credit, illustrating that while capital requires time to yield returns, credit provides immediate cash flow [8]

RT Michael Saylor (@saylor)Yesterday at Bitcoin MENA, I presented my keynote on Digital Capital, Credit, Money, and Banking. https://t.co/BwkP9GYxVr ...

Yesterday at Bitcoin MENA, I presented my keynote on Digital Capital, Credit, Money, and Banking. https://t.co/BwkP9GYxVr ...

Core Insights - Bitcoin has gained significant attention due to its energy consumption surpassing that of the U.S. Navy and the combined infrastructure of Microsoft and Google [1][6]. Regulatory Environment - The shift in leadership under President Trump has fostered a pro-digital-asset regulatory environment, with key appointments of crypto-friendly officials [2][3]. - This new approach contrasts with previous administrations that discouraged banks from engaging in cryptocurrency services [3]. Banking Industry Transformation - Major banks, historically hostile towards cryptocurrencies, have reversed their stance, now offering active custody and lending services [4][5]. - Eight of the top ten banks are now involved in crypto lending, indicating a significant regulatory shift [5]. Bitcoin's Infrastructure and Impact - Bitcoin's energy consumption is reported at 24 gigawatts, equivalent to 24 nuclear reactors, surpassing the energy used by the U.S. Navy [6]. - The total computational power of Bitcoin exceeds that of the combined data center capacity of Microsoft and Google [6]. Bitcoin as Digital Finance Foundation - Bitcoin is positioned as the foundational layer for digital finance, providing global liquidity and broad custody access [7]. - The engaged user base of Bitcoin contributes to its economic footprint [7]. Corporate Holdings and Strategy - Strategy Inc. has accumulated approximately 650,000 BTC, aiming to surpass all S&P 500 treasuries in the future [8]. - The company raises capital between 6% and 12% to invest in Bitcoin, which is expected to outperform traditional assets [9]. Digital Credit Expansion - Strategy Inc. is expanding into digital credit products backed by Bitcoin, converting volatile capital into stable dollar-based payouts [10]. - The company has introduced innovative offerings such as Strife, Stride, and Stretch, with Stretch being described as the first variable-rate preferred equity product [11].

Core Viewpoint - The debate centers around the impact of stablecoins on Bitcoin's long-term value, with Michael Saylor arguing that stablecoins do not threaten Bitcoin's position, contrary to Cathie Wood's revised price target for Bitcoin [1][2]. Group 1: Market Dynamics - The stablecoin sector, valued at $308 billion, constitutes 30% of the crypto transaction volume, raising questions about its influence on Bitcoin's use cases [1]. - Cathie Wood's recent price target adjustment for Bitcoin from $1.5 million to $1.2 million reflects her belief that stablecoins are taking over some of Bitcoin's intended roles, particularly in hyperinflationary markets [2]. - Despite the reduction, Wood maintains a bullish outlook, projecting a 1,100% upside for Bitcoin, supported by institutional investments [2]. Group 2: Distinction Between Digital Assets - Saylor distinguishes between "digital capital" (Bitcoin) and "digital finance" (stablecoins and DeFi), asserting that they serve different economic functions [3][4]. - Bitcoin is characterized as a store of value akin to digital gold, while stablecoins are seen as tools for transactions and payments [4][5]. - Saylor anticipates that the market capitalization of stablecoins will grow significantly, but he does not view them as direct competitors to Bitcoin [5]. Group 3: Company Actions - Strategy has recently acquired 8,178 Bitcoin for $835.6 million, increasing its total holdings to 649,870 BTC, which represents nearly 3.1% of Bitcoin's network supply [6].

Core Viewpoint - Michael Saylor, Chair of Strategy (NASDAQ:MSTR), remains unfazed by short seller Jim Chanos' criticism and believes that skeptics do not understand the value of Bitcoin and digital assets [2][3]. Group 1: Company Performance - Strategy has built a significant business model over the past five years by issuing debt to purchase Bitcoin, serving as a proxy for investors seeking exposure to digital assets [3]. - As of November 2024, the premium of Strategy's stock to its net asset value (NAV) reached as high as three times, which Chanos deemed "ridiculous" [4]. - The stock of Strategy has fallen approximately 32% over the past year, while Bitcoin has increased by 38%, leading to a collapse of the company's multiple to NAV to 1.2 [6]. Group 2: Market Dynamics - Chanos has publicly criticized the sustainability of Strategy's premium to its Bitcoin holdings, arguing that the valuation claims made by Saylor are absurd [5]. - Chanos has closed his short position against Saylor, stating that the thesis of the trade has largely played out and expects the premium to continue compressing as Strategy issues more common equity [7].

Last time our next guest was on CNBC, he was expecting Bitcoin to be $150,000 by the end of the year. Want to find out if he's changed his tune uh since late October given the recent move in the crypto space. You're looking at Bitcoin right now at $94,000 632.Michael Sailor is here, strategy founder and executive chairman. Good morning to you. What do you think.150 by the end of the year. What do you think's happening here. You know, I think um we all want to go to the moon, but if you want to ride the rock ...

Digital Transformation & AI - The industry anticipates a future where digital intelligence, assets, capital, and credit will revolutionize financial transactions, enabling near instantaneous money transfers [1] - The industry foresees a world populated by 1 billion (十亿) AIs capable of processing information at speeds far exceeding human capabilities [1] - The industry predicts a future where 1 billion (十亿) robots will automate production and various tasks, leading to increased efficiency and empowerment [2] Technological Advancements - The industry envisions self-driving cars and intelligent products that proactively address user needs [2] - The industry expects a transition towards an intelligent world characterized by millions of times greater efficiency [2]