Michael Saylor 讲透了：比特币正在变成金融系统的底层资本

Michael Digital Capital.

for Michael strategy.

foreignch.

foreign.

Okay.

Michael, welcome. Welcome, Michael. And the glory

welcome. Welcome, Michael. And the glory is yours.

>> [music] >> So, I I've been all around the region this week. I started in Dubai and uh

this week. I started in Dubai and uh went to Bahrain and went to Kuwait and of course I'm ending in Abu Dhabi. The

big end, this is the big end of the tour.

uh and uh I have had a chance to meet with uh hundreds 100 investors, regulators sovereigns banks,

crypto enthusiasts, uh Bitcoin enthusiasts, and I thought I would share with you what I'm showing them and what I'm

speaking about with them and uh give you a sense of of what we're proposing to the sovereign wealth fund, the hedge

funds, the investment funds, the family offices, the banks, the traders and uh and those running the government.

And uh very exciting. So without further ado, let's put my presentation up on on stage.

Uh I'll start with a title, right? Uh my

topic today is uh digital capital, credit, money and banking.

And so let's let's start with the first topic digital capital. What is digital capital? Bitcoin is digital capital. Um

capital? Bitcoin is digital capital. Um

gold is metallic capital, real estate is property capital.

S&P is equity capital. Why is Bitcoin digital capital?

First of all, because Donald J. Trump is

the Bitcoin president.

Donald J. Trump says he is intent on making America the Bitcoin superpower, the crypto capital of the world, the leader in digital assets. And David

Saxs, who works for him, in March of 2025, this year, said, "Bitcoin is special. Bitcoin is an asset without an

special. Bitcoin is an asset without an issuer. It is the dominant digital

issuer. It is the dominant digital commodity in the world. This

administration designated Bitcoin as digital gold. And of course, it's not

digital gold. And of course, it's not just the president. It's the vice president who I've met who said that.

It's the secretary of treasury who I've met who has said that. It is the head of the SEC who I've met who has said that.

It is the head of national intelligence Tulsi gar govern who I've met who said that. It's the head of commerce, a small

that. It's the head of commerce, a small business administration, Kelly Laughler, who I've met who said that. It's Bill Py who runs the Federal Housing

Administration and regulates 5 trillion or 6 trillion dollars of home mortgages who I've met who said that it's RFK

who who not that long ago wanted the US government to buy 4 million Bitcoin. Who

I've met who believes it. It's the

incoming head of the CFDC, Mike Selig.

It's David Saxs himself. The cryptos are and the bitcoins are. It's Howard

Lutnik, the commerce secretary. And it's

Cash Patel, the head of the FBI. So, you have a profound consensus amongst everyone running the United States. And the most

important thing is that the United States is the most influential financial regulator in the world. Then whatever

the US banking system does and the US security market does ripples through South America, it ripples through Africa. It ripples through Europe. It

Africa. It ripples through Europe. It

ripples through the Middle East. It goes

to Canada, goes to Australia, it even goes to Hong Kong. Even the Chinese will copy what the US is doing. So it's very

very profound inflection.

The the other major inflection point is all of the large banks in the United States have gone from not banking Bitcoin 12 months ago to in the past six

months I have I have noted and been approached by BNY Melon, by WS Fargo, by Bank of America, by Charles Schwab, by

JP Morgan, uh by City, they are all starting to issue credit against either Bitcoin or against Bitcoin derivatives like IBIT.

And so there's a sea change here. Uh

Wells Fargo and City have both public announced intent to allow uh the custody of Bitcoin within the banks and the year

2026. They'll start to extend credit.

2026. They'll start to extend credit.

And so Wall Street, the banking uh the banking establishment and the regulators have all endorse Bitcoin as digital capital. Where does that take us?

capital. Where does that take us?

Well, my company's strategy is the world's first uh digital treasury company and because it's digital capital, we have capitalized on it and

we have now accumulated 660,624 bitcoin. we uh including 10,600

bitcoin. we uh including 10,600 yesterday we announced [applause] we are uh acquiring at the range of 500 million to a billion a week worth of

bitcoin. Uh we've now at this point

bitcoin. Uh we've now at this point acquired not quite $50 billion of bitcoin which is worth substantially

more. Um, we're not stopping.

more. Um, we're not stopping.

For those people that we have buyer fatigue, we don't have buyer fatigue.

Uh, I I think that we can buy more Bitcoin than the sellers can sell, and we're going to take it all. Uh, and and, uh, we're going to take it out of circulation. In essence, we're winding

circulation. In essence, we're winding up the network. We're powering it up like an engine. It's coiling like um like a torsion

spring of sorts. Um, and what do you do with all that capital?

Um, what we've decided to do with that capital is to create start creating credit, Bitcoin backed credit, and we're

we've created the world's first digital credit vehicle. In essence, we are going

credit vehicle. In essence, we are going to digitally transform the credit markets by creating a vehicle powered by

digital capital. So, the company today

digital capital. So, the company today is paying out about $800 million worth

on our digital credit. We have about 76 years worth of dividends if Bitcoin goes up 0% a year. So I think the Bitcoin

reactor has about 76 years of energy. If

Bitcoin goes up 1.4% a year, we have infinite energy. We can go forever. So

infinite energy. We can go forever. So

that's that's really our our break even point. And um why why do we exist? What

point. And um why why do we exist? What

is the purpose of our company? We exist

to transform capital into credit. So

what is capital?

Capital is you have a five-year-old kid and you give them a million dollar block of real estate in the middle of New York City. It's just dirt. It's land. There

City. It's just dirt. It's land. There

are no rents. And you say, "Child, hold that real estate for 30 years and you'll be rich.

No cash flows, but you have to wait a long time and it's hard to value the real estate." Um, in our particular

real estate." Um, in our particular case, we uh maybe in 20 years you can finance the real estate. And if you ever want cash flows from it, you're going

have to form a company, get a construction loan, build a building, market the building. You're going to have to rent the building. Then you'll

get cash flow. That's a lot of work for a 5-year-old kid. Maybe you don't want to do it. So, there's another thing you could do for the child. You could give them a piece of paper, a credit

instrument that pays them $10,000 a month forever, right? The picture on the right is

right? The picture on the right is credit. I'm just going to give you money

credit. I'm just going to give you money every month forever starting now.

Instant gratification.

And the picture on the left is capital.

I'm not going to give you any money for the next 30 years, but if you've got the patience and you can stand the risk and hold your breath, you'll have even more money.

So, Bitcoin is digital capital. It's

volatile. It's going up.

How do you create digital credit? The

the world is built on capital. All all

of the blocks of granite underlying Manhattan are the capital. The world is built on capital. The world will be built on Bitcoin. But the world runs on

credit.

You need money now to eat, to pay the bills, to pay the rent, to pay for your tuition, to get on an airplane, to live your life. And of course, the criticism

your life. And of course, the criticism of a lot of a lot of uninformed skeptics is, well, Bitcoin's not an investable asset class because it doesn't have cash

flows and we don't know how to value it.

And they don't believe something's valuable unless it has cash flows. So a

treasury company that's capitalized on Bitcoin can create the cash flows. And

so we're creating the credit in order to make this an investable asset class.

And what our company does is we convert the digital capital to digital credit.

Um we we create the currency. So if you have BTC, we convert it to USD or we convert it from BTC to euro. We could in

theory convert it from BTC to JPY or a great British pounds. We convert the currency. We strip the risk by

currency. We strip the risk by overcolateralizing the credit instrument 5 to one or 10:1. Bitcoin could fall 90% but we're still overcolateralized. And

so you still got your principle. That's

the credit proposition. If Bitcoin falls 90% and you have the capital, you've lost 90% of your money. That's the

capital proposition. Strip the risk, strip the volatility, convert a 45 V asset to 20 V or 10 V or five V

and then extract the yield, pay you 10% dividend yield forever. Now, Bitcoin's

going up 45% for the past 5 years. So in

essence, if you have and I believe and I've said this to many many a time, I think Bitcoin's going to go up about 30% a year for the next 20 years. So if you

have a long time horizon, you shouldn't take the 10%. You should take the 30%.

But you have to have the stomach for the volatility. And most people don't want

volatility. And most people don't want 30% with 30 V. They want 10% with 10 V or less V. So we distill the yield. And

then the last thing we do is we compress the duration.

Your 5-year-old has to wait 30 years to get rich.

That's difficult. Your 5-year-old gets money now forever. That's instant

gratification. We're converting 120 months or 240 months of duration.

A 20 a 30-year bond has 240 months of duration. If you're an interest

duration. If you're an interest investor, we're stripping it down to one month. Pay me now.

month. Pay me now.

And so the way you do that is with a huge pool of equity capital. We have 60 to 70 billion dollars of equity capital a day. And then you embed the credit

a day. And then you embed the credit instrument into the equity capital. And

that's what allows us to build this digital credit. And I'm going to talk

digital credit. And I'm going to talk about digital credit and digital equity, but with an aside. When gold was money

and gold was the commodity store of value in the world. The killer app for gold. It wasn't the gold cash settlement

gold. It wasn't the gold cash settlement meant I move gold from here to there.

The killer app of gold was credit. The

Rothschilds created gold back credit.

The banks created credit. All currency

was credit. All sovereign debt was credit. All corporate debt was was gold

credit. All corporate debt was was gold back credit. All consumer debt was gold

back credit. All consumer debt was gold back credit. All mortgages were gold

back credit. All mortgages were gold back credit. It used to be the world for

back credit. It used to be the world for hundreds of years ran on gold back credit. If we have digital gold, it's

credit. If we have digital gold, it's very logical that the world's going to run on digital gold back credit or digital credit if you will. And how do

we get it? Well, if we've got an asset that outperforms the S&P index, we just strip off the amount of yield you want and then the excess yield goes to the

common stock shareholders. So, the first digital credit instrument we created was uh STRK.

We created as a preferred stock. We pay

an 8% dividend forever and we give a conversion rate into the common shares forever.

100year call option, 100-year bond. We

took it public and we put a shelf registration on it. So, the innovations were preferred stock as credit, a public

instrument, a happy name strike. Sorry,

Jack Mers, I just could I like the name, so I took it, but you could still have it. Strk. And then um we also backed it

it. Strk. And then um we also backed it with digital capital, Bitcoin.

And because it's perpetual, we could sell the instrument into the market any given day. So it's like taking the best

given day. So it's like taking the best ideas from an ETF and and adding them to the best idea of a bond, the best idea of a common equity, and then putting

digital behind it.

And then after we did that, we thought, why don't we create a perpetual bond that pays 10% dividend yield forever?

And we did that with Strife, STRF.

Uh you would never pay 10% in a bond to build a house or uh to build a a a data center because it's not going to last 100 years. How do you actually pay

100 years. How do you actually pay someone for a 100 years? You have to have a use of proceeds that will last a 100red years. So we borrow the money

100red years. So we borrow the money forever and then we invest the money in Bitcoin forever. We're basically funding

Bitcoin forever. We're basically funding the bit. We're investing in the digital

the bit. We're investing in the digital asset economy forever with money we borrowed forever. We're matching the

borrowed forever. We're matching the duration because that's a senior instrument and traded way above par and the effective yield is 9%. And the idea

is that's 9% and investment grade bond is 4%.

We had to pay a higher rate because we never intended to pay the money back.

Right? That's the we're not giving you the money back in 5 years. we're giving

you the money back in 5 million years.

An investor would say, "Pay me more."

And first we thought that was a bug. Oh,

we have to pay more. And then we realized that's a feature because I would rather pay 10% forever than 5% for 5 years. If you do the math in your

5 years. If you do the math in your head, if you got to repay the principal in 5 years, that's 20% a year plus five, that's 25% financing versus 10

So if we'd rather pay 10%, who would rather collect 10%. The credit investor.

So we created the best credit. The

credit became the product this traded up. And after we did it, we thought, how

up. And after we did it, we thought, how could we pay people more? Because

Bitcoin is going up more than 9% a year.

Bitcoin is going up 29% a year. So, how

do you actually create a perpetual swap and pay somebody more than that forever without credit?

And the way you do it is you do it with a non-cumulative junior preferred stock.

We created a the same version of the stock of of Strife, but we stripped away the cumulative right and the governance provision and it trades below par at 80.

And that means that the effective yield is 12 a.5%. So there's a 3 and a half% credit spread between the senior instrument and the junior one. And what

that means is if you don't trust anybody in the world, you buy Bitcoin and you collect 30%.

If you trust the company and you trust Bitcoin, but you don't want uh if you have a short time horizon, you don't want to you want cash flows, you would

buy STD and you would collect 12%. the

first 12% of Bitcoin return forever and everything above 12 and a half% goes to the common equity to MSTR shareholders.

And then uh if you semirust the company, if you kind of think Bitcoin's good and the company's good, but I want to make sure that it's very painful for them to

ever skip a dividend, you buy STRF, the price to semirust us is you get 3 and a.5% less yield. The value to trust

and a.5% less yield. The value to trust us is three and a half percent. And the

val and the value you get paid if you have a long time horizon. If you're

willing to wait 10 years and take nothing for 10 years, you get paid 30%.

And so that's three interesting things.

We took the idea of strife and then we did it in Europe and we actually created a hundred euro part of that pays 10% in euros for European investors and we call that stream.

Same idea strife.

And then after we've done all those, I'll call those digital notes. They're

they're like bonds, but they're not bonds, but they're long duration digital credit instruments. Generally, for PE,

credit instruments. Generally, for PE, if you walk down the street and you ask the average person, do you want to buy a 30-year bond? Not many people want to

30-year bond? Not many people want to buy a 30-year convertible bond. But if

you said, do you want a bank account that pays you 10%. Everybody wants that.

So we started thinking how do we strip the volatility, the duration, the delta and the complexity off the instrument and we created stretch STRC

and the idea of STRC is we'll just pay a monthly cash dividend and try to get it to trade about at par about 100.

So if strife is a 20-year bond, Stretch is a one-mon T bill a one-mon Bitcoin bond.

Now, this next chart shows you the difference between credit and capital.

We took Stretch public and and in August 1st, if you bought a $100 of Stretch, it would have traded up to about 99. It

would have traded up 9% and you would collect $3.70 worth of dividends. If you

had bought $100 worth of Bitcoin, it would have traded down $23.

[snorts] Which is the better investment? Well,

over the four months, it's the credit.

If you're going to hold it four years, it's the capital. Bitcoin is a much better long-term investment, but you wouldn't be able to tell from that chart. And if you needed the money

chart. And if you needed the money tomorrow, you'd want the credit. And so,

what we're what you can see we're doing is we're straightening out that volatility and we're stripping that risk and we're creating that cash flow.

Now, remember I told you I had to pay more money for the for the preferred credit. That was the bug, but it became

credit. That was the bug, but it became the feature. And then I said, well, we

the feature. And then I said, well, we wanted to take it public. So, we took it public. It pays a big dividend. It's

public. It pays a big dividend. It's

backed by Bitcoin. And inadvertently, we created the most interesting credit instruments in the world. These are the most successful preferred stocks ever.

Um, and here's one way to see it. The

average preferred stock trades over the counter. That means it's illegal for you

counter. That means it's illegal for you as a retail investor to buy it. It's

only institutions that can buy it. It's

like 37 guys in a back alley trading baseball cards with each other. They

trade a 100,000 a day. Wide bid ass spreads. It's not very good product. If

spreads. It's not very good product. If

you take them public in Europe or the US, they trade $1 million a day.

The first credit instruments we created like Strike and Strife and Stride, they trade about $30 million a day. So they

were 30x more liquid than anything anybody had done before. But then people said, "Well, I don't want the volatility. I want monthly. I want it

volatility. I want monthly. I want it simple. Everything else is too

simple. Everything else is too complicated." So when we did stretch, we

complicated." So when we did stretch, we found the right product market fit. And

you can see the instrument started trading 130 million a day. 100x more

interesting. That's in the first four months. It became a 100x more

months. It became a 100x more interesting. I think this will become

interesting. I think this will become hundreds of millions then billions of dollars a day. And you can say, well, why doesn't anybody else do this?

Because the rest of the capital market approaches credit differently. When

Apple borrows money, they borrow money tactically to finance a a tax arbitrage.

When Microsoft borrows money, they're borrowing it tactically to finance a data center. When a bank borrows money,

data center. When a bank borrows money, they're borrowing money to fund a consumer loan business.

The money that they're borrowing, they want to get as cheaply as possible. It's

a tactic in order to improve a product or a service.

For us, the credit is the product. We're

not b we're not trying to minimize the cost of the credit or the or the yield we pay. We're actually trying to

we pay. We're actually trying to maximize it and strip the credit risk away so we can invest in Bitcoin

forever. And so we're an example of a

forever. And so we're an example of a well-run company where the credit is the product and the rest of the capital market is full of junk bond issuers and

and investment grade issuers and bank preferred issuers. the credit is um the

preferred issuers. the credit is um the byproduct, right? It's a necessity. But

byproduct, right? It's a necessity. But

if the if the CFO of Microsoft had a preferred stock paying 10%.

The board of directors would say you should call that retire it, refinance it, and replace it with 5% money. And so

most well-run companies aren't trying to create good credit. They're creating

crippled credit. credit that's good for the issuer, bad for the investor. And we

inadvertently flipped that on its head and we created credit good for the investor.

And we didn't actually need the tax deduction because we're a treasury company and we would rather pay a higher yield because we wanted to invest the

money forever in Bitcoin. Nobody else

has a use of proceeds to invest in forever that's going to go up faster than the S&P index. And so you have to have the right capital structure and the

right corporate structure.

And so I I talked about the bug being the feature. One way the bug was the

the feature. One way the bug was the feature was we used preferred stocks.

The other thing we did is we took them public because over-the-counter markets are very inefficient and the public can't buy them. The third thing we discovered is that if we pay the

dividends by issuing equity or by selling securities or even by selling highly appreciated commodities, the t the dividend we pay is taxfree.

It's tax deferred. That is to say, you get the dividend and then until you've reduced the basis in the instrument to zero, you don't pay taxes on it. Now, if

you live in Dubai or Abu Dhabi, it doesn't matter to you. But if you live in New York City or San Francisco or London or Paris, it does matter to you.

And so what we did is we created in essence uh tax tax deferred dividends, huge amounts of them. And um

what does that do to the equity, right?

Our MSTR is digital equity. Well, if I issue 10% of my Bitcoin capital as credit each year, I'm actually creating

a BTC yield of 10%. So that means that every seven years I double my Bitcoin per share.

So if you want to actually hold Bitcoin per share constant, you buy Bitcoin if you or you buy the ETF.

But if you wanted to double your Bitcoin per share, what you'd want to do is issue credit instruments and then buy Bitcoin back. And you can see here that

Bitcoin back. And you can see here that if we just run a routine amplification, uh, then what we do is we 2x or 3x our Bitcoin holdings over the period that

you would otherwise have the same. So,

so the way to think of it is MSTR equity is amplified Bitcoin. It's more

volatile. It's more performant on the downside, the upside. If you're an equity investor and you want 2x Bitcoin, you would buy an equity that's amplified

by credit.

If you don't trust anybody, you buy Bitcoin, which is a good idea. If you uh if you have a short time horizon, you don't like volatility, you buy the credit.

And now let's let's look at how this breaks down in the world.

This is the stretch yield. It pays 10.8% 8% effective yield. Private credit only pays seven.

Junk bonds pay six. Money markets pay four. Municipal bonds pay less. The bank

four. Municipal bonds pay less. The bank

doesn't want to give you much of anything. This is the best it gets in

anything. This is the best it gets in the entire world. US-based uh credit.

The benchmark is sofur. Sulfur is going to fall. When sofur falls from 400 basis

to fall. When sofur falls from 400 basis points to three, mortgage credit, corporate credit, and junk credit is all going to be drawn

uh south by 100 basis points. So digital

credit's already two to four times better.

If you're a retail investor or corporation and you pay taxes, the fact that you can defer the tax, New

York tax, city tax, federal tax, means that buying STRC, buying digital credit is like a bank paying you 22% interest

on your bank deposits.

You can see it's it's off the chart.

It's four times or five times better than buying a conventional money market.

In fact, all digital credit is better than all conventional credit. Why?

Because the collateral is appreciating and it's digital. And conventional

credit is built on depreciating collapsing collateral whether it's a data center or a product or a warehouse.

Uh and it's all indexed to uh the risk-free rate which is repressed by most central bankers. the, you know,

in Japan it's 50 basis points.

All the credit is tied to 50 basis points. And so digital credit is free

points. And so digital credit is free market rates. And if you're a taxed

market rates. And if you're a taxed investor, the tax advantage of digital credit is again, do you want 1.5% in

Europe or do you want 20%.

Our objective is really to build out that entire free market yield curve around the world, right? Why can't you get paid

10% in any currency everywhere? And you can see all these currencies, right?

You know, you're getting zero in Switzerland.

So the opportunity for treasury companies, ours and other treasury companies, and the reason we need Bitcoin treasury companies in Switzerland and in Japan and in France

and in Great Britain, is because we need companies to accumulate pools of capital and issue credit that's that meets regulatory requirements that integrates

into the banking system that absorbs the currency risk that fixes this yield curve, fixes the savings problem.

So, if you don't know what you want, you probably want treasury credit. Um, I

joke, you know, it takes a 100 hours for people to understand Bitcoin. So, you go and you orange pill someone and you say, "Here's Bitcoin and let me tell you about money and let me tell you why it's not currency and why it's a store of

value and why the utility is doesn't matter and why we're going to use it."

and after 100 hours you decide it's a volatile asset that's better than the S&P and if you don't need the money for 4 years you should buy it but that's a

very very difficult educational process educational process 15 second ads if you like money and you're not getting

paid by your bank you can get paid 10 or 11% 10% by buying digital credit.

Okay, short and sweet. I don't need to explain Austrian economics to you. Like,

you use electricity and probably not many people know how a nuclear reactor works. You don't care. All you know is

works. You don't care. All you know is you want free electricity and you use the iPhone, but you know, not one in in 10,000 electrical engineers understands

the way the codecs work and the chips work, you know, in in wireless handsets.

Doesn't matter. Creating a great consumer product is the way to deliver technology to the world. Digital capital

is appreciated by those after 100 hours.

It's loved by people after a thousand hours. But what's the equivalent of the

hours. But what's the equivalent of the automobile? What is the mass consumer

automobile? What is the mass consumer product? Well, here's digital credit.

product? Well, here's digital credit.

But I'm not going to stop there because what I'm going to say is this is a journey of discovery.

First I discovered digital capital. Then

I discovered long duration digital credit. Then we discovered short

credit. Then we discovered short duration digital credit like stretch.

And now we realize that we can create digital money. And what is digital

digital money. And what is digital money? Well, digital money is when we

money? Well, digital money is when we start to plug the credit into the traditional finance economy. What we

think is that digital credit is going to power insurance and pensions and long duration liabilities.

But we think digital bills uh stretch is like a digital tea bill, a a digital short duration instrument. We think it's going to power.

And let me show you what money looks like.

If you take digital credit, take stretch, and you create a fund which is 80% stretch, 20% currency equivalents,

then you've got um a digital money fund that can be buffered against instant instant liquidations. If people want to

instant liquidations. If people want to redeem 20% of the fund, you sell the currencies instantly without actually putting pressure on the underlying digital credit instrument.

um the blended rate of that it wouldn't be 10%, it might be nine.

Now, if you want to if you want to strip all the volatility off it, if you want it the volatility of stretch might be five, it might be 10. What if I wanted it to be zero?

If you want to strip the volatility, you c the the formula, the recipe for digital money is 80% credit, 20% currency, and a 10% cash reserve.

So, you actually take uh $10 million of cash, $20 million of currency equivalents, like a money market, $80 million of stretch, you hold the cash in

reserve, and then every day at 400 p.m.

you just top up the NAV using the cash reserve. So you trade like a stable

reserve. So you trade like a stable coin. You would have $1 NAV.

coin. You would have $1 NAV.

Now if you do that, you've got zero vol.

It's totally backed. You'll probably get about an 8% yield.

Your sharp ratio 8%us 4% / infinity or sorry divided by zero. It goes to infinity. The sharp

zero. It goes to infinity. The sharp

ratio goes to infinity because the ball goes to zero. And um and now think about this for a second. What could I do with digital money?

I could create a digital money coin.

I can create a what looks like a stable coin. A $1 stable coin stable to six

coin. A $1 stable coin stable to six significant digits that pays you 8% yield tax deferred. Tax deferred 8%

yield. 12 16% tax equivalent yield

yield. 12 16% tax equivalent yield but powered by Bitcoin, right? P digital

capital creates digital credit creates digital money. Put it in a stable coin

digital money. Put it in a stable coin instead of a stable coin that pays you nothing or a stable coin that pays you 4% taxable.

Why not why not a coin that pays you 8% or more? So you can actually put it in

or more? So you can actually put it in the crypto economy if you want. And we

wouldn't do it, but our partners would.

So we would actually let a crypto company create that moneycoin powered by STRC and then they could do it. The other

thing you can do is create a digital money fund. basically an ETF, a private

money fund. basically an ETF, a private fund or a public fund that pays you 8% with a stable NAV of one, zero volatility.

Vanguard could do it. Black Rockck could do it. Anybody that creates a private

do it. Anybody that creates a private fund, a public fund could do it. You can

take it public. It could trade on any stock exchange.

And um anybody can trade in and out of it. And then the last idea,

it. And then the last idea, why not put it into a bank or a crypto exchange? I'll give you a digital money

exchange? I'll give you a digital money account. And I just put my money in the

account. And I just put my money in the account and I get 8% daily dividends tax deferred, no volatility

from my bank.

So now you see we can't create digital capital. Satoshi did that. You do that.

capital. Satoshi did that. You do that.

The Bitcoin community creates the capital. The treasury company creates

capital. The treasury company creates digital credit. We're the middle, you

digital credit. We're the middle, you know, and then the bank or the crypto exchange or the money manager creates

the fund, the coin, the account.

And now I want to end with this is my pitch to you. If you if you have a country, if you want if you run a nation, if you uh are you interested in

making your nation the digital banking capital of the world, if you'd like to be the Switzerland of the 21st century, then these are the three ideas, the big,

the bigger, and the biggest.

The big idea is you take your sovereign wealth fund and you invest in digital capital, Bitcoin, buy as much as you can. Digital credit

with your credit portfolio because it pays two to four times the other credit you hold. Digital equity if you want to

you hold. Digital equity if you want to buy treasury companies because the treasury companies will create the credit. That's the first idea. It's a

credit. That's the first idea. It's a

simple idea. Digital capital is growing 30% a year.

Digital credit's going to pay double your corporate bond or your junk bond rates. [snorts]

rates. [snorts] Digital equity is going to outperform Bitcoin if Bitcoin goes up 10% a year.

Now, here's the bigger idea. You have a bank, have the bank custody Bitcoin, custody crypto, extend credit on it,

create digital credit. If you create, if you allow a regulated bank in a country to take Bitcoin deposits, you have $2

trillion worth of Bitcoin that's not banked. People start wiring you 50

banked. People start wiring you 50 billion or hundred billion dollars of Bitcoin. They create billions of dollars

Bitcoin. They create billions of dollars of credit. It pours into your economy.

of credit. It pours into your economy.

You can build all the derivatives, the notes on top of it. This is a $2 trillion idea, not a $200 billion idea.

And then here's the biggest idea.

Create digital money. I take a bank. The

bank gives you a a digital money account.

You just put a billion dollars in the digital money account and you collect 8% no volatility from a regulated bank.

There's $200 trillion worth of money out there. the money from Australia,

there. the money from Australia, Singapore, Hong Kong, China, Europe, Canada, the US, all of Africa, all of

South America, all of Russia, all of Ukraine, everywhere on Earth.

It's all going to come to you wherever you are. Um, what is the perfect

you are. Um, what is the perfect product? I used to think it was the

product? I used to think it was the iPhone, but you have to be awake and you have to be able to see and hold things

in your hand to use an iPhone.

But you could be in a coma. You could be a three-year-old asleep. You could be an unborn child. You could be a person yet

unborn child. You could be a person yet to be born 10 years from now. You're

going to want an account that pays you 10% or pays you 400 basis points more than the risk-free rate in the currency of your choice. Basically, when I pay

you anything more than the risk-free rate, I am giving you money, free money.

And there's a word in the English language for universal utility appreciated by everyone everywhere

that buys anything. And the word is money. So you create digital money.

money. So you create digital money.

The first bank to do it, you won't draw a little bit of Bitcoin. You will

actually pull billions and then tens of billions and hundreds of billions and trillions of dollars of capital from people that don't understand Bitcoin.

I don't got to understand nuclear reactors to know that electricity is free in the country.

If you give people free money, give them money that's better than every other bank on earth, all of the capital in the world will flow into that country, that

bank. And I think right now UAE is a

bank. And I think right now UAE is a leader in digital assets. Obviously,

they're enthusiastic.

I think the USA is committed. I just

showed you that Donald Trump wants the US to be the leader.

Everybody else is following. The

question is who is going to lead the way? And it's a combination of you have

way? And it's a combination of you have to have commitment, you have to have clarity, you have to have a bit of courage, you have to have competence,

and you have to be an optimist and believe in the future. And if you believe that there's a digital transformation of banking and capital and we can give people digital bank

accounts and digital money that makes them wealthy forever, right? Then you have a chance to be you

right? Then you have a chance to be you deserve to be the digital banking the banking leader of the 21st century.

Everybody will follow you and by everybody I mean all the money will come to you. Thank you.

to you. Thank you.