It is 2045. Digital assets move at the speed of light. AI agents interact millions of times per second, using Bitcoin as a basic currency. Bitcoin is now an asset class of 200 billions of dollars, a layer of regulation for the age of internet.
It is the future imagined by the evangelist Bitcoin Michael Saylor, executive president of the strategy (MSTR). Saylor was the pioneer of the Bitcoin Corporate Treasury – transforming his agitated software company into a lever -effect Bitcoin power listed at the Nasdaq.
Coindesk recently met Saylor, the ultimate Bitcoin maximalist, for a two -hour interview to break his vision of the world domination of Bitcoin.
Since the election of US President Donald Trump, Bitcoin has maintained a gain of 26%, culminating in a market capitalization of 2.1 billions of dollars and reaching a maximum of $ 109,000 in January. The strategy, a Wall Street proxy for Bitcoin, remains sharp with around 50%, despite a drop of approximately 30% compared to the summits in November in a broader decline in American shares, the yield of the Treasury at American 10 years and oil.
The United States has gone from crypto regulations by application and secretly destroyed digital asset companies, nicknamed “Operation Chokepoint 2.0” by industry, to declare that the United States will become a Bitcoin superpower and the world capital of cryptography. For Saylor, sea change means that the doors that were previously closed open. Traditional institutional governments and institutional investors around the world who were once afraid of engaging with digital assets are now curious.
Saylor said he was one of the invitations to speak to all elite gatherings: the 100 richest families in South America, the sovereign funds of the Middle East, the prestigious technological conference of Morgan Stanley, the CPAC and the White House. It has gone from the encouragement of companies to adopt Bitcoin vouchers to advise the nation states on the creation of Bitcoin strategic reserves.
Bitcoin has reached “escape speed”, he said, because once the United States government begins to acquire it aggressively, the United States will become a beneficiary and force each country to adopt Bitcoin as the world capital.
“It becomes a Fait accompli“Said Saylor.” It is one of these geopolitical movements that when you kiss the network, you first force all your allies to adopt it, then all your enemies must adopt it. »»
Us Bitcoin Strategic Reserve
President Trump’s executive decree to establish an American Bitcoin Strategic Reserve represents an important step in the realization of the manifest destiny of Bitcoin. At one point, the United States has owned around 400,000 bitcoins, but sold half for a product of $ 366 million. Trump’s Trump David Sacks Czar deplored that the cost for American taxpayers for having sold this bitcoin prematurely, $ 17 billion with current market value.
The Executive Decree orders the Treasury Secretary to never sell Bitcoin in the United States and develop neutral budgetary means to acquire more bitcoin. He also directs the creation of a stock of digital assets, a portfolio of entered cryptographic assets which can be managed and rebalanced if necessary.
During the Summit of Digital Active Authorities of the White House of President Trump on March 7, Saylor proposed that the United States acquires 5% to 25% of the total Bitcoin offer by 2035 which could generate around 100 billions of dollars of economic value by 2045.
Asked about this proposal, Bo Hines, Executive Director of the Presidential Council for Digital Assets, told Coindesk that the Trump administration wanted the United States to acquire as much bitcoin “as possible” and envisage various creative methods, including Senator Cynthia Lummis “(R-WYO) to use the profits of the Federal Reserve and Certificates Bitcus ”.
As the United States embraces Bitcoin, the world’s banks will inevitably follow.
“Pandora’s box has been opened,” said Saylor. “When bitcoin spreads … and there is a dollars billion in digital capital in the banking system, it will not only be in the United States, it is a virus. And so the virus spreads. And in this case, this means that you will have hundreds of thousands of banks and billions of dollars which are held by a billion people. “
Thermodynamically sound “money”
Michael Saylor was born in Lincoln, Nebraska. He grew up on Air Force bases through the Midwest, as well as in Japan and New Zealand. An Air Force scholarship sent Saylor to the Massachusetts Institute of Technology, where he obtained two degrees in aeronautics, astronautics and the history of science. A scientist of literal rocket, the state of mind of Saylor systems attracted him to the “thermodynamically sound” conception of Bitcoin.
After having been a reserve captain of the Air Force reserve, Saylor co-founded Microstrategy in 1989, a software company that set up the bubble of points-com, until Saylor and two other microstrategy leaders were involved in an accounting fraud scandal in 2000. In the end, they settled with the American Securities and Exchange Commission for around 11 million Dollars.
At Microstrategy, Saylor invented more than 48 patents and deployed dozens of commercial ideas. Some have succeeded, most of them failed. Saylor said the irony is that his greatest success was someone else’s idea. Satoshi Namamoto, the pseudonym Creator of Bitcoin, created “Digital Gold” that Saylor discovered under the locking during the Pandemic COVVI-19. He caught it out of despair, preferring that microstrategy have rapid death on slow death if it failed.
In July 2020, Microstrategy began to buy Bitcoin regularly and permanently through cash flows, equity and debt, essentially anyway. He climbed the summits of the 2021 bull and resisted the wintering accusations of the 2022 cryptography. By 2024, the Bitcoin business strategy emerged the tested battle. He survived his first cycle of cryptography market and the Trump Bump catapulted the microstrategy of a market capitalization company of $ 1 billion.
“”[Bitcoin] has become an opportunity, “said Saylor.” Then, it became a strategy, then suddenly in the past 12 months, we realized that it was a very good deal. “”
From microstrategy to strategy
Microstrategy, renowned and doing business as a “strategy”, has proven to be an incredibly desirable action for institutional investors wishing an exhibition to the high and low Bitcoin. In December, the strategy was admitted to the Nasdaq 100. It is now planning to membership in the S&P 500, which would trigger an additional tidal tidalie in the public market.
To generate a positive dynamic, the strategy focuses on the laser on capital collection to buy more bitcoin thanks to a plethora of fixed income securities, creating a casino of financial products for traders dependent on Bitcoin volatility. By constantly weighing market conditions, adjusting the performance parameters and conversion factors, the strategy has designed an “intelligent lever effect” designed to attract demand and guarantee that each successive series of titles is implored in a endless positive feedback loop.
“If you were to say, it looks like financial engineering, it is absolutely financial engineering,” said Saylor. “It creates more pressure to increase the price of bitcoin, which increases the price of the MSTR, which increases the lever effect of the MSTR, which increases the value of the options, which increases the demand for equity, which makes the demand and the value of the [convertible bonds]which increases the price and demand for the favorite [shares]. “”
The strategy has collected around $ 33 billion to buy half a bitcoins thanks to this financial engineering. This has triggered the online debate concerning the capacity of the strategy to pay dividends or bond deadlines if the markets are sour or cannot increase new capital. The money will probably not come from existing cash flows: the profits from the strategy software is negligible; In 2020-2023, they were negative, according to Marketwatch data.
All this keeps Saylor at night. Thus, the strategy maintains all its open options.
“When the equity markets give us a massive bonus, we will sell equity,” said Saylor. “If we are too lever, we delete. If we think that the capital markets are not really favorable to sell titles, we will stop and wait.”
Last week, the strategy brought its Bitcoin holdings over 500,000 tokens by buying 6,911 additional bitcoins for $ 584 million, using the product of the sale of ordinary MSTR shares. They further announced that their new perpetual STRF offer has raised $ 711 million to buy more bitcoin, when its initial objective was to raise $ 500 million.
This last series of privileged actions differs from the original Strk offer in that it is delivered with a higher coupon (10% against 8%) and has no provision for conversion of joint action. According to the prospectuses of the two offers are risk factors that do not include any obligation to pay accumulated dividends “for any reason”.
The strategy has also eliminated any guaranteed debt and therefore the risk of liquidation of the company’s Bitcoin assets.
“We have built an indestructible assessment. Bitcoin could exchange 99%. There is no margin call.
In the end, the dates to be monitored are when loans from the strategy to the bondagnereds become due. The first “Put date” is September 16, 2027. If the strategy does not encourage bond holders to convert their obligations into MSTR shares or persuade them to wait for the main reimbursement the following year, these bonds could demand the strategy of redempting their loan of $ 1.8 billion in cash. If the markets are still hungry for exposure to Bitcoin, it will be easier to raise capital and reimburse investors. If there is a slowdown in the market and the Wall Street tap is dry, the strategy may have to consider selling its bitcoin or default.
“ Economic immortality ”
But Saylor said that the strategy, like the American government, “will never sell” its bitcoin. He bet everything about the price of the BTC which increases forever, and on sovereignty, solid money, freedom and property rights idealized by the community.
Before dying, Saylor can burn Bitcoin rather than give his assets. It would be a “form of more ethical and ethically clean charitable” and would confer on “economic immortality”.
“If I believe that and burn these keys, then I did everyone in the [Bitcoin] Network much richer and more powerful forever, “said Saylor.” We are all together, from eternity. So yes, this is my heritage.
