May 29

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The Real Truth Is Out – Micheal Saylor Update On Bitcoin ( $0.00 ) Dip.


https://www.youtube.com/watch?v=ibCXhvf4IAg

Michael saylor microstrategy has been buying the recent dip, so we can infer your view on whether this was or not a short-term blip, but from what you’re hearing. Did it have any impact on corporate interest in bitcoin things got pretty heavy there for one yeah.

I think that um bitcoin’s. One of those stories where, if you you’re only casually interested in it, you just look at the price volatility and and the deeper you look at it. The more you think it’s like a generational or a decade-long trade.

Last week, um, i think there are pros and cons koi there’s, a bit more volatility and that would scare away weak, uh, weak non-committal players. But there’s, a ton of institutions that were very enthusiastic about it, that that decided.

They wanted to buy it when it was 30 000 around the beginning of the year, and then they watched to their chagrin as it doubled and they thought well. It can’t double every quarter forever. It’s ahead of itself, and then they stopped and they wouldn’t buy and so in circumstances like that, what you want is, it is a dip where they get to get in at a very good price, and so a lot Of people think oh, the price traded down last week, but if you actually look at the exchange volume on binance, which is probably the most liquid, you know greatest statistical example.

We have on black thursday in march of 2020, by that exchange, traded two billion in an awful day, the worst day of the year by most people’s, rec collections on the day when um, you know – and it was around five thousand on the Day when microstrategy announced our our purchase uh august 10th, that exchange traded a billion dollars of bitcoin in the day um, i think uh that exchange has traded up to 14 or 15 billion dollars of bitcoin on some days last week and traded 60 billion dollars over The course of six days and the bottom line, bitcoins up by a factor of four liquidity, is up by a factor of five to eight, even and some institutions bought 60 billion dollars of bitcoin at a good price last week, while someone got panicked over what i View as fud and they dumped it too, cheap, so um, you know, i think what you see is that the the long-term players are actually pretty happy uh to have the opportunity to get into this entry point, and if i was looking at it, the number one Thing i’d.

Always look at is: is the price moving on no volume or in a lot of volume, because that tells you the institutional sentiment, michael saylor? What has most surprised you about the changes? What’s, the biggest change in the market? In your opinion, since microstrategy bought its first bitcoin, you know.

What surprised me is that is that we’ve, had a non-stop avalanche of good news, david rubinstein, who’s, uh jerome paul’s. Famous boss endorses crypto larry summers. The secretary of the treasury endorses crypto goldman sachs declares.

You know they endorse bitcoin right. They’re, saying that that this is a. This is a new asset class uh ray dalio says he’d rather own bitcoin than bonds right. Uh coinbase comes public uh, an avalanche of really good news and then uh.

I see the volatility in the market all based upon fud and the fud is first, it was, the chinese are mining too much bitcoin and then the fud will sell bitcoin and the second flood was the chinese are going to stop mining, bitcoin, sell bitcoin and then The fund was well, you can’t, buy bitcoin in china, sell bitcoin, and then the fund was oh, the chinese reiterated you can’t, buy bitcoin in china, sell bitcoin and then the fud was oh irs says you got to pay Your taxes sell bitcoin so and, and that’s, the news cycle right, so i i feel like like uh everything’s.

Working out great, i mean, if you’d, asked me in august. Are you gonna? Do you expect to get the legitimization of bitcoin like this? I wouldn’t have in my wildest dreams, expected so much good news to come.

So i think it’s. It’s going awesome. Just the market is volatile. Um michael saylor, many have set off sirens, claiming that this is industry centralization. It could lead to minor collusion, perhaps network censorship? What’s? Your response to that everybody in that meeting, including elon, are passionate believers in decentralization.

The only reason we had the meeting is because we wanted to ensure the success of a decentralized cryptocurrency and the source of the decentralization is energy usage and the existential threat to bitcoin is concerns over the sustainability of the energy usage.

So, to the extent that we want to defend bitcoin, we need to manage any concerns, especially from uninformed parties. Concerning energy usage. We need to make sure the people that are hostile to bitcoin and hostile to the crypto industry.

Aren’t, defining uh those narratives and defining those models and defining those metrics in the absence of of any good information or any response on our part, they will uh define those models. I think that there was this concern there’s.

Some concern so it’s, a secret meeting. If it’s, a secret meeting, i wouldn’t, have told millions of people the next day that it was a secret meeting. Trust me, you know, we told everybody in the world that we had a meeting and if everybody wants to know what happened in the meeting, what happened in the meeting is is elon met the miners, the miners talked about.

You know their approach toward energy and their commitment to sustainability. We asked elon for his advice about about how we uh we might actually manage concerns in the mainstream. We had a detailed conversation about it.

We uh, we talked about how we might be able to to surface better data and uh and, and it was very constructive and uh – then we agreed uh. You know to do our best to continue to work toward um sustainability and similar goals and what can be done to improve the understanding and perception of the current status.

Can you give us some background on how that came together? Sure? Well, you know: elon uh is a big believer in crypto technology as a force for freedom, and he’s, a big believer in bitcoin, as uh as a long-term store of value and and he’s expressed that sentiment in a number Of ways, including taking a multi-billion dollar position in bitcoin uh, i think we all know he expressed a concern that uh he didn’t want to see bitcoin, be the catalyst uh to bring to life uh dirty fossil fuels, and that created a bit Of a twitter stir and uh that caused bitcoin to dominate the news cycle all last week across the mainstream media and uh.

I think it became pretty clear that um that we have a the bitcoiners. We have a good story uh, but it’s. A very complicated story and uh: we need to find a way to uh, share our story and and to educate and get organized.

So i think i think my first thought was there’s, no point in us tweeting back and forth at each other, because i don’t, think 280 character. Twitters are right ways to to educate the public and build consensus so um.

I reached out to elon and i and i spoke with him and we had a very long conversation and and from that uh. I asked him to if he had relationships or had met with the bitcoin miners, and he elon has expressed right on the record.

He said he thought we would all benefit if we were able to publish energy usage and source of energy usage data. It turns out that bitcoin miners don’t actually um have a good forum for communicating how they generate their energy.

We don’t, have a stair, a shared common model for bitcoin energy usage right now, and we don’t, have a future forecast model that we that we commonly use. So we’re, allowing other journalists in the mainstream media, or just anybody that wants to to make up their own model um, the most famous one being the boil the oceans by 2020 model, that’s, going to cause the planet to Overheat by two centigrade and kill us all, but and that’s, still wrap it’s still ratcheting around right.

So we have some bad models and uh. I you know i happen to have a fairly nuanced model. My view is that energy usage is you know, energy efficiency is, is um is growing exponentially. You know the s19 miners are increasing by a factor of five in energy efficiency versus the s9s and and between the havings and the shifted transaction fees and the upgrade of the miners.

We’re, going to see energy efficiency increase exponentially and energy usage decrease. Recently, i don’t, think there’s, any models or any understanding of how that’s working it’s, a fairly complicated subject.

I mean it would take me about half an hour on your on your uh podcast. Here i don’t think we could talk about it, but what i uh, what i can say is i had some detailed discussions and – and i asked elon if he had relationships with the minors – and he said he’d like to Meet them so uh i reached out to the miners, and i asked them if they’d like to meet elon musk, and they said yes, they would, and so we set up the meeting because um [ Music ].

He wanted to understand how they’re mining and what their plans and futures are and they wanted to understand his concerns, and we wanted to understand how we could be the good guys in the entire esg debate, because i think the bitcoin is they Are the good people we are actually driving sustainability? It is a.

It is a great way to recycle wasted energy and we have a great energy story, and so i i think that the group came together to uh to get uh elon’s. Uh thoughts and for us to brainstorm on what we can do in order to communicate constructively to the entire industry and avoid reinventing the wheel right.

Because if there’s 200 miners and each one of them has to develop their own model of the future of bitcoin mining for the next 20 years and figure out what to say and who to say it to. And you know it gets pretty complicated and none of them have a a voice or a platform to get their message through so uh.

I thought it was a very constructive meeting. Uh. I think we do have a great story. I think we’re. All committed um to uh to taking that message out to institutional investors and and to refining it, and i think, elon’s.

First order asked was: was hey, can we come up with a way to to uh, publish or create transparency for bitcoin mining energy usage? I saw something on twitter today that suggested that bitcoin is is 2 or 3x as as sustainable as other energy users.

That’s, the kind of story we need to get out, but we need to legitimize it by having really good data. So i think i think the first step is: is let’s, come up with a a protocol for us to publish energy information in a way that we can share it with the world and then work together to make sure that we pursue sustainable Energy goals, because that does uh because it’s, true a b, because it will actually ensure that the mainstream news cycles are positive and not negative, and that will give institutional investors comfort as they enter the space and not cause them to pause.

Source : Youtube
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