MicroStrategy's Michael Saylor covered everything from spot bitcoin ETFs to Bitcoin maximalism, unregistered securities and “sawdust donuts.”
Saylor’s bitcoin strategy and MSTR’s outperformancepublicly traded company to buy bitcoin as part of its capital allocation strategy, announcing it would buy $250 million worth of bitcoin from its cash reserves that had been generating a 0% yield.
Turning to MicroStrategy’s MSTR stock, Saylor said, “You know, our stock's up 165%. So we actually outperformed bitcoin over the same time period simply by adopting a bitcoin standard and sweeping cash flows and equity and debt and the like into bitcoin.” “I think that Bitcoin is kind of shocking, you know, and a little bit scary to people. But it's spreading at about the fastest rate. We just have to kind of hold on and suit up for the ride. It's not always easy.”Bitcoin maximalism is a term coined by Ethereum co-founder Vitalik Buterin in response to the perceived closed-mindedness of bitcoin-only advocates. For Saylor, the definition is “just someone that believes Bitcoin is an instrument of economic empowerment.
“If you thought it's an ethical good to give property rights to 8 billion people, and you see a network that is nation state resistant that is not controlled by any company, that's a global network that's open and permissionless. Then you could just say I'm a Bitcoin maximalist. I believe this is an instrument of economic empowerment. It's good for the world,” he said.Saylor takes a different view on other cryptocurrencies like ether.
So far, the SEC has made it clear that it views most tokens as securities. The only clear exception appears to be bitcoin. Ether, for its part, is the most ambigious as former SEC officials have expressed views that the agency doesn't appear to hold.
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