Suit Coiner is located in town.
From the modest circular podium in the middle of the gorgeous New York City event hall, Strategy Executive Chairman Michael Saylor took the microphone and opened an unfounded Bitcoin financial event. He quirks about orange ties, dresses, hats and other products, about the (mostly male) audience of who is who in the Bitcoin Treasury world.
When he reached the regular beat, it was pretty much the same. Calm, relaxed, speaking freely and confidently, his keynote speech weighed heavily on the Philosopher and the larger historical narrative. Treasury companies are like the standard oil of early Rockefellers, Michael Saylor said: We just discovered crude oil, and now we understand the myriad ways we can use it – the automotive revolution and jet fuel are still far ahead of us.
Established $1 trillion companies that do not use AI due to “security concerns” slowly and foolishly make businesses and individuals rejecting digital assets alike poor and weak.
“I want to think we understood business five years ago. We didn’t.”
We spoke from defensive investment in Bitcoin to opportunism, strategic and, ultimately, change. “Only then we realized that it was different.”
Michael Saylor: Will you come to my house in financial history? !
Jokes aside, Michael Saylor is a huge welcome to the warm waters of our financial past. He called the British console and mispronounced it, and acquitted him of being honorable for misunderstanding in the 1780s. The consolidation of Pelham’s debt occurred in the 1750s, with permanent government debt present before that, comparing it to Bitcoin’s gold standard and future. He makes it right that in many ways the STRC products of strategy mimic the console. Unrecoverable permanent obligations are issued at face value and yields fluctuate around the bond. The difference is that instead of being supported and issued by the UK government and administered by the Bank of England, STRC is issued and administered by Strategy. (And the banks did not microcosmise interest rates to target specific yields.)
We are in the first year of reinventing the financial system, Saylor concluded.
“We say Bitcoin Miners are recycling the energy they’ve been stuck on.
Michael Saylor pointed to the mutual funds of pension funds and money markets, saying, “At present, more than two-thirds of capital are currently trapped in structured institutions. It’s capital that sits in banks, pension funds, insurance funds, retirement funds and institutional investment funds.”
As it all could be freed, the Bitcoin Treasury company story becomes mediated between the unceasing old world desire for “yields” and the new Bitcoin world where Michael Saylor and strategy are busy with busy architecture.
Michael Saylor believes that fixing money happens by modifying all other financial industries, including finance, regulation, corporate governance, and security markets. He said that between the various gold standards, gold credit has become greater than the gold market itself. Implications: There are more paper bitcoins.
It’s a terrible role model considering that self-custody, seizure resistance and unstoppable transfers are doing better than gold. The concentrated market and paper-made gold have broken the “perfect money” of the old world.
Bitcoin’s Ministry of Finance: Walking the Tightrobe
Towards the end we got a nice little dig that didn’t do a good job at some rival finance companies.
“A certain amount will come to you, it’s easy to get, it’s not good for you… It’s difficult to do something that creates large shareholder value for your company.
We dreamed of freeing money from the banknote system that we were obsessed with in the 20th century. Here we are on the 21st. Our best and brightest minds, most of them in this room – we strive hard to make paper from Bitcoin.
If that works out, it’s a great vision. Otherwise, it can be miserable for Orange’s dreams.
This post Michael Saylor is pushing the digital capital story with Bitcoin Tracery.
