As of this recording of January 5th, 2026, while you were
debating on whether you should eat that stale croissant,
Michael Saylor bought more Bitcoin.
At this time just two years ago, Bitcoin was trading in the low
40 thousands. Today it hovers above 90,000.
And while you were spending all this time staring at the chart,
Michael Saylor bought more Bitcoin.
Totally normal. But here's something strange.
Miners only produce 450 Bitcoin per day, but Sailor's strategy
buys more than that on average. Wait.
That means when Bitcoin runs to six figures.
And it will. It won't be because your
neighbor finally decided to go all in for $5000.
It'll be because supply was vacuumed up at prices that now
seem cheap. And all the while, Michael
Saylor buys more Bitcoin. Bitcoin is no longer about
whether prices will go up, it's about whether you'll have access
when they do on oceans. This is beyond Bitcoin.
Oh look at that sailor just bought more Bitcoin.
Before we go any further, I want you to hear this directly, not
filtered through the headlines. Strategy recently purchased
another 12187 Bitcoin. That's 116 million at about
$90,000 per coin. This pushed their total holdings
to 673,783 Bitcoin. That's 3% of the entire 21
million supply already locked already off the market.
I thought Bitcoin was for everybody.
What are you doing hoarding all these bitcoins for yourself and
your company? Michael Saylor suggests the US
should sell all of its gold for 5 million Bitcoin again moving
the Overton window. I keep saying this like you guys
have to understand this like our job as bitcoiners is to move the
Overton window. So the idea of self custody
isn't radical. So the idea of Bitcoin isn't
radical so the idea of, you know, individuals holding
custody of their wealth isn't radical.
We got to keep moving that Overton window.
The way that we do that is by saying shit like this on TV by
Trump basically saying look we're going to audit the Federal
Reserve by Elon Musk posting that Keynes was a great evil and
I'm talking I'm referring to the economist right and so like this
is what I'm talking about right. This is what I'm talking about.
We have to move the Overton window here.
Of course sailor being extremely bullish and I mean like again
guys like if I would have told you two or three years ago where
would be today the fact that from the White House X account
they're basically saying like look you know the US is going to
be the Bitcoin capital the. Here's what matters.
Last year at this time strategy held 190,000 Bitcoin, but today
they hold, as we said, 673,783 Bitcoin.
That's a 3.5 X increase in Bitcoin exposure.
While most people are still asking what kind of cycle this
one was, Was it a blooper cycle, a super cycle, or a super duper
cycle? The world may never know.
But notice something important. Sailor isn't waiting for pull
backs anymore, he's buying into strength.
That tells you something critical about what he sees
next. You don't buy aggressively at
all time highs unless you believe today's price will look
laughably low. That's NGU in its purest form.
Buy. 20 or 25% of the Bitcoin network, on behalf of the US
government, catalyze the development of that world
reserve capital network, and then let all the Chinese and the
Russians and the foreigners sell all their other assets and buy
Bitcoin, and then the money flows into the United States.
If you want to put a great twist on it, dump your gold, sell all
the US gold, buy Bitcoin, then the trade is free because you
could buy 5 million Bitcoin for the cost of the gold.
You will demonetize the entire gold asset class.
And our enemies hold gold in their banks, so their assets
would go to zero. Our assets would go to $100
trillion and we would control the world.
'S reserve. Now let's zoom out.
ETFs weren't about validation, they were about throughput.
They turned Bitcoin into a financial API, which means
pension funds, banks, sovereign wealth funds no longer have to
believe in Bitcoin, they just have to allocate it.
Watch how fast skepticism disappears once Axis exists.
Take a look. I mean for for all the banks in
the world to embrace crypto, to embrace Bitcoin in 4 to 8 years
would be fast. What you see here is it's
happening much faster. What we've what we've seen is
BNY Mellon, PNC Bank, Citibank, JP Morgan, Wells Fargo, Bank of
America, Vanguard, all of these have flipped from a hostile,
negative or skeptical view to a positive view in the last 12
months, right? We have announcements Schwab is
going to custody Bitcoin and extend credit against crypto
assets early next year. Citi is doing the same thing.
It used to be I couldn't get a loan against Bitcoin from any
major bank. And now if I counted the top ten
banks in the United States, eight of them, eight of them are
actually engaged in crypto lending and they've all flipped
their stance in the last six months.
Here's the take away 8 of the top ten U.S. banks are now
involved in Bitcoin custody lending, or ETFs.
Banks don't do this for ideology, they do it because
price attracts balance sheets, and balance sheets move price.
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Now let's address the gas lighting.
Larry Fink calls Bitcoin an asset of fear.
But in the same breath, listen carefully.
This is where the narrative breaks.
I think we. Need to get back to what is the
purpose, What is the purpose of Bitcoin?
Then we gave the stable coin, you know, the 13 1/2 trillion
dollars that BlackRock manage on behalf of our clients.
It's basically managing hope. That's all it is.
I mean, why would anybody invest in a 30 year outcome unless
you're hopeful in 30 years you're going to have the
compounding effect? Bitcoin is an asset of fear.
And when you're less fearful, like we had a trade agreement
with China, you saw a shift downward.
There is conversations this week that there may be some type of
settlement in Ukraine. Bitcoin fell a little bit.
So you own Bitcoin because you're frightened of your
physical security, you own it because you're frightened of
your financial security. The long term fundamental reason
you own it because the debasement of financial assets
because of deficits. And so to me even the movement
in the last week and we've had about a 2025% drawdown and this
is the third time since I bet was created our ETF.
And so this is you see these shifts and it's they're actually
pretty non correlated shifts. And that's and so the role.
But then some people say, is that really insurance right?
If you had bought it at $125,000 and it's now sitting at 90 some
odd $1000, you're saying if you. Bought it for a trade, you know
it's a very volatile asset. You're going to have to be
really good at market timing, which most people aren't.
If you're buy it as a hedge against all your hope, you know,
then it has a a meaningful impact on a portfolio.
The bigger the other big problem of Bitcoin is it is still
heavily influenced by leveraged players.
It is. That's what I wanted to talk to
you guys about, OK? I mean that's Bitcoin, but we
could see because we see where the flows are coming from.
We're seeing more and more legitimate long only investors
investing in it. There was an article about a
foundation endowment just bought a lot of I bit, but I can tell
you there are a number of sovereign funds that are
standing by. They're adding incrementally at
one 2100. I know they bought more in the
80s. That's fine.
And they're establishing a longer position and you own it
over years. This is not a trade.
You own it for a purpose, but the market is heavily leveraged
and that's why you're going to have more volatility.
Bitcoin is fear. Why are nation states
accumulating it patiently? The truth is simple.
Bitcoin isn't an asset of fear, it's an asset of inevitability.
Institutions aren't afraid of volatility, they're afraid of
being late to the base layer. And late buyers don't get
upside, they get diluted. Now let's layer in the force
multiplier. Artificial Intelligence I.
Really made a a point to emphasize to people that AI is
electricity. Electricity is not an investable
technology the same way AI theoretically is not an
investable technology. I don't believe in the
Magnificent 7 taking in enough revenues to justify the CapEx.
It's not that they're going to collapse.
I just don't think these are growth names anymore.
I think they're spending an enormous amount of money.
So we need the narrative of those names to actually slow
down and then for investors to look for growth.
Have you had Rick Edelman on your show?
I have, yeah. Recently, actually.
So Rick talked a lot about having 10 to 40% in crypto.
The reason or one of the primary reasons he gave is connected to
artificial intelligence, which I will tell people is going to be
a major story next year, which is this whole thing of longevity
and extending people's lives. And that they need to have,
because of that, more money in growth parts of their portfolio,
which means more innovation. AI is like electricity And the
fact that every company, whether it's a bank, whether it's a
healthcare company, they'll all benefit through reducing
expenses. That is very powerful.
But there isn't an AI, there isn't a technology company.
In my opinion, even though people speculate on it, they'll
benefit. NVIDIA is a commodity company.
They make something that goes into to help AI go.
So I think your point is the most important question that
people probably don't think about, which is the opportunity
cost for people to invest in Bitcoin.
Anyone has two parts to it. One is price.
When price is going higher, everyone's happy and they're
buying more. When it's going down, there
isn't like a fundamental story that you can hang your hat on.
And so that scares people. Like when's it going to stop?
It's just kind of like in a dark room.
I think eventually people will be more apt to buy it because
they go, well, I know what's going to happen is there's going
to be more digital wallets created because of tokenization,
because of stablecoins. Once there's more wallets, it's
much easier for the traditional finance people to actually
invest in Bitcoin. The bridges that were created
with I bit that were created with the ETFs allowed
traditional finance people to invest and that's been gradual.
But I think over time, if people have a wallet and the speed of
transactions and they sell a part of their asset, they're
going to start to put money in. So I think Rick's timeline for
longevity is going to happen soon, very soon.
I think it becomes an investable theme this week.
It's actually happened in the stock market where
pharmaceutical names are doing phenomenally well.
People don't seem to notice. That's an AI story that's
starting to come, but I do think Bitcoin will get more as we go
forward. This explains why Bitcoin's
price pressure accelerates, not slows.
In an AI levered world, AI destroys margins, it shortens
business lifespans, and it eats innovation faster than it can
compound. So capital looks for something
that doesn't decay. What do you think Bitcoin is?
That's why price doesn't just go up.
It re prices in violent steps because once capital realizes it
has no alternative, it moves all at once.
That's how you get NGU events, not linear growth.
I believe that Bitcoin's greatest asset is time.
And I have a, something I learned in my days of, of
learning how to meditate, which was if you get caught in the
moment, which is highly emotional, you forget how long
the path is going to be. And that's why as a macro
person, I try to grab myself and say, stop worrying about whether
Bitcoin is 105 or 95. I know one thing, if it's at 130
in three months, no one's going to remember that it was at 95
and they're just going to be chasing it higher.
So let's forget about that picture and let's start thinking
about what will happen to all innovations.
So I believe artificial intelligence will disrupt every
single existing public company and there will be no way to have
a business that isn't out competed from artificial
intelligence. Entrepreneurs will rise, private
companies will rise. They'll never go public.
The capital structure will change.
And So what Bitcoin becomes in 15 years is the only thing on
the planet as an idea that actually has a Moat.
That's part of the digital economy.
Everything else. So if you think of what happened
to GameStop, well, it lost to this.
Every idea that is an S&P 500 name was an idea at some point.
It was an innovation. The lifespan of an S&P 500
company is shrinking every single year.
So I believe all innovations in time will shrink.
And what Bitcoin has and what it's immune to is time.
It will always be here. And now that it's a $2 trillion
asset or was, and now slightly below that, I think it has
achieved Moat status. And very few things in in, in
our lives have moats, right. Now, the part where retail still
underestimates this is where the game theory stops being
theoretical. And spotted something in the
mountains of Bhutan mining facilities hidden in the valleys
next to the hydroelectric dams. Turns out Bhutan had been
stacking in secret for years and now holds $1.3 billion worth in
Bitcoin. Daniel Batten, who researches
Bitcoin mining around the world, put it this way.
If there were a nation state exemplification of Stay Humble
stack sets, it's Bhutan. While El Salvador was making
announcements at Bitcoin conferences, Bhutan was just
mining. No press releases, no marketing,
no announcements. Because the moment you announce
you're stacking Bitcoin, the IMF shows up with concerns.
So Bhutan kept quiet. They used excess hydroelectric
power that would have been wasted anyway. 0 cost energy.
Their Bitcoin holdings now equal 40% of their entire GDP, more
than everything else their government owns combined.
Bhutan didn't buy Bitcoin for price, they mined it for
sovereignty. Then Pakistan announced mining
with 2000 megawatts of stranded energy.
That's 10% of the entire Bitcoin network.
So what's just happened in Pakistan is that Pakistan
announced they wanted, they had 2000 megawatts of stranded
energy, wasted energy that they wanted to use for Bitcoin
mining. So to put that in context, 2000
megawatts, that's 10% of the power of the entire Bitcoin
network. So that's significant.
And if Pakistan does this, then India can't ignore it.
So again, if Pakistan start and you will have to start and then
you have like the most populous country in the world who
suddenly has a Bitcoin strategy and then it's from there.
It's like. India has 1.4 billion people.
India represents 1.4 billion people.
When nations compete for a fixed supply asset price isn't a
guess, it's arithmetic. Every coin a nation state holds
is 1 you don't get to bid on later.
And that's not bearish, that's structurally explosive.
The IMF comes with austerity, it comes with predatory conditions.
It comes with install a Western central bank that becomes a
shareholder in the Bank for International Settlements.
It comes with take this loan and you will give it back to us and
you'll spend it on our products. And basically, we're just
printing some dollars and then giving it back to the companies
that's going to be getting these contracts from you.
And if you don't do everything we say, we're going to tell you,
you have to install a liberal democracy.
And we want, we want to use your currency to devalue your savings
and steal all your assets and you're up.
That's what an IMF loan is. When the country's default and
the loans are structured so that they often will, the
consequences are severe. Kicker.
The real kicker is if they default, you have all sorts of
clauses which say we can build a military base.
Bitcoin doesn't need new believers.
It needs fewer sellers. And sellers are disappearing.
Strategy isn't selling. Banks aren't selling.
Nation states aren't selling. Which leaves one question if
everyone with a formidable size is accumulating, who do you
think they're buying from? You until you're gone?
This cycle doesn't end with the top.
It ends with a supply shock. And price doesn't ask for your
permission. It's not a a fear I have.
I think that every single new participant just makes the
entire network better and more successful and empowers every
other type of bitcoiner. So you've now been through your.
First full 4. Year cycle the.
Highs. The lows.
What's your biggest lesson that you took away from the bear
market? I think the lesson of Bitcoin is
Bitcoin is the best asset. There is no second best asset.
Buy Bitcoin. Keep buying Bitcoin.
Don't sell the Bitcoin. Ignore the noise.
In the words of Michael Sailor, ignore the noise.
One last thing. Information alone doesn't change
outcomes, but networks do. Club Orange connects Bitcoiners
in the real world not to argue, but to build local meetups,
trusted circles, people who understand what's happening
before the headlines. In a supply driven game, who
you're connected to matters. Club Orange is where Signal
lives offline. Bitcoin isn't waiting for you
and the price will move and the supply will vanish.
The only question left is whether you've moved first.
There is no second best. Thank you so much for watching
this video. If you like what you see and you
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Until next time.