Chairman and CEO of MicroStrategy Inc. and world-renowned bitcoin expert saylor recently joined Washingtonian president and CEO merrillwilliams for an in-depth conversation on crypto.
Cathy Merrill: Thank you all for joining us. We’re going to get going here in just a minute as we wait for everyone to come into the session. So thank you. Okay. I see the numbers are still climbing, but I also know that the numbers lag from when people actually come on. So we’re going to get started because we have a lot to talk about today. Hello. I am Cathy Merrill, I am the CEO of Washingtonian Magazine. Welcome. With me today is Michael Saylor.
Cathy Merrill: So let’s talk about the difference between Bitcoin and other cryptocurrencies. There are now over 10,000 cryptocurrencies, some of which can be flooded the way potentially the gold market could be flooded because we could find a new gold mine vein tomorrow and not know that it exists. Are the other cryptocurrencies fundamentally different than Bitcoin in that way? Are they the same?
Michael Saylor: No, I don’t own any others. I think the Bitcoin is unique. I mean, Bitcoin is a property. It’s like buying a block of Manhattan in cyberspace. Cyber Manhattan, it’s like Manhattan. And there’s a million people that want to launch other cities. I have another idea for a city, but it’s not Manhattan. So the risk of owning anything else is orders of magnitude higher. The return is orders of magnitude lower.
So think of it as like your digital apartment that you can put a mortgage on and that you can rent out to the highest that you can also carry around in the palm of your hand and hold on an Android or an iPhone. Now, ask yourself the question, how much of your portfolio do you want to invested in that kind of property? And then maybe you want to invest in Facebook or Apple, or you want to invest in a stock because you like that or maybe you want to speculate or gamble your money.
And they’re not calculating the cost to buy assets. So if you want to buy something like a house on the beach, well, housing went up in price 20% year over year, 19.2% according to Case–Shiller index. And yet the government says that the CPI is only up 7.9%. So the inflation rate if you already own a house or if you don’t want to buy a house and you live in your parents’ basement is 7.9%. But the inflation rate if you’re a first time home buyer is 19.2%.
Michael Saylor: The regulation that’s coming is going to be really good for Bitcoin and it’s good for digital property adoption because it’s going to create bright lines that cause an avalanche of institutional money to come into this space and buy the asset. So the regulation is good. The tax treatment is set by the IRS in 2014, it’s just property and if you sell it at a capital gain, you owe capital gains, either long term or short term capital gains. So that’s not really misunderstood.
They’ll apply all the standard anti-money laundering, anti-terrorism financing, tax code to it because that’s what an adult would do with regard to a new technology. But there’s no political interest in banning Bitcoin or holding it back at the administration level. And there’s profound enthusiastic support for it in the Senate and in Congress. And I actually think that the regulators and the administration are also very enthusiastically embracing it.
Michael Saylor: Well, I mean, you don’t actually know where the… For example, if I had a billion dollars and I knew the private key is in my head, I could go anywhere in the world, right? The billion is sitting at an address. You don’t know where I am and I could send it anywhere in the world. I could actually move it anywhere in the world every second. So the point is the money’s not some place, the money is in cyberspace, right? It’s sitting in the ether.
Cathy Merrill: And most of the world has phones now, but they don’t really have access to play in the market. So this is something that somebody in Africa could buy on their phone, right? Cathy Merrill: So I’m going to go flip to two quick questions, because one question that just came through was about, because you’re an evangelist for this is what do you recommend the easiest way to purchase Bitcoin is? The wallet is how people buy currency. Do you have a wallet you prefer? And how do you recommend someone who doesn’t own any buy it?
So it’s just like Moore’s law. We keep making the chips faster. So as companies like Intel, they just released a chip that’s 21 joules/terahash. And it used to be we used 1,250 joules/terahash. So it used to be a hundred times more energy intensive to mine. So the industry itself is a technology business getting exponentially more efficient.
Michael Saylor: No. Look, Bitcoin is scarce, desirable. It’s basically a block in cyber Manhattan and there’s only going to be one and there’s no reason to think it won’t be valuable 1,000 years from now. And when you buy it, you’re buying one 21,000,000th of all the economic energy in the network, maybe all the economic energy that’s ever going to be in the world, right? It’s a very profound, deep, dominant network. NFTs represent crypto art.
The reason they don’t do that Cathy, is because it’s illegal. The reason that you don’t get a flash loan from Apple computer or Google is because it’s illegal. Because you have to get regulatory approval from the SCC. So companies don’t do these things because they’re not compliant with existing regulation.
Michael Saylor: Okay. So you’re too kind. It’s not me. And Satoshi’s gone and never coming back and has disappeared. And it really allows me to make a point about the providence of the network. The reason that people are passionate about Bitcoin is because of the immaculate conception of Bitcoin, it’s ethically sound and it’s fair. What you had was one pseudonymous programmer that finally launched a successful crypto network that had no value for 15 months.
No one had an advantage. Everybody had to take either exponentially more risk or they had to pay exponentially more money and there was nobody that controlled it. And what that meant was no one could corrupt it. And what’s really critical about Bitcoin is the fact that that monetary policy, 21 million coins, and that expectation, that block size, one megabyte block size that’s the same today as it was on pizza day when it was worth a penny.
Cathy Merrill: Okay. I know you’re a pilot. I know Elon Musk has a spaceship. I know you know him. Are we going to see you in space?Cathy Merrill: Okay. What was the last thing you bought with cryptocurrency?
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