FYM News: Michael Saylor Explains Bitcoin on Tucker Carlson Today - full interview (720p)

[Music] welcome to tucker carlson today if you're like most people you're perfectly aware there's something called bitcoin which is something called a cryptocurrency may have been skeptical of it maybe even dismissive but as the years have passed it's become obvious to everyone that it's not going away and it's probably going to be a central feature of our future is this a good thing is it a bad thing can you benefit from it and by the way what is it exactly you may have been afraid to ask that question so we've searched long and hard for about five years actually to find someone who can answer all of those questions in a credible way that non-experts can understand we think we've found one he is michael saylor you probably recognize he's an entrepreneur of course co-founder and ceo of microstrategy he is a huge investor in bitcoin specifically and we think maybe despite that or because of it or both the man to ask so he joins us now michael said we're really happy to have you here thank you very much thanks for having me tucker so i basically summed up my own position as clearly as i possibly could i didn't know what to make of cryptocurrency i don't understand it i made fun of it it's clearly not going away it's clearly a really big deal so let's just start at the beginning if you don't mind explaining what is it okay what is bitcoin bitcoin is the first engineered monetary system in the history of the human race full stop so now to explain it the first question is what's money the second question is what's the problem and the third question is what's the solution right bitcoin is the solution now go back to the beginning what is money well an economy consists of good services and property you know i want you to do something for me i want that product i want you to manufacture something for me i want that house i want that land that's half the economy now the question is how do i send 37 horses to you and then how do we keep the books balanced so you have to send me back money money is social economic energy it is it is money is monetary energy or it's it's the energy the backhaul energy that we use to trade with if i can send you 10 bushels of corn and you can send me money equal to 10 bushels of corn then we can trade with each other so in the history of the world human beings have tried different monies we've used sea shells we use the giant stone coin or the yap people we use tobacco bales in uh in pre and colonial america we've used copper coins silver coins we've used stone coins we use glass beads in africa these are all types of money eventually we got to got to settle on gold and gold coins as money but gold was never fast enough as money how do you move 10 tons of gold from here to there so ultimately people use ledgers and those ledgers were issued by a merchant or they were issued by a mayor or they're issued by an emperor and you know you can go back 5000 years and you can find sumerian tablets in clay where they've etched in like 37 you know bushels of oats in return for something these were the ledgers so uh money is is that that shared ledger of who owes what to whom and um and and a lot of times the money is a token like a glass b but the problem with the glass bead is if the africans use the glass bead and the europeans show up and they can manufacture a million glass beads the europeans dump a million glass beads on the africans the africans lose their homes and their livestock and all their wealth and they're impoverished so if you have weak money and someone else has strong money if they can manufacture the money like in the pacific islands they use stone coins some europeans showed up in a ship and he realized that stone coins are rare on one island but they're very plentiful big stones on another on he sailed to the other island picked up the stones brought them back to the first island and slaved everybody on the island i was like problem so so the problem with money is how do we keep track in a fair distribution of who owns a claim to what if there's if there's a hundred million dollars worth of capital in the economy of products and property and and and corporations and the like you have to have a hundred million dollars of money now if i issue a hundred million dollars of currency it equals all the stuff in the economy now if i start to inflate the currency and i issue another 10 million dollars yes now i've taken 10 percent of the economy and given it to my friend that's the inflation rate if i keep inflating the currency if i double the amount of currency but the amount of stuff in the economy is constant well then the price of everything that's scarce and desirable doubles yes okay if it's not scarce and desirable it won't go up but if there's a hundred things and there's 10 times as much money it stands the reason that the things cost 10 times as much so so money is is economic energy the problem is inflation because in the history of the world we have inflation when uh when the romans created gold coins they start with a certain amount of gold and they would cut the they would debase the currency right they would cut the amount of gold or cut the amount of silver in the coin and when they cut it to a small enough level no one would take the coin anymore so the mercenaries don't want the coin the emperor can't pay the mercenaries the empire topples if i just issue you paper you know whatever the paper might be and then i triple the supply of the paper eventually the currency collapses so the problem with currencies in the history of ta of time is the trust in the issuer you're trusting an individual right you're either trusting a bank or a jp morgan or you're trusting a family the rothschilds or you're trusting a king or prince or you're trusting the mayor or you're trusting a government now if we look at the modern era economists like seyfadina moos who wrote the bitcoin standard he estimates that the inflation rate in the modern era dollar weighted is 14 percent okay think about that for the last decade on average uh all in the world we've been inflating the currency by 14 per year now it happens that that's equal to the rate at which the s p 500 index is going up 14 on average a year for 10 years running um that the what's the issue well what is inflation it's not really well understood some people think it's cpi cpi is the rate at which a market basket of consumer goods is going up but the government gets to pick the basket i've noticed okay if i pick things like domino's pizza and streaming youtube videos they will never go up in price i can actually i can actually adjust the basket so i just pick things that don't go up in price the shape the case shiller index is up 27 percent year-over-year you know in july so the price of that average single-family homes up 27 homes in canada up 15 percent the s p index is up 34 percent this year over 12 months what's the inflation rate if you wanted to buy a basket of desirable stocks the inflation rate is the s p index so i can calculate any inflation rate i want inflation is a vector if if i want to be rich then i need to buy scarce desirable assets so my inflation rates the rate at which picassos and leonardo da vinci paintings and stocks and and uh property in new york city is going up in price or a house in the hamptons that's a high inflation rate if i want to be a consumer and live in my parents basement and order domino's pizza and take uber's and watch netflix and stream youtube the inflation rate will be the cpi it'll be very low so you can have any inflation rate you want as a practical matter the best inflation rate for an investor or for anybody that wants to stay wealthy or be wealthy if you're concerned about maintaining your economic purchasing power it's the monetary inflation rate the rate at which the supply of money is expanding the supply of money expanded maybe 10 percent for a decade before covet and the s p went up 10 a year you know we know the money supply expanded 30 percent postcovid the s p is up 34 the feds stepped on uh on the money printer the same with the eu central bank in the western world in the strongest countries we see we see the money supply expanding 20 25 or more per year the currency is collapsing it's losing it's losing its values being devalued in in uh weaker countries go to argentina the official inflation rates 45 the unofficial inflation rates 85 percent go to venezuela the inflation rate i mean the currencies collapsed 98 99 in a year uh same in lebanon 90 currency collapse in a year so what you have right now going on in the world is currency collapse which we call inflation and the mainstream view of inflation is it's only cpi and sometimes it's pce it's it's an index of things not including the highly volatile food and energy right but in but in what universe can you live without food and energy exactly but but it's not really good like common sense says if if everybody tells me inflation rates two percent or five percent but the houses are costing 20 more 15 percent more and everything if you talk to anybody that manufactures anything they'll say that the prices are up 20 25 year-over-year so how is it i'm supposed to actually buy something how do you buy a share of stock that went up 34 a year when you got a cpi adjustment of 2 or 5 so it sounds like the people causing the inflation are lying about the inflation classically i i just i just first of all if you define inflation as the cpi you're using simple arithmetic to describe the economy you can know you can't define you can't describe the economy and model it with simple arithmetic any more than you could describe fluid dynamics or aerodynamics with simple arithmetic right the fluid is flowing around the airfoil you have to multi-in-dimensional you know algebra and vector calculus to describe a complicated phenomena the economy is a complicated phenomena another way to say it is the price of everything is is varying everywhere at different rates all the time right right common sense says the price of housing in the hamptons is going up at a different rate than the price of land in kansas and the price will be going and the price in a certain jurisdiction for a certain use subject to certain regulations will go up at a different rate than another jurisdiction for another use so the problem is inflation inflation's a phenomena whereby a government authority prints more currency right and why do they print more currency because if i want to pay a trillion dollar bill i either have to tax you a trillion dollars or i have to print a trillion dollars of money turns out that it's a lot easier to print money than it is to tax people and so it's either inflation or taxation throughout the history of the world from roman emperors before ev every single coinage system every monetary system ever established collapsed because of inflation if you look at the history of of the sumerian states you know the the persian states the greek states the romans states middle east look at all the all the renaissance italian states look at every king of england if you just go forward you find every one of these currencies started by issuing i issue a coin with this much gold in it and then i cut it and i cut it and then i go to silver and then i go to copper and then i coat it with some brass or some nickel you remember what happened in the u.s where we used to actually have silver quarters yeah and now we don't because the silver was more valuable than the quarter yes why right we're debasing the currency right so the problem is inflation and inflation just to be really clear what you just said which is fascinating is caused by expanding the money supply yes simply put you live in a town there's a hundred nice houses there's a million dollars in the money supply the mayor prints another million dollars distributed to the citizens what's the price of the house do right and so and you're so you're saying that inflation is always the cause of the collapse of the currency and the collapse the currency sounds to me like it's the cause of the collapse of the civilization yep because if if you look at all these wars right how long does a war go on it go in world war one every single nation went off the gold standard within a week of the declaration of world war one the germans the french the the brits the americans we printed money uh the money got debased there was rampant inflation eventually after four years you can print money for about four years before you collapse the currency and then you don't have any means to fight the war the germans sued for peace because they ran out of money after four years okay world war ii we ran out of money in four years vietnam you know we paid for it with inflation eventually um eventually nixon had to go off the gold standard because they'd printed so much money they couldn't redeem the gold they defaulted on it we went to the fiat standard and we just begin to print more money you'll find that throughout history and of course put yourself into the position of the roman emperor or the city mayor or the noble you you have a monopoly on the coinage you need to pay the army you can either go to everybody that lives in your nation and take half their stuff or you can just print twice as many coins but what i thought the whole idea behind modern monetary theory was as long as you have the world's reserve currency inflation isn't a threat to you well if you print how would you say this if there's a certain amount of goods and services and capital in the economy and you just keep printing money you're not creating any more capital in the economy you're not creating any more products you're not creating any more buildings you're not creating any more services all you're doing is doubling and tripling the amount of currency so if i just gave everybody in the united states a billion dollars and everybody went out to buy a ferrari right would there be 250 million ferraris like i i can i can print the money right like look at venezuela look at zimbabwe they can print the money you can give someone a trillion dollar note but that doesn't create more stuff right you're just creating paper so ultimately that in that inflation it works only to an extent if you can export it and what you're doing is you're not you're not creating anything what you're doing is you're redistributing wealth like if there's ten billion dollars in the economy and there's this much stuff and i give a billion dollars to you you now get 10 of the stuff from somebody else which means that everybody else lost 10 percent of their stuff right as i inflate the economy i'm actually or inflate the currency i'm actually redistributing wealth from those that uh store their life savings in currency or currency derivatives in cash if you have if you had a million dollars in the bank 12 months ago today it buys you 34 percent less right the s p is up 34 you have a million dollars if you put it in the stock market you've got 1.34 million dollars if you hold it in cash you've got a million dollars if you go to buy a stock now it costs you 34 more to buy the stock if you go to buy a house in the hamptons it's 40 more to buy the house in the hamptons you know if you other things are going up in price your cash is fixed so it turns out that that um you've got some people that don't have net cash positions if you're if you're a sophisticated investor and you're wealthy all of your assets are in property you have buildings you have companies you have you have real estate you have collectibles you have sports franchises right your things if you're middle class working class you're working for cash and whatever cash you've got right is either sitting in the bank or uh you don't have a lot of net cash so the real significance here is if the dollar loses 20 percent of its purchasing power each year then the value of your salary is deteriorating by 20 a year it's not falling at the rate of cpi inflation it's falling at the rate of monetary inflation the road to serfdom is working exponentially harder for a currency growing exponentially weaker okay that's the problem you're a dentist you're right you're you're generating five percent more a year for a decade i'm inflating the money supply at 20 a year for a decade if you save every penny in 10 years you'll be able to buy one quarter of what you could have bought today because the price of housing is going up at 20 percent a year and you're just not ever going to catch up right because you're uh you're getting paid the currency the only way you can actually stay ahead is to grow your cash flows faster than the rate of monetary inflation and that's why the rate of expansion of the money supply is so critical and that that there's not even a word for that other than cost of capital the best surrogate for monetary inflation in my opinion is the s p index a distributed market basket of scarce desirable products so money is energy the problem is inflation if if we're inflating at 10 a year you know you've got 10 pints of blood in your body will you go to give blood i take a pint out when i take a pint of blood out of your body you lose the red blood platelets anybody common sense knows you run the boston marathon the next day you got a problem you can't perform as an athlete it takes about four to six weeks to replace the red blood cells so when i take a pint of blood you're not going to be able to perform for a month to two probably two months later now imagine if i actually took a pint of your blood every month forever that's inflation so i'm running an economy i'm the king yeah you have a dojo and i send someone from the government and we just take a pint of blood from every one of your fighters and then next month we do it again and next month we do it again and next month we do it again now what do you expect your ac your athletic performance to be in decline yeah yeah that's the problem of an of the currency which is collapsing but let me tell you that's ten percent venezuela is not ten percent zimbabwe is not ten percent the argentine peso was one peso to the dollar twenty years ago and it's like it's pushing toward 200 pesos to the dollar today they've lost 95 98 99 percent in a hyper-inflating economy or rapidly inflating economy you're not losing 10 percent of your economic value a year you're losing 20 to 25 to 30 to 40. so that's like i send some dude to the dojo to bleed you every week and then at some point i'm sending someone to bleed you every day and that's the weimar republic right hyperinflation when not another metaphor the currency is to the economy what your blood is to your body and economic energy or money is to the currency what oxygen is to your blood so common sense says if i keep sucking the oxygen out of the room if i suck the oxygen out of the room you're going to either suffocate or freeze to death and if i keep sucking the economic energy out of the currency the economy collapses in the extreme you get ripped back to stone age border right when the money doesn't work anymore i have to trade you cigarettes for bullets right and the problem with that is is the economy becomes a million times less efficient right if you don't have money now how many countries in the world have a collapsed currency 66 are dollarized there's 180 about countries there's 130 floating currencies all of them are weaker than the dollar the us dollar is the world's reserve currency the u.s dollar is expanding it was expanding 10 percent a year for a decade now expanding at 14 a year it expanded 34 over the past 12 months the dollar is weakening okay it's like the auctions getting sucked out of the room so tucker if i told you the auction is getting sucked out of the room and there's an oxygen mask drops out of the ceiling over there what would you do run for it yeah put the auction mask on bitcoin is the oxygen mask the idea of bitcoin let's let's move to the third place and say you've made the most compelling case i've ever heard for the need for something like bitcoin so you're saying just to make sure that everyone's following this the whole point of bitcoin is to escape the inflation vortex that has consumed all these previous empires the point of bitcoin is to fix the money and money is energy and energy is life and if i keep sucking the energy out of the economy i'm sucking the oxygen out of your system either under the best case you perform poorly under the worst case i suffocate you to death or freeze you to death that's the problem that's why that's why empires collapse that's why economies collapse and the problem it's not just a problem for an individual it's not just a problem for a family it's a problem for every institution it's problem for every company it's a problem for every city every municipality every government every civilization they all have this problem and you can generally trace the problem to i i fought a war i couldn't afford to fight and i paid for it with money i didn't have yeah right if you you declare war on covid you've got a war you declare war in vietnam you declare a war on fill in the blank every history is full of wars if i had to fight them with taxes then eventually my population would say no more we don't want to pay the tax if i fight them by inflating the coinage then i get a couple years two three four years before people realize it eventually i just collapsed the currency so money is essential to civilization the problem is inflation and why does it happen it's a natural human condition because as you have an authority that controls the money the temptation to inflate the money supply is is omnipresent and and inescapable and every civilization has suffered from it at one point in time what is bitcoin well bitcoin is the world's first engineered monetary system and what happened is a set of engineers nameless engineers recoiled in horror after the great financial crisis with all the bank bailouts and they looked and they said this just isn't fair it isn't right we want to create a better money and they used two technologies they use the internet the idea that i could internet i could network hundreds of thousands or millions of computers and they used cryptography the idea that i could cryptographically sign something so that it could not be tampered with with anyone friend or foe and using those two technologies they conceptualized the idea of an immutable ledger if you will a bank in cyberspace what if a hundred people got together a hundred people with money got together and they said we're going to create a bank in cyberspace and um we want to put our money there and we don't trust each other we don't trust the government we don't trust any corporation we don't even trust any one computer so we create a program that keeps track of a ledger 21 million coins or shares in the bank divided divisible by a hundred million called this down to a satoshi so 2.1 quadrillion satoshi's you don't have to know that all you need to know is there's 21 million coin units you can't make any more and they wanted to create a credit so that they could um they could send their money to each other to anybody in the network they could store it for a thousand years 10 000 years a million years forever and they don't have to trust anybody so they created this idea of of um bitcoin it's an asset that's protected by cryptography and it's stored on a ledger software the software administers the ledger the twist is we distributed the software on thousands and thousands of separate computers every com every bitcoin node is running a copy of the ledger so everybody in the world that that has their money in the bank has a copy of all of uh the money in the bank and all the transactions since the beginning of time so it's the immutable truth every 10 minutes the system takes a batches a set of contra of transactions and then redistributes the money based upon upon the instructions of the owners if i want to send you my bitcoin i send it and it goes to you and every single computer in the network updates that and they all check it cryptographically using using uh modern encryption now how do we defend the network there there's there's really three nodes of interest to make this uh compelling the first node is that bitcoin node that keeps track of that ledger it's the most secure uh database in the world and it's a database of immutable truth it's a it's the ledger of money the second node is a minor it's uh it's um a sha-256 or it's an encrypting miner that's generating hash functions to protect the network and there are millions of them and they're all competing with each other to build the next block there's only one out of two million involved in this network it's like every every miner gives you a lottery ticket and one of the two million will get to build an xbox and we'll get paid a lot of money like three hundred thousand dollars and you don't know which one so the miners are a wall of encrypted energy they're converting electricity into hashes and then inside that wall of electricity or wall of energy is the bitcoin ledger which is distributed in a decentralized fashion and there's one other interesting node called a lightning node this is a layer 2 decentralized system this is decentralized payments it'll move small amounts of bitcoin at the speed of light programmatically almost for free okay so bitcoin is a decentralized it's a decentralized piece of software the brilliance of it is it's a bank and cyberspace that nobody controls nobody can corrupt it's it it's a bank run by incorruptable software offering a global affordable simple secure savings account for everybody on earth that has neither the means nor the inclination to run their own hedge fund you have some money you have life savings you simply don't want to lose it you want to put it in a bank so bitcoin is that bank and cyber space these engineers came up with this idea what are the engineers well we don't know we know some of them they're the cypherpunks they were they were into cryptography uh the most important of them was satoshi who we don't know who it was satoshi wrote the white paper created the first version of bitcoin gave it to the rest and initially there wasn't any money in the network they just ran it for a year as a hobby right um and then over time there was a famous famous transaction where somebody bought uh a pizza right for like 10 000 bitcoin one pizza and uh and that was the first transaction and then the network gradually began to monetize as people bought into the network and so it was it's like a fire in cyber space should we be nervous that we don't know the identity of the founder no i don't think we should be nervous we should be joyful because for bitcoin to work it needs to be money of the people it needs to be not controlled by any individual it needs to be not under the thumb of a founder or corporation or one strong holder the most important thing satoshi did was he created this gift he gave it to the world i assume he some people think she some people think it's multiple people but satoshi gave this gift to the wall and disappeared and uh and satoshi mined about a million coins getting it started but they never those coins never moved never they've never been moved satoshi's never appeared again and then the network was was in essence a community development all around the world for the next decade and it's simply grown from a million dollars in the bank to 10 million to 100 million to a billion to 10 billion to 100 billion in march of uh our second quarter of 2020 was about 180 billion dollars in this network and that's where i got involved i was late but when i got involved what i saw was uh i saw an engineered monetary asset a digital gold if you will sitting on an open big tech monetary network and i said this is an economic imperative because this solves the problem of inflation for a corporation with lots of cash i had a lot of cash and it was i thought i was going to lose all of it if i didn't invest in something and i said it is also a moral imperative this is a technology to give property rights to 8 billion people on the planet that don't have property rights right bitcoin is the highest form of property the human race has has ever invented and i'll explain why in a second there's two billion people don't have a bank right you can give everybody on the planet a bank and property rights that that cannot be corrupted and cannot be inflated and confiscated you can give it to them for the price of a free download on android on if you've got a 50 phone and you can download some software you can have your own bank your own property rights your own economic freedom and economic empowerment so it's a moral imperative and then finally it's a technical imperative you're talking about the digital transformation of everything else the digital transformation of property of gold of banks the digital transformation of war the digital transformation of government of security it's a it's a deep idea but in essence what we're if the economy's got 500 trillion dollars worth of property and corporations and stuff in it well digital digital property is capital is money is worth that amount it's worth half of everything right and so we never figured out how to digitally transform money or digitally transform capital we did digitally transform photos and videos in education and books and relationships and communications right and you know the secret to success of google and amazon and apple and facebook is the digital transformation of entertainment and education and communications but think about what it means to digitally transform 10 trillion dollars of gold or a hundred trillion dollars of property or a hundred trillion dollars of currency so these engineers they wanted to solve that problem and of course here's the big there's so many big ideas one is it was engineered to be a digital goal with none of gold's defects 21 million coins but you can't make any more the problem with gold is gold miners inflate the gold supply and gold bankers inflate the gold paper supply they dump gold derivatives on the market with every other asset on earth anything else you can own houses gold silver commodities stocks bonds when the price goes up the supply increases if i increase the supply the price of of any stock by a factor of 10 the company issues more stock of course if i buy all the bonds all the municipal bonds the price of bonds go up people issue more bonds right if i drive up the price of gold by a factor of 10 people print more gold or mine more gold bitcoin's the only thing in the world that's inelastic to price if the price of bitcoin triples you can't make any more if the price goes up by a factor of a million you can't make any more now so let me get tucker let me just give you one more engineering insight in engineering there's something called conservation of energy yes and the whole point of conservation of energy is is energy can either be made or destroyed there must be conservation of it the mathematical metaphor the mathematical analogy to that is proper math 10 plus 10 equals 20. 2 plus 2 equals 4. if 10 plus 10 ever starts to equal 18 starts equaling 18 you've got a problem yeah if you have a bathtub and there's a leak if you have a swimming pool with a leak if i have electric system with a short circuit if i have if i have a leak in my engineering system nothing works nothing in the world of ocean engineering aeronautical engineering electrical engineering nothing works lest you unless you respect conservation of energy the problem with inflation is inflation does not respect conservation of energy i'm i've got a leak in the system i've designed a currency which is not conservative so properly understood if you said i want a conservative money supply a conservative money supply would be there's a 10 billion dollars in the economy and nobody prints anymore right and if you and that's the austrian economic sound money principle bitcoin is a conservative monetary system it's the first system that respects the laws of thermodynamics and the laws of physics and the laws of math which means it is true and pure right it has integrity if you have integrity if you have something which is true and pure and you have durability then you can build a family around it a life around it a company around it or civilization around it steel is concentrated energy and metallic form you ever walk in a steel power steel plant and you look at the energy going into steel refining it's concentrated energy the history of the human race is the civilization that channels energy most effectively always wins steel trumps iron iron trumps bronze bronze trumps rocks bows and arrows trump the guy with the spear the guy with the spear beats the guy with the knife it's always a matter if you have air power you beat land power sea power beats the beats the army and nuclear power trumps everybody and uh and so if i have steel i have concentrated metallic energy i can create a skyscraper punched up 100 stories in new york how long will it last 100 years how long will a steel ship last longer than you will last as long as it doesn't corrode wooden ships not so much wooden ships rot right you want to build a building to and punch it up against gravity and hold it a hundred years you need concentrated energy if you want to build a trust fund that'll last a hundred years how do you save how do you save a hundred thousand dollars for a hundred years and give it to your great grandkids you put in the u.s dollar use 99 of your economic energy if you're maybe 99.5 you put in gold gold supply doubles every 30 years the gold bankers keep inflating the gold maybe you lose 90 of your economic energy but that would be a lucky happenstance because just about every country on earth sees the goal from their citizens the last hundred years everybody even the u.s they take your goal yeah so you want to save money for 100 years you can't do it with the currency you can't deal with gold which company is going to be around 100 years you want to you want to put 100 000 into real estate in florida can you buy a hundred thousand dollars let's say you could two percent tax two percent maintenance four percent maintenance fee four percent of a hundred thousand four thousand dollars a year half-life like your money's not going to last 100 years how do i preserve my property which is economic energy which is capital which is money how do i preserve that i need something harder harder right more durable i need a steel i need an economic steel steel is concentrated metallic energy bitcoin is concentrated digital energy it's it's energy in digital form it's vacuum-packed food it's something sitting in uh in orbit right right i eliminated the friction on energy what's the half-life of energy if i take a megawatt of power and i sell it at 12 cents a kilowatt hour i have about a million bucks okay i'll give you a million dollars of electricity how long can you hold it in a battery you lose two percent a month you can't hold it very long you can lose 20 24 depletion rate and a battery of electricity how do you send a million dollars of electricity from new york to tokyo you can't you can send electricity 500 miles over a power line you'll lose 6 percent send it 10 times you'll lose 60 percent it doesn't move convert that energy that electricity into digital energy a la bitcoin you upgrade it if you were to convert a megawatt of power via bitcoin miner into bitcoin you'd have about five million dollars worth of bitcoin you can hold it forever you can send it to tokyo for a nickel okay you can put it in a trust fund right bitcoin's going up 170 a year for a decade the s p 500 index is going up 14 a year on average for a decade gold is flat it's not going anywhere it's getting demonetized it's a dead rock and a basement it's not fast enough you can't put gold on an iphone gold's getting depleted inflated and manipulated away by the bankers and the miners so bitcoin is simply pure economic energy these engineers satoshi and all of satoshi's compatriots what they did is created uh an engineered monetary asset on an open permissionless network that anybody could participate in any country any company any individual you don't need a bank you don't need to ask permission right it is it is the ultimate egalitarian system if you want to give property rights to everybody in africa and south america even in the face of a hostile regime you can do it with a fifty dollar android phone and a simple download what's your next best idea go to zimbabwe okay you have a hundred bucks how are you gonna store the hundred dollars one more metaphor if you can't store property if you have no property rights that means you can't store economic energy if i took away every dime from your family and you got up tomorrow you'd be worried you'd lose your job you're going to go hungry right you need money you've got a bank you're in the western world you have western privilege lucky you you have stocks if you have stocks they go up 34 a year maybe you're keeping ahead of the inflation rate if i take away your stocks and you have to store in in currency well now you can't stay ahead if i take away your bank you can't even have the currency what if the dollar is not the worst currency the dollar is the best currency if i put you in zimbabwe you know it's much worse if you're in argentina you lost 40 to 60 percent of your purchasing power this year if you're in if you're in venezuela much worse so what does it mean uh to not have property rights and did not have a strong currency it's like being a type 1 diabetic if you're type 1 diabetic you can't form insulin insulin converts excess nutritional energy into fat fat is an organic battery fat will keep you alive 90 days without food if you can't form fat you can eat continuously non-stop and you will starve to death so diabetes before insulin was invented was a death sentence if you live in a country with a collapsed currency you're a di economic diabetic in the two weeks after you lose your job you can't feed your family you can't feed yourself you can't plan for the future so now we're back to what's the basis of civilization and what's the basis of of virtue in a society you've got to be able to plan for the future you've got to look out 10 years and believe that you can provide for your family what's the point of investing in something if you think that everything's going to hell in five years or 10 years how did i get into bitcoin i had a company with 500 million dollars in cash earning zero percent interest i heard the banker say we're not even thinking about thinking about raising interest rates i saw a k-shaped recovery where everybody on wall street got 30 percent richer doing nothing in a year where everybody on main street had to work 30 harder to stay still that's what i saw last year if you're on wall street with a billion dollars you ended the year with a billion three if you're on main street working for a living selling something by the sweat of your brow you had to raise your prices 30 percent working harder in order to generate 30 more money to buy the same thing you could have bought before the crisis what i saw was two thousand people in my company working hard doing a hundred thousand things right every year could make fifty million dollars and the money in the bank was going to lose 100 million dollars a year in value doing nothing and we were running as hard as we could and going backwards right that's the problem it's like uh you're in a boat you're rowing across you're in a rowboat you're going across the water and the wind starts blowing in your face and now you're getting blown backwards you're going to row harder the wind is the monetary inflation rate right right when it at ten percent wind is hard when it got to twenty percent when who can grow their cash flows twenty five percent a year who can do it a monopoly a digital tech monopoly might but i mean nobody else can dentists can't doctor can't normal people can't normal company can't so the wind starts blowing double and triple in your face you're rowing you're not going to get across the atlantic you're going to die on that row boat so what do you do turn the boat around put up a sale sale with the win yeah that's what i did so make a let me give you an economic short story here the company's worth a billion dollars this is a micro strategy we've got a 500 million dollar software company that generates 50 75 million a year in cash flow we have 500 million dollars in the bank we're valued at one times revenue plus the cash and the cash is going to lose 20 30 percent of its value so i'm looking at losing a hundred million dollars a year 150 million i'm doing nothing just sitting there just sitting there doing nothing well so what do i do i said well i'm going to buy something so i went and i bought bitcoin i bought 250 million dollars worth of it and then i did it i i offered to buy back 250 million dollars in my stock because if my shareholders didn't like the idea i figured i'd buy them out at a premium after the buyback i had another 175 million dollars left i bought more bitcoin we had 425 million dollars of bitcoin when i started this journey tucker the stock was 120 a share we bought out our our limited partners we bought our shareholders 140 a share that didn't like the idea um the stock traded up bitcoin traded up we doubled our initial uh our initial investment the stock kept going up and then i looked and i said i'm just going to borrow money i went and i borrowed 650 million dollars at 75 basis points in the capital market i issued a convertible bond i bought the bitcoin 19 000. the stock kept trading up bitcoin kept trading up we made billions at that point i went back to the market i borrowed a billion dollars at zero percent interest because why wouldn't you and i if the if the money supply is expanding at 25 a year and you can borrow money at zero percent interest all you got to do is buy something which is scarce right so i bought a billion dollars of bitcoin i issued a billion dollars a bond to make a long story short we ended up borrowing 2.2 billion dollars at one and a half percent interest we bought the bitcoin uh bitcoin has hit an all-time high we now have about seven and a half billion dollars worth of bitcoin we've made about a four billion dollar investment profit on it the stock went from 120 to 850. we generated about 8 billion dollars in shareholder value in 12 months have you talked to your limited partners who got out early it's complicated when you're public traded you can't even admit but you know so now what are we we're like uh we're a 500 million dollar software company generating maybe 80 to 100 million dollars a year in cash flow growing zero to 10 a year right with a seven and a half to eight billion dollar endowment that's growing 170 a year but you know it's like why not like so now you know if you're a university you want an endowment and now i can we can do what we want so somebody gets it first of all that was how long have we gone how long is this would that you spoke uninterrupted for about 50 minutes you can cut that no no i know that was amazing that was like one of the most little things i've ever heard i have two two questions okay um all of this is predicated the the remarkable case you just made on behalf of bitcoin is predicated on the idea that bitcoin is safe and fundamentally as a software matter they can't be hacked you said that the database that undergirds it is the most secure in the world you're why are we so positive that when the caa can be hacked that this can't be yeah when we when we started down this journey we were looking for digital goal we're looking for engineered perfect gold that you can move at the speed of light and program on a computer yes and the theoretical answer to that is a crypto asset that's got a fixed supply that's secure yes so we went on on this search and there are 10 000 cryptos tucker right we had to look is it bitcoin is it bitcoin cash is it one of the clones is it is it dogecoin is it you know fill in the blank um we applied the microstrategy test it's a three-part test will it be banned will it be hacked can it be copied right if you can duplicate it 18 000 times then it's not scarce and it's not unique it's not the dominant one okay and and if you if it gets banned that's no good for us and if it gets hacked that's not good for us so first of all how can you know the answer to this from uh from the engineering itself well you can't if the year is 2009 or 2010 you don't really know whether it'll be banned copied or hacked right there's a lot of uncertainty we started on our quest in 2020 so in 2020 we had 12 years of history so what did we see well by 2020 the system had been attacked thousands and thousands of times but no one had hacked it so we had we had a hundred and eighty billion dollars sitting in a network that no one could figure out how to hack no one ever hacked it people by the way people will hack the banks around it or the wallets around it but not the underlying network so we had 12 years of of no hacking incident no and and very good reason to believe it won't be hacked because it is the most secure database in the world and why is it the most secure because the way it works is you have to you have to run a sha 256 asic miner it's a very special purpose computer that computer only does one thing it protects bitcoin that's all it can do it can't it can't stream video it can't process for aws that that network is million or that computer is millions of times more efficient at generating uh crypto hashes that defend the bitcoin network that's just it's a special purpose thing seven generations if you turned all of the aws network or the azure network against it it wouldn't make a dent because this is a very special purpose piece of hardware so the technology that's used to secure the network is called proof of work and proof of work is is i pour a lot of energy into the network and i run it through an encryption algorithm and that's a shaw 256 hash generator and the combination of those two things with the protocol means that the dominant crypto asset proof of work network will always be the most secure one and everyone will always defect from the weaker one to the stronger one so we saw that it hadn't been hacked there's no way to there's no way to finesse it no matter what you do because it really is a it's a brute force crypt wall of encrypted energy if you want to attack the network and even try to meddle with one block you'd have to throw 10 billion dollars of capital equipment at it and it'll probably take you two to four years to get ready to do that okay so that leads exactly to my next question so that that's really the only government would do that and that that leads to next question which is right um so like what's the government of government is an organization that controls a discrete territory has borders and mints the coins issues the currency so this is seems to me like an existential threat no overstatement to the the idea of a nation state an independent international currency why would governments allow this yeah so that gets to the question of will it be banned uh by the way can't be hacked for what i said it can't be copied because you got to come up with the same 10 billion worth of energy and special purpose hardware and if you had that much energy and hardware you'd be getting paid 10 billion dollars a year to use it to protect bitcoin or get paid zero to try to copy it so right so it doesn't make any sense to try to copy it it's like the dominant monetary network like google and facebook are also dominant networks once you get to that dominant position it it's obscenely difficult coming back to the banning um there's a there's a kind of misnomer people often call it crypto currencies currencies but it's not a currency it's an asset it's a crypto asset so you're right tucker if the government thought it was a currency and if it competed with the us dollar or other currencies then they would take offense and they will suppress it but on the other hand if it's viewed as an asset which competes with gold or with index funds or with bonds or property or real estate just a store of value or silver then you know you can hold sp s p index funds and bonds and you can own land and you can own property the government would simply like you to disclose when you sell it to someone else at a profit and pay your taxes on it a capital gains tax and if you wanted to wire a hundred million dollars worth of property to someone else they probably want you to disclose that per the aml kyc you know anti-money it will be earned enough honestly it can be owned anonymously except as a practical matter if you want to acquire large sums of it you have to acquire them on registered exchanges so you'd be going to an institutional grade custodian which is licensed so what you see maybe you get to a very important point the government is regulated where it is allowed and it's allowed everywhere except there's some there's some noise in china china is a different situation in the western world the regulations are you can hold this as long as you uh disclose it via a regulated entity so you're buying it through through a registered exchange and then when you transfer it you're subject to irs tax you have to pay capital gains tax could you conduct anonymous exchanges with it i mean i i'm just thinking through ways that it would undermine the authority of the government which by the way i'm not against necessarily but that's actually uh the primary the primary issues before congress and the senate right now right treasury if you look at the past week the treasury the sec the cftc congress and the center are engaged in a in a enthusiastic dialogue about what kind of regulations will be applied to the transfer and uh and to the utilization of crypto assets but the most important for example uh if you issue a crypto asset which looks like a security like mikey coin yeah if i create mikey coin and i keep half of it and i i issue the rest and i market it it looks more like a security or a stock right that's going to fall under the jurisdiction of the sec most likely right if it looks like there's a there's a set of crypto assets called stable coins that look like u.s dollars uh the the president's working committee about a week ago suggested that only fdic approved banks should issue stable coins they want anybody issuing stable coins to be fdic approved insured licensed so there is regulation coming into the space ultimately i think that the security tokens will be under pressure the stable coins will be treated like money markets in cyberspace and probably it's we're rotating from the crypto entrepreneurs to the institutional publicly traded institutions large banks etc bitcoin what it was going to be was a question until 2014 when the irs designated his property you're either property or your currency in an inflationary environment money decomposes into currency and into an asset component uh or property come on if you will the currency is a medium of exchange that you can transmit without incurring a tax obligation right right i give you a million dollars worth of dollars you hold it for a year you give it to her there's no tax bill it's just it's a stable coin stable medium of exchange on the other hand i give you a million dollars of bitcoin you hold it for a year you give a million dollars a bitcoin to her and if the price doubled then you owe a five hundred thousand dollar you're a tax on five hundred thousand dollars of capital gain see or actually maybe yeah in that case right you transferred a million dollars of bitcoin with a basis of 500 000 a capital gain of 500 000 you owe capital gains when you transfer could i make that and not that i'm a criminal or anything but i i don't know i don't think everything needs to be monitored by the government could i under the current system transfer that bitcoin to someone else without the government knowing i think right now in the u.s and all the institutional custodians i know of if you go above ten thousand dollars the which is the aml limit for most banks they're required to disclose that right so that so we're moving to the point where if you're transferring property like if you wired me a million dollars with apple stock right right your bank you know there'd be a tax bill on that for sure if you wire me a million dollars of bitcoin through any kind of institutional exchange there's a a tax it's impossible to buy and sell bitcoin outside of institutional exchanges there are peer-to-peer networks and and there's a lot of back and forth over whether or not those are allowed or not allowed and it varies by jurisdiction so i think that that's going to get regulated and is regulated differently in every jurisdiction generally the scurrying is what's what's the regulation around tax transfer disclosure anti-money laundering counter-terrorism disclosures right is the disclosure none at all is the disclosure above 10 000 is the disclosure at 600 and so all of the sparks are around how much economic freedom right and they have different impact for example by the way could you when you use the terms terrorism and money laundering can you use air quotes do you mind yeah so it's above my pay grade here's my key point right you're a family you're an institutional investor you're a corporation you see inflation you either buy some land yes you buy some stocks you buy a bunch of gold or you buy bitcoin why would you buy the bitcoin because you want the apex assets exactly you you don't want the dilution of gold you don't want the dilution of stocks you don't want the property tax on property you don't want the maintenance headache of property all other forms of property can be impaired confiscated inflated away all other forms of property right you have rental buildings in new york city and there's a rent control and you can't evict your tenants and there's a property tax it's hard to sell it and you've got to maintain it and so all other properties that come with the maintenance costs they come with the risk the idea of bitcoin is digital property it's it's it's digital gold is digital properties digital money is digital energy the idea is let's create something pure it's better gold than gold because a billion dollars of it is weightless moves at the speed of light for free and i can hold it in my head it's better property than property because there's no maintenance costs and i can't seize it from you it's better money because for the same reason it moves at the speed of light it's programmable try to send money on a saturday afternoon if try to send a currency on a saturday afternoon from a bank here to a bank in france or a bank in nigeria can't do it you know just can't do it so it's not spoils of war it's spoils of peace this is another big idea i want to make with everything else if we monetize if we have a bunch of money if i give you a million dollars and i tell you go buy stuff with it and you buy gold jewelry in a house and a car and whatever and i want it i put a gun to your head give me your stuff tucker and you say no i shoot you and take your stuff there's nothing in this world that you can own that i can't take with force except bitcoin okay if you take the million dollars and you buy bitcoin and you take personal custody of it and you own the keys the keys password is in your head i hold the gun to your head give me your bitcoin you can say no now i can still shoot you in the head but i don't get the property you see you can take it this is the only proper in the history of mankind tucker you can take to the grave the pharaohs wanted to take their goal with them to the grave they created these pyramids to bury themselves with gold but grave diggers engraved robbers steal the gold you can't take anything else with you but you can take the password in your head why is that significant well you study the history of the jews in the 30s in nazi germany and and most of them left with if they were lucky 10 of their assets they would have left with all their assets if their assets were in bitcoin they couldn't move their house they can't move a building you can't haul the gold maybe you try to smuggle diamonds not very good store of value it's the history of every diaspora every people when you leave you know when the jews got driven out of spain and whatever 14 1500 you know during the inquisition it was all over property right they're stealing their property so what are property rights property rights is you can own stuff and no one can take it away from you i had a million dollars in a bank in argentina 20 years ago it was in u.s dollars the peso was one to the dollar the argentine government sent a memo to the banks forcibly converted everybody's dollars to pesos and then forcibly devalued the peso 10 for one and i woke up the next morning and a hundred thousand dollars i had a million dollars a day before they stole 90 percent of all the currency from everybody in the country overnight on a fax without a law without an army now how hard would it be to take all of the property or of everybody in the country with bitcoin you have to go arrest 60 million people sweat them all into jail for 90 days how do you arrest 60 million people sweat them in jail for 90 days it's like a billion times harder so bitcoin is property rights properly understood and that is an impor important economic empowerment it's a protection of individual liberties it's john locke's dream life liberty and property you know go west young man why people come to america because if you were catholic in northern europe they took your land and property if you're protestant in southern europe they took your land and property if you're a jewish person everywhere they're always taking your land and property everybody went to america so that they could actually have freedom and have property and no one would take it at the point of a gun and they kept moving west bitcoin is moving your property into cyber space where it's protected by a wall of encrypted energy against those that would do you harm and because it's the hardest to tax and it's the hardest to steal and it's the hardest to co to confiscate it's you know it makes it the last thing in the world you're going to attack the path of least resistance right when it when it's time for me to tax um tax property in california i'm gonna put a tax on the building buildings don't move if i put a two percent tax on the bitcoin the bitcoins moving to wyoming if i put a put a two percent tax in wyoming it's moving to whatever state in the union they didn't tax it and when the entire country taxes it is moving to monaco and if everybody you know in monaco taxes it i can sell it to someone in china right it's universally desirable scarce property hard to steal you can you can sell it you can put a lien on it you can mortgage it you can develop it you can protect it and if your choice was take all your money and invested in buildings in the city of your choice or invested in a company or securities or invested in collectibles all those things are subject to expropriation confiscation inflation taxation this is the first time we kind of solve the problem so you know it doesn't make sense as long as it's it's secure and can't be copied and we had to wait 12 years 10 000 times people tried to copy it they all failed right was it hacked no will it be banned well here's the thing that's happened in the last 12 months tucker the irs said its property it's important for it to be property not currency currency is the provenance of the government right every gov every powerful government will have a currency every week government will have a collapsing currency and every failed government will lose their currency privileges hence 66 countries dollarize there's going to be collapse 100 countries will probably lose their currency privileges eventually you got the cny the usd a few powerful second level currencies and then name one currency in africa that you would rather hold in the dollar there's just one name one currency in south america you'd rather hold in the dollar there isn't one why hasn't the dollar spread to everybody's iphone and android phone they're rating they're waiting for the crypto rails right at the point that i can download a mobile app load it up with 87 every other currency in the world starts to collapse into the us dollar assuming the united states embraces it so why has the united states embraced it the united states has embraced it why why has the chinese nation been a bit skittish about it well china's got a wall and behind that wall they have capital controls they don't want capital to flow freely a chinese citizen can't take a million dollars out of china they just can't that behind that wall they block google they block facebook they bought twitter they block the free flow of capital that's that's how they control their system they print chinese currency if there was a free flow of capital all the current capital would leave china they'd have a problem so they've got their system and in the west we've got a western system where we allow google and twitter and facebook and the and the western system is based on the english language western values generally western law us dollar bitcoin right the in the last year the u.s has embraced bitcoin the chinese have rejected bitcoin at this point you have jerome powell saying this is an asset it's not a currency it's an asset you have gary gensler the head of the sec saying this is an asset it's a scarce speculative asset they say it's speculative of course it's speculative right if it wasn't speculative then 100 trillion dollars would flow into it it would be it would have grown by a factor of 100 by now i mean there has to be some risk it's a speculative store of value christina legard says it's an asset even the bankers when they're criticizing quote unquote they say it's not a currency it's not a medium of exchange yeah you're right it doesn't need to be a medium of exchange you don't need it you don't need to replace the us dollar in the western world to fix things what you need to do is give people a savings account i want to hold one month of my salary in dollars i want to store everything else for the next 10 years or 100 years in an asset which is going up in value so if you look if you look at what's happened the white the administration's in favor of this this is a broadly bipartisan thing sent the alumnus stood up on on the floor of the senate and said thank god for bitcoin bitcoin is sound money it's sell money to the right it's sound money to the left who doesn't want to economically empower everybody on earth right it's it's good for everybody in the world there's there's broad support in the senate there's bipartisan support in the senate and broad support in the house there's broad support in the administration people were a bit confused that it might be a currency and it's going to replace the dollar and if so then that's uh an existential problem but once once you take that turn you say this is not a problem for the dollar this is us replacing the foundation of the economy that currently rests on uh other fiat assets which are in in uh imperfect and efficient right the first thing that collapses is gold gold has been collapsing for a decade goes down four percent in the most inflationary year of our business career it's down four percent bitcoin's up 340 percent tucker what's bitcoin trading out right now 66 000 67 thousand last question last question if you had to call it how high do you think in the next five years bitcoin could get this is per coin but you know bitcoin's going up forever because it's a cap supply of 21 million and it's going to go up because of inflation right we're going to increase the supply of dollars and bitcoin is going to be fixed so in dollars it goes up it's going to go up because of technical utility we're going to build it into iphones and android phones and put it into every computer and move it at the speed of light and build it into twitter and square and paypal and then and the like so that'll cause it to go up it's going to go up for adoption because of adoption more and more people are gonna bring their money and it's not like facebook it's not like uh when rupert murdoch showed up at facebook he didn't bring a billion friends when a billionaire joins a monetary network they bring a billion dollars so when a hundred billionaires show up they bring hundreds of billions of dollars when companies when institutional investors show up they bring massive amounts of capital so it will keep going up with adoption utility and inflation and eventually you know it will replace gold which is 10 trillion dollar asset bitcoins like a 1.2 it'll go by a factor of 10. and in in three to five years it'll certainly replace gold then it will replace indexes right the s p index or bond indexes it'll start to demonetize fixed income and equity indexes that are used as a store of value right because that's right now people they want to save their money for a long period of time they use that and gradually it'll demonetize property like you know in canada they got a housing shortage because foreigners go and they buy the houses you know as an investment and the locals can't afford a house yeah i've noticed same problem in the u.s yes we're monetizing houses that is to say if i print infinite money the price of all i go and i buy something tangible with the money before it devalues the problem is people that are starting their career that need to buy a house can't afford to buy yes so you don't want to monetize something with utility exactly you know you monetize food everybody starves you monetize houses everybody's on the street right so what bitcoin is doing is it's demonetizing commercial and reasons decided no more bitcoin down if the residential i mean what would happen in residential real estate markets well i mean if if bitcoin went away then then the other monetary assets would monetize a bit more right but bitcoin is 1 trillion out of 500 trillion in stuff out there so it's still it's still less than one percent but you know gold would get a slight boost gold is is really being uh why is it gold didn't go up 34 gold underperformed the s p index in a year of political unrest and massive rampant inflation it's it's the one year in 40 years gold should have gone up in price why because everyone looking for a non-sovereign store of value grabbed the crypto gold right they they occupy the same niche non-sovereign sound money store of value not related to cash flows can't be mocked with but the problem is gold can be corrupted gold is corrupted by gold miners and gold brokers and gold dealers bitcoin can't be corrupted in that way because you can take possession of your own bitcoin and the gold mine the bitcoin miners can't make anymore so people say bitcoin is fixing things right fix the money fix the world bitcoin is is gradually demonetizing these other assets and the idea is to return rationality to make things more rational right if people start buying bitcoin instead of buying a second investment property that price of property will go down for people that want a first home yes that's the idea if people start buying bitcoin instead of bonds the price of bonds will come down the yield will come up exactly and if you want risk-free yield you'll be able to buy that yield it used to be a million dollars got you a bond to paid you 50 000 a year now you need 20 million dollars or 10 million dollars to get a bond that pays 50 000 a year your retirement just went from costing you a million it costing you 10 million so bitcoin is is demonetizing some of these other assets and the stock market all these meme stocks these are all symptoms of too much money right and and the the sky high p to e ratios so the big picture the big idea here tucker is the average american the average the average wage earner is forced to take their life savings and gamble it in the stock market in order to avoid losing their life savings my 83 year old father has to guess which stock is going to go up this week and whether it's exxon is better than british petroleum or better than apple or not so good as google in order to not lose his life savings because if he puts it into the bank he gets paid 0.1 percent interest and it loses 25 of its purchasing power a year and people aren't stupid they know that things are going up faster than two percent a year or four percent a year or five percent a year so we're stampeding an entire generation into either at best investing in in stocks or at worst gambling with meme stocks and gambling with crypto random dog coins because no one has a savings account they trust bitcoin is a bank in cyberspace offering a savings account you're not gambling on the next product release of apple versus google and whether amazon will get unionized and whether you know this pipeline will get approved and it's that's not right and if you put all your money in the s p index all the ceos print more stock and dilute your money so you don't have to do that all you're buying is you're buying 121 millionth of the monetary energy in the network forever the product of bitcoin is just you're going to buy a bit of money and hold it forever and that's the product and it's a very simple product should last for 10 000 years you sold me i'm taking all my pallets of 762 ammo and convert converting them um that was the single most interesting explanation of economics i've heard maybe ever you're too kind that's you bitcoin i mean the entire subject is fascinating because i think you'd love it if you get more into it because it's austrian economics plus it's technology plus it's political theory plus its philosophy plus it's you know there are there are elements of human rights in it the entire bitcoin coalition it's your people on one side jack dorsey they see it as economic empowerment for billions of people you have people on other side to see it that are rampant austrian economist they're they're the freedom fighters that the john locke locks right of the world and the property rights people the libertarians and then the engineers i just like the idea of a stable store of value that can't be messed with everyone's looking for that that's the foundation upon which you build your life of course right build on granite with steel so bitcoin is crypto steel it's like it's like uh a steel ship a wooden ship a balsa ship you know like okay i'll take this deal that's the i that's the idea and we didn't we didn't have it for a thousand years right we never had it before like it's before you have to build with crumbling sand on swamps and just you're building on stuff that's sinking underneath you and what's what's causes so much passion right what causes people to you know be willing to do anything to make this successful is this thought that we finally found something true and beautiful with integrity that gives us control of our life back in a world where we feel like we've lost control to politicians we've lost control to circumstances and everyone's looking for some some way something they can believe in that's truly theirs how is that for an explanation michael saylor what an amazing conversation thanks for having me are you kidding we wanted to know what bitcoin was we certainly found out tucker carlson says the name of the show new episodes every monday wednesday and friday we'll see every week night 8pm in the fox news channel [Applause] bye

Channel: F You Money! News

Views: 173,088

Keywords: Technical Analysis, Markets, Bitcoin, Crypto, Investment, Blockchain, News, P2T, Price to Time Model, Watch, Party, Live, Special, BTC, ETH, TA, Bitcoin2021, Conference, Dollar, SPX, Gold, FYouMoney, F You Money, Michael, Saylor, Tucker, Carlson, Explain, Monetary, Energy, Inflation, Deflation

Id: wdJFeSY8UVk

Length: 80min 35sec (4835 seconds)

Published: Wed Dec 01 2021