Michael Saylor Keynote | Bitcoin MENA 2025

Welcome, Michael, and the floor is yours. So

I've been all around the region this week. I started in Dubai and 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. And I have a chance

end. This is the big end of the tour. And I have a chance to meet with hundreds of investors, regulators, sovereigns, banks, crypto enthusiasts, Bitcoin enthusiasts. And I thought I would share with you what I'm

Bitcoin enthusiasts. And I thought I would share with you what I'm showing them and what I'm speaking about with them and give you a sense of what we're proposing to the sovereign wealth fund, the hedge funds, the investment funds, the family offices, the banks,

the traders, and those running the government. And

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

I'll start with the title, right? My topic today is digital capital, credit, money, and banking. And so let's start with the first topic, digital capital. What is digital capital? Bitcoin is digital capital.

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 Sachs, who works for him in March of 2025, this year, said Bitcoin is special. Bitcoin is an asset without an issuer. It is the dominant digital commodity

is special. Bitcoin is an asset without an issuer. It is the dominant digital commodity in the world. This administration designated Bitcoin as 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 Gabbard, who I've met, who said that. It's

the head of commerce, a small business administration, Kelly Loeffler, who I've met, who said that. It's Bill Pulte, who runs the Federal Housing Administration and regulates

that. It's Bill Pulte, who runs the Federal Housing Administration and regulates $5 trillion or $6 trillion of home mortgages, who I've met, who said that. It's

RFK, who not that long ago wanted the U .S. government to buy 4 million Bitcoin, who I've met, who believes it. It's the incoming head of the CFTC, Mike Selig. It's David Sachs himself. The cryptos are and the Bitcoins are.

It's Howard Lutnick, the Commerce Secretary. And it's Kash 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. And whatever the U .S. banking

system does and the U .S. security market does, ripples through South America. It

ripples through Africa. It ripples through Europe. It ripples through the Middle East. It goes

to Canada. It goes to Australia. It even goes to Hong Kong. Even the Chinese will copy what the U .S. is doing. So it's very, very profound inflection.

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 noted and been approached by BNY Mellon, by Wells Fargo, by Bank of America, by Charles Schwab, by JP

Morgan, by Citi. They are all starting to issue credit against either Bitcoin or against Bitcoin derivatives like Ibit. And so there's a sea change here. Wells Fargo and Citi have both announced intent to

change here. Wells Fargo and Citi have both announced intent to allow the custody of Bitcoin within the banks in the year 2026. They'll start to extend credit. And so Wall Street, the banking

extend credit. And so Wall Street, the banking establishment, and the regulators of all endorsed Bitcoin as digital capital.

Where does that take us? Well, my company's strategy is the world's first digital treasury company. And because it's digital capital, we have capitalized on it, and we have now accumulated 660 ,624 Bitcoin, including 10 ,600 yesterday, we announced.

We are acquiring at the range of 500 million to a billion a week worth of Bitcoin. We've now at this point acquired not quite $50 billion of Bitcoin, which is worth substantially more.

We're not stopping. For those people that we have buyer fatigue, we don't have buyer fatigue. I think that we can buy more Bitcoin than the sellers

buyer fatigue. I think that we can buy more Bitcoin than the sellers can sell, and we're going to take it all. And we're going to take it out of circulation. In essence, we're winding up the network. We're powering it up like an engine. And it's coiling like a torsion spring of sorts.

an engine. And it's coiling like a torsion spring of sorts.

And what do you do with all that capital? What we've

decided to do with that capital is to start creating credit, Bitcoin -backed credit. And we've created the world's first digital 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 is paying out about $800 million worth of dividends on our digital credit. We have about 76 -year 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 that's really our break -even point. And why

do we exist? What is the purpose of our company? We exist to transform capital into credit. So what is capital?

is you have a 5 -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 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. In our particular case, maybe in 20 years you can finance the real estate.

And if you ever want cash flows from it, you 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 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

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

more money. So Bitcoin is digital capital. It's volatile. It's going

up. How do you create digital credit? The world is built on capital. All of the blocks of granite underlying Manhattan are the

on capital. 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

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 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, the digital credit.

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 Great British Pounds. We convert the currency. We

strip the risk by over -collateralizing the credit instrument 5 to 1 or 10 to 1. Bitcoin could fall 90%, but we're still over -collateralized, and so you've still got

1. Bitcoin could fall 90%, but we're still over -collateralized, and so you've still got your principal. That's the credit proposition. If Bitcoin falls 90 % and you have the

your principal. 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 vol asset to 20 vol, or 10 vol, or 5 vol, and then extract the yield. Pay you 10 % dividend yield forever. Now, Bitcoin's going up 45 % for the past five years. So, in essence, if you have, and I believe,

and I've said this 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 30 % with 30 vol. They want 10 % with 10 vol or less vol. So, we distill

30 vol. They want 10 % with 10 vol or less vol. 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 30 -year bond has 240 months of duration if you're an interest investor. We're stripping it down to one 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 of equity

capital 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 about digital credit and digital equity, but within the side. 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 meant I moved

gold from here to there. The killer app of gold was credit. The Rothschilds created gold -backed credit. The banks created credit. All currency was credit. All sovereign debt was credit. All corporate debt was gold

credit. All sovereign debt was credit. All corporate debt was gold -backed credit. All consumer debt was gold -backed credit. All mortgages were gold -backed credit.

-backed credit. All consumer debt was gold -backed credit. All mortgages were gold -backed credit.

It used to be the world, for hundreds of years, ran on gold -backed credit.

If we have digital gold, it's very logical that the world's going to run on digital gold -backed 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

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 STRK. We created it as a preferred stock. We pay an 8 % dividend

STRK. We created it as a preferred stock. We pay an 8 % dividend forever, and we give a conversion rate into the common shares forever. 100 -year

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,

on it. So the innovations were preferred stock as credit, a public instrument, a happy name, strike. Sorry, Jack Maulers. I'd like the name, so I took it. But you could still have it. STRK. And

then 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 ideas from an ETF 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

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 STRF, S -T -R -F. You would never pay 10 % in a bond to build a house or to build a data center, because it's not going to last

100 years. How do you actually pay someone for 100 years? You have to have

100 years. How do you actually pay someone for 100 years? You have to have a use of proceeds that will last 100 years. So we borrow the money forever, and then we invest the money in Bitcoin forever. We're basically funding the Bitcoin. We're

investing in the digital asset economy forever with money we borrowed forever. We're matching the duration. Because that's a senior instrument, it traded way above par, and the effective yield

duration. Because that's a senior instrument, it traded way above par, and the effective yield is 9%. And the idea is that's 9%, an investment -grade

is 9%. And the idea is that's 9%, an investment -grade bond is 4%. We had to pay a higher rate because we never intended to pay the money back, right? We're not giving you the money back in five years. We're giving you the money back in five 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 five years. If you do the math in your head, if you've got to repay the principal in five years, that's 20 % a year plus 5%. 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 could we pay

product. This traded up. And after we did it, we thought, how could we pay people more? Because Bitcoin is going up more than 9 % a year.

people more? Because Bitcoin is going up more than 9 % a year.

Bitcoin's 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 the same version of the stock 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 .5%. So there's a 3 .5 % 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, if you have a short time horizon, you don't want to, you want cash flows, you would buy STRD and you would collect 12%, the first 12 % of Bitcoin return forever. And everything above 12 .5 % goes to the common equity, the MSTR

return forever. And everything above 12 .5 % goes to the common equity, the MSTR shareholders. And then if you semi -trust the company, if you kind

shareholders. And then if you semi -trust 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 semi -trust us is you get 3 .5 % less yield. The

value to trust us is 3 .5%. 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 STRF and then we did it in Europe. And we

actually created a 100 -euro part of the pay that pays 10 % in euros for European investors, and we call that STREAM. Same idea, STRF.

And then after we've done all those, I'll call those digital notes. They're like bonds, but they're not bonds, but they're long -duration digital credit instruments. Generally, 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 buy a 30 -year convertible bond. But if you said, do you want a bank account that pays you 10%,

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 STRF, STRC.

And the idea of STRC is we'll just pay a monthly cash dividend and try to get it to trade at par, about 100. So if STRF is a 20 -year bond, STRC is a one -month T -bill, a one -month Bitcoin bond. Now, this next chart shows you the

bond. Now, this next chart shows you the difference between credit and capital. We took STRC public, and in August 1st, if you bought $100 of STRC, 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. 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 tomorrow, you'd want the credit. And so what you can see we're doing is we're straightening out

the credit. And so 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 preferred credit?

That was the bug, but it became 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 backed by Bitcoin. and inadvertently, we created the most interesting credit instruments in the world. These are the most successful preferred stocks ever.

And here's one way to see it. The average preferred stock trades over the 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 $100 ,000 a day. Wide

bid -ass spreads is not a very good product. If you take them public in Europe or the U .S., 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 simple. Everything else is too complicated. So when we did stretch, we found the right product market fit. And you can see the instruments started trading $130 million a day. $100x more interesting.

That's in the first four months. It became 100x more 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 tax arbitrage. When Microsoft borrows money, they're borrowing it tactically to finance a 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 trying to minimize the cost of the credit or the yield 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 well -run company

Bitcoin 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 investment grade issuers and bank preferred issuers.

The credit is the byproduct, right? It's a necessity, but 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. 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

&P index. And so you have to have the right capital structure and the right corporate structure. And so I talked about the bug being the feature.

corporate structure. And so I talked about the bug being 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 dividend we pay is tax -free.

It's tax -deferred. That is to say, you get the dividend, and then until you've reduced the basis and 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, tax -deferred dividends, huge amounts of them.

And 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. 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 if we just run a routine amplification, then what we do is we 2x or 3x our Bitcoin holdings over the period that you would otherwise have the same. 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 have a short time horizon and you don't like volatility, you buy the credit. And now let's

look at how this breaks down in the world. This is the stretch yield. It

pays 10 .8 % effective yield. Private credit only pays 7. Junk bonds

pay 6. Money markets pay 4. Municipal bonds pay less. The bank

doesn't want to give you much of anything. This is the best it gets in the entire world. U .S.-based credit. The benchmark is SOFR. is

going to fall. When SOFR falls from 400 basis points to 3, mortgage credit, corporate credit, and junk credit is all going to be drawn south by 100 basis points. So digital credit is already 2 to 4 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 see, it's off the chart. It's 4 times or 5 times better than buying a conventional money market. And, in fact, all digital credit is better than all conventional credit. Why? Because the collateral is appreciating and it's digital. And

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. And it's all indexed to the risk -free rate, which is repressed by most central bankers. You know, in Japan, it's 50 basis points.

central bankers. You know, in Japan, it's 50 basis points.

All the credit is tied to 50 basis points. And so digital credit is free market rates. And if you're a taxed investor, the tax advantage of digital credit is,

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

world, right? Why can't you get paid 10 % in any currency everywhere? And you can see all these currencies, right?

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 meets

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

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

I joke, you know, it takes 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 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

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 four years, you should buy it. But that's a very, very difficult educational process.

buy it. But that's a very, very difficult educational process.

This is another educational process. This is a 15 -second ad. What it says is, if you like money and you're not getting paid by your bank, you can get paid 10 or 11 percent, 10 percent, 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 you want free electricity. And you use the iPhone, but, you know, not one in 10 ,000 electrical engineers understands the way the codecs work and the chips work, you know, in wireless handsets. It 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 1 ,000 hours. But what's the equivalent of the automobile?

What is the mass consumer 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 -duration digital credit,

like stretch. And now we realize that we can create digital money. And

like stretch. And now we realize that we can create digital money. And

what is digital 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 stretches like a digital T -bill, a digital short -duration instrument. We think it's going to power money. 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 a digital money fund that could be buffered against 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. The

blended rate of that, it wouldn't be 10%. It might be 9%.

Now, if you want to strip all the volatility off it, if you want it, the volatility of stretch might be 5%, it might be 10%. What if I wanted it to be 0 %? If you want to strip the volatility, the formula, the recipe for digital money is 80 % credit, 20 % currency, and a 10

% cash reserve. So you actually take $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 4pm, you just top up the nav using the cash reserve, so you trade like a stable 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

Sharpe ratio, 8 % minus 4 % divided by infinity, or sorry, divided by zero. It goes to infinity. The Sharpe ratio goes to infinity, because the vol goes to zero. 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 what looks like a stable coin, a $1 stable coin, stable to six significant digits, that pays you 8 % yield, tax -deferred. 8 % yield, 12%, 16 %

tax -deferred. 8 % yield, 12%, 16 % tax -equivalent yield. But powered by Bitcoin, right?

Digital capital creates digital credit, creates 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 a coin that pays you 8 % 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 money coin

would. So we would actually let a crypto company create that money coin powered by STRC, and then they could do it. The other thing you could do is create a digital 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. BlackRock could do it. Anybody that creates a

volatility. Vanguard could do it. BlackRock could 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 anybody can trade in and out of it. And then the last idea, why not put it into a bank or a crypto exchange? I'll give you a digital money 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. The Bitcoin

community creates the capital. The treasury company creates digital credit. We're the middle, you know. And then the bank or the crypto exchange or the money manager creates

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 have a country, if you run a nation, if you, 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 buy treasury companies, because the treasury companies will create the credit. That's the first idea. It's a simple idea. Digital

capital is growing 30 % a year. Digital credit is going to pay double your corporate bond or your junk bond rates. 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 billion or $100 billion of

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

Bitcoin. They create billions of dollars 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 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, Singapore, Hong Kong, China, Europe, Canada, the U .S., 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. What is the perfect 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 to be born 10 years from

now. You're going to want an account that pays you 10 % or pays you

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'm 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.

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

will actually pull billions and 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 leader in digital assets. Obviously, they're

enthusiastic. I think the USA is committed. I just showed you that Donald Trump wants the U .S. to be the leader. Everybody else is following the question is who

the U .S. 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 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

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 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.