It is the year 2045. Digital assets are moving at the speed of light. AI agents interact millions of times a second using Bitcoin as a basic currency. Bitcoin is now a $ 200 trillion asset class, a settlement layer for the AI age on the Internet.
This is the future imagined by Bitcoin Evangelist Michael Saylor, the executive chairman of Strategy (Mstr). Saylor was pioneering Bitcoin Corporate Treasury-there made his flailing software company a NASDAQ listed $ 85 billion geared bitcoin power center.
Coindesk recently joined Saylor, Bitcoin’s Ultimate Maximalist, for a two-hour interview to break down his vision for global Bitcoin dominance.
Since the election of US President Donald Trump, Bitcoin has maintained a 26%profit when they topped with a market capital of $ 2.1 trillion and touched at a January height of $ 109,000. Strategy, a Wall Street Proxy for Bitcoin, remains strong with approx. 50% gain, despite the fact that he falls approx. 30% from November heights in the midst of a broader fall in US equities, the US 10-year-old Treasury yield and oil.
The United States went from regulating crypto by enforcement and hidden the-banking digital asset companies, called “Operation Chokepoint 2.0” of the industry, to declare that the United States will become a bitcoin superpower and the world’s crypto capital. For Saylor, the sea change means that doors previously closed are opening. Governments and traditional institutional investors around the world who used to be afraid of engaging in digital assets are now curious.
Saylor said he field invitations to speak at all elite collections: South America’s 100 richest families, Middle Eastern sovereign Formue Funds, Morgan Stanley’s prestigious tech conference, CPAC and the White House. He has gone from encouraging companies to adopting Bitcoin state boxes to advising nation states on the establishment of strategic Bitcoin reserves.
Bitcoin has reached “escape speed,” he said, because when the US government begins to acquire it aggressively, the United States will become a recipient and force each country to adopt Bitcoin as the global capital.
“It will be one FAIT Completion“Said Saylor.” It is one of these geopolitical features that when you embrace the network, you force all your allies first to adopt it, and then all your enemies will adopt it. “
US Bitcoin Strategic Reserve
President Trump’s executive order to establish an American Bitcoin strategic reserve represents a milestone in realizing Bitcoin’s Manifest Destiny. At one point, the United States held about 400,000 bitcoins, but sold half of it for $ 366 million revenue. Trump’s Krypto -Czar David Sacks complained that the cost of US taxpayers for selling this Bitcoin premature is $ 17 billion to the current market value.
The executive order requires the Treasury Secretary to never sell the Bitcoin of the United States and to develop budget neutral ways to acquire more Bitcoin. It also leads the creation of a digital active stock, a portfolio of seized crypto assets that can be controlled and rebalanced as needed.
At President Trump’s Summit in the White House, the digital assets on March 7 suggested Sayylor suggested that the United States acquire 5% -25% of the total Bitcoin supply in 2035, which could generate an estimated $ 100 trillion in economic value in 2045.
When asked about this proposal, Bo Hines, CEO of the Presidential Council of Digital Assets, told Coindesk that the Trump administration wants the United States to acquire as much Bitcoin “as we might get” and consider various creative methods, including Senator Cynthia Lummis’ (R-WYO) suggestions to use Federal Reserve earnings and gold certificates.
When the United States embraces Bitcoin, worldwide banks will inevitably follow.
“Pandora’s box is opened,” Sayylor said. “When Bitcoin spreads … and there is a billion dollar digital capital in the banking system, it won’t just be in the US, it’s a virus. And then the virus spreads. And in this case it means you want hundreds of thousands of banks and trillions of dollars owned by a billion people.”
‘Thermodynamic sounds’ money
Michael Saylor was born in Lincoln, Nebraska. He grew up on the Air Force Bases over the Midwest as well as in Japan and New Zealand. An Air Force Scholarship sent Saylor to the Massachusetts Institute of Technology, where he achieved double degrees in aviation, astronautics and the history of science. A literal rocket scientist, Saylor’s system’s mindset attracted him to Bitcoin’s “thermodynamic sound” design.
After serving as Air Force Reserve Captain, Sayylor Microstratey in 1989 founded a software company that rode the dot-com bubble until Saylor and two other micro-strategy leaders were involved in an accounting scam in 2000. Finally, they wound up the US security and exchange commission for approx. $ 11 million.
At Microstrategy, Saylor invented over 48 patents and implemented dozens of business ideas. Some succeeded, most of them failed. Saylor said the irony is that his greatest success was someone else’s idea. Satoshi Namamoto, the pseudonymous creator of Bitcoin, created “Digital Gold,” as Saylor discovered while under Lockdown under Covid-19 Pandemic. He grabbed it out of desperation and preferred microstratey to have a quick death over a slow if it failed.
In July 2020, Microstrategy began steadily and continuously buying bitcoin through cash flows, equity and debt, basically in every way it could. It climbed up the heights of the 2021 Bull Run and resisted the impairment in 2022 Crypto Winter. By 2024, the Bitcoin Corporate Treasury strategy emerged that was tested match. It survived its first Crypto Market cycle and Trump Bump Catapultered Microstratey from a $ 1 billion to a $ 100 billion market capsule company.
“[Bitcoin] became an option, ”said Saylor.” Then it became a strategy, and then suddenly in the last 12 months we realized it was a really good business. “
From microstratey to strategy
Microstratey, Ommarker and Turning Business as a “strategy” proved to be an incredibly desirable stock for institutional investors who want exposure to the unstable ups and downs of Bitcoin. In December, the strategy was admitted to Nasdaq 100. It is now seeing membership of the S&P 500, which would trigger an extra tidal wave of public market access.
To generate positive momentum, strategy is laser -focused on raising capital to buy more bitcoin through an abundance of fixed -income securities, creating a casino of financial products for dealers that depend on Bitcoin’s volatility. By constantly weighing market conditions, fine -tuning yield parameters and conversion factors, strategy has constructed “intelligent leverage” designed to lure demand and secure each subsequent series of securities amplify each other in an endless positive feedback loop.
“If you have to say, it sounds like financial technique, it’s absolutely financial engineering,” Sayylor said. “It creates more pressure to increase the price of Bitcoin, which increases the price of Mstr, which increases the gearing of Mstr, which increases the value of the options that increase the demand for equity that increases the demand and value of [convertible bonds]that increases the price of and demand for the preferred [shares]. “
Strategy has collected approx. $ 33 billion to buy half a billion bitcoins through this economic technique. It has ignited the online debate about the strategy’s ability to pay dividends or bonds if the markets are acidic or it cannot raise fresh capital. The money probably does not come from existing company’s cash flows: the strategy’s software surplus is insignificant; By 2020-2023, they were negative according to Marketwatch data.
All of this keeps Saylor up at night. So strategy is to keep all its options open.
“When the capital markets give us a massive premium, we sell equity,” Sayylor said. “If we get too geared, we will dispose of. If we feel that the capital markets are not really favorable to sell any securities, we will just stop and wait.”
Last week, strategy brought its Bitcoin stocks over 500,000 tokens by buying an additional 6,911 Bitcoins for $ 584 million using revenue from the sale of Mstr Common Stock. The additional Announced their new STRF Perpetual offer a total of $ 711 million to buy more Bitcoin as its original goal was to raise $ 500 million.
This latest range of preferred shares differs from the original STRK offer, providing a higher coupon (10% against 8%) and has no common stock conversion provision. Spelled in the prospects for both offers are risk factors that do not include any obligation to pay accumulated dividend “for some reason.”
Strategy has also eliminated any security debt and therefore liquidation risk to the company’s Bitcoin assets.
“We have built an unforgettable balance. Bitcoin could trade with 99%. There will be no margin call.
Ultimately, the dates to see when the strategy loan to bond owners is due. The first “Put -Date” is September 16, 2027. If strategy does not incentive bond owners to convert their bonds to the MSTR share or persuade them to await the main course repayment the following year, these bond owners may require the strategy to buy their loan of $ 1.8 billion in cash. If the markets are still hungry for Bitcoin exposure, it will be easier to raise capital and repay investors. If there is a downturn in the market and the Wall Streetspigoten is running dry, the strategy may consider selling its bitcoin or standard.
‘Economic immortality’
But Saylor said that strategy, like the US government, will “never sell” its Bitcoin. He is focusing on everything on the BTC prize that rises forever, and the sovereignty, sound money, freedom and property rights idealized by society.
Before he dies, Saylor can burn Bitcoin rather than give away his assets. It would be a “more ethically proper, ethically healthy form of charity” and would provide “economic immortality.”
“If I believe that and I burn these keys I have made everyone in [Bitcoin] Network so much richer and more powerful forever, ”said Saylor.” We are all in it together, from now on eternity. So yes, that’s my legacy. “
