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00:00Your evaluation seven point three billion dollars your bitcoin position is worth seven billion dollars. What does that say about how investors are looking at your company. Is it more than is it more than it's Bitcoin investment. And if so why. You know there's ferocious trading in the stock thing nearly five hundred million dollars worth of trading today. We're getting a lot of attention from investors. We appreciate that. I think that you know MicroStrategy is a lot of leveraged long Bitcoin play and it's also an enterprise software company. I think investors are trying to evaluate you know how to separate the two businesses and our growth prospects in either. And you know our strategy with Bitcoin is we acquire bitcoin. So sometimes we deal with equity when we think the market timing is right. Sometimes you deal with debt and sometimes you with cash flows. And it's worked out pretty well for the past 12 months. We put about three point one billion dollars into Bitcoin and our positions worth more than seven billion right now. And so I'm pretty pleased with the way the entire macro trend is working. So let's talk about the macro bitcoin trend. Obviously big moves last week coming down this week. What do you read into it. It's all bullish. I mean you've got great statements coming out of the Senate. You've got great support in Congress. You've got great support from the regulators. You've got to ETF coming online. You read today about ETF perhaps coming online in Australia. I think that the ETF action is bullish for the stock. I think. I think all of the regulatory clarity is going to be really really good for Bitcoin. There's still no spot ETF though and that depends on Gary Gensler. How much does it matter. Yeah I think so. I think everybody's kind of perplexed that that were a bit late with this but I think that the writing is on the wall. There are 40 different ETF applications in place. And and and in time I think over the next 12 months we'll see more and more ETF. So I think we'll see more options. If this is the spot ETF comes to the market I think there's going to be really good for Bitcoin in general and everybody involved in the bitcoin ecosystem. You know looking into Robinhood results there crypto trading dropped like almost 80 percent and it was kind of astonishing how you know I spoke with a CFO who told me that perhaps crypto trading had normalized. And I'm wondering what you make of that huge change in volume. I know it's just a window into Robinhood but I wonder if it signals something about broader interest or hype around cryptocurrency. I mean I think we have ebbs and flows and it's natural to have some cyclicality I think. I think Q1 was a pretty big quarter. I think things slowed down after the China exodus. I think they're heating up right now as you can tell with all the chatter about about the various dog coins and stuff. I don't think that that we've seen the last of crypto volatility and crypto enthusiasm. And I think that in time we're going to see more of this cyclicality. So you think more volatility is ahead. Yeah I just think there's this is the most exciting thing going on right. The entire crypto world is attracting a huge amount of capital. It's attracting a huge amount of talent. It's attracting a huge amount of attention. And know on Saturday afternoon what else is there to talk about. The bond markets closed the gold markets closed. The equity market is closed. Right. But crypto is moving. Bitcoin is changing. Twitter is on fire and and YouTube is working. So I just think it's a tailor made asset class for the 21st century. We'll see when it comes to stable coin regulation. I think that the United States has the ability to make the US dollar the world reserve digital currency and there is enormous demand for dollars in Africa and South America and Asia and there's at least 6 billion people maybe 8 billion people there like to get their hands on dollars. It's clear that the best chance of that is something like a tether or a circle. There's like one hundred billion dollars circulating between those two coins right now. I think that the that the entire market's waiting for regulatory clarity. And when they get clarity it's possible for these kind of private stable coins to grow by a factor of 10 to one hundred. We could see you know a trillion dollars going to 10 trillion dollars. And it would be good for the US dollar would be good for the United States world reserve currency status. And it would move the entire state of technology forward by leaps and bounds. Curious for your thought on ship in particular. I mean so many people have thought it was a joke. And who's laughing now. There's you know there's different segments of the market right. There's the savers that want to buy reserve assets like bitcoins. There's the technology V.C. funds and they want to invest in the next D fire or NFTE platform. And then there's the speculators and the entertainers and they're going to have a new meme coin. Everybody's got their thing. It's all it's all part of you know the crypto world right now. And it's what makes it so interesting and exciting. I don't think we should be the last one. How would you compare it to Doge. I have no opinion about one gold coin versus another dollar coin. I in my lane Emily coin. So look that coin is my landing. All right. So let's talk let's talk about your Bitcoin lane. We've seen a massive crackdown in China. We're expecting waves from that shock to impact the Bitcoin ecosystem here in the United States. One of the interesting things that we've been talking about is the talent flow out of cryptocurrency companies because U.S. regulation has remained so uncertain and so uncertain. And there are these draws two big tech and other companies that frankly have potentially more certainty. Do you think that will have a negative impact on the industry and the enthusiasm that we've seen over the last couple of years. Well I think that the China crackdown was the best thing that ever happened to Bitcoin because the entire Bitcoin mining business moved from China to the US and the US became the world leader in Bitcoin mining. So I think that was a good thing. I think in fact regulatory certainty became clearer for Bitcoin that the crypto world outside of Bitcoin is waiting for clarity on stable coins and defined security tokens. But on the other hand the bitcoin world is all about digital property and we got that clarity. The clarity we got was support for Bitcoin from the Senate from Congress from the regulators and and the acknowledgement that Bitcoin is digital property and part of the Western technology stack. It's going to be critical to the to the support of and the spread of the American values and Western technology just like the English language just like the US dollar. Just like Google and Amazon and Facebook and Microsoft. And so so that China crackdown is a good thing for Bitcoin.

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Microstrategy CEO on Shiba Inu, Crypto Regulation

Microstrategy CEO Michael Saylor talks to Emily Chang about the broader interest in crypto as translated by a change in trading volume, Shiba’s explosive price action, and the crackdown on crypto in China.

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