The @michael_saylor interview with @APompliano about MicroStrategy buying $425M worth of #Bitcoin was truly remarkable.
I've compiled a list of all my favourite quotes and remarks in the thread below 👇
"You’re not getting inflation on YouTube and Netflix streaming videos and candy bars manufactured by robots in factories. You’re getting inflation on everything you want. If you wanted anything scarce, everything you want is going up 7% and that’s asset price inflation." /2
"I have a mega mega mega problem and the mega problem is I have a lot of cash and I’m watching it melt away… and I’m helped to realize I have a mega problem by this insane V shaped recovery in the bond market and the equity market." /3
"I dismissed commercial real estate, a market basket of equities... that stuff is just not compelling. What I want is something that might be cut in half that can go up by a factor of 10. That’s what any intelligent investor wants." /4
"The winning formula for the past 10 or 15 years has been find a digital dominant network that has dematerialized some fundamental thing. The mobile network: Apple, the information network: Google, the social network: Facebook, the retail network: Amazon… /5
"…You buy them when they’re $100B market cap. When they’re 10x bigger than the next biggest thing and they’re $100B, they’re probably going to crush everything." /6
"There’s never an example of a $100B monster digital network that was vanquished once it got to that dominant position. All you gotta do is see that chart and think about the dynamic and the network effect. [Bitcoin] has already won." /7
"The hard forks are a big advantage. The fact that Bitcoin went through it and we saw that the community would defend Bitcoin. That’s what gives a person like me confidence to invest hundreds of millions of dollars in Bitcoin." /8
"I don’t want to hear that you’ve got a new idea and you’re upset over transaction fees and you would like to implement smart contracts so you got to change everything. I want to hear that you’re going to defend the network to the death." /9
"Bitcoin isn’t 10x better than gold, it’s 100x, maybe it’s 1000x better than gold." /10
"There’s 3500 publicly traded companies and there’s $5T in their treasuries and it’s all melting. At some point you have a fiduciary obligation to not lose the money. It used to be acceptable to be conservative but that was before the asset inflation rate went from 6% to 30%" /11
"We buy $175M I’m in the market every minute of the day for multiple days in a row. I’m damping the volatility. Every trading day that I’m in the market I’m damping it to the upside and the downside and I’m damping it with large sums of money." /12
"I’m holding it for 100 friggen’ years. I’m not the day trader guy that’s worried about it. I think that as the institutions come in and they buy bigger amounts, they’re damping the volatility." /13
"I look at this thing in awe. When I look at these exchanges at Saturday night 9:30pm and I’m watching the thing stream… this is the most magical hardest working security in the history of the world. It’s remarkably non-volatile in that regard." /14
"I think in the next 10 years you have people coming in that are moving hundreds of millions of dollars in and out of the market they’re going to tend to dampen all the volatility. If there is any it’s just going to be to the upside." /15
"There’s something like $200T worth of debt and treasury instruments that have a negative real yield and the only debate is how negative it is. Bitcoin is the only thing I could find that is positive." /end
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