The Ledger, every show

“Bitcoin is an exploding asset class. It's really a, it's the greatest treasury reserve asset of our lifetimes, and it's the solution to every company's treasury problem.”

“So if you take a company with cash and you invest in Bitcoin, you have invested, you have converted a liability to an asset.”

“So the big idea here is you want to fix any company, sweep all the cash flows into Bitcoin, convert the treasury into Bitcoin. Borrow against your future cash flows in dollars. Convert that into Bitcoin. Finance all your fixed assets in dollars. Convert that i…”

“You know, people that understand Bitcoin think it's going to grow to become the 10 trillion dollar asset that gold is, and then it's going to replace negative yielding sovereign debt and then corporate debt and ultimately it will become the primary treasury re…”

“The business has two strategies, and the first strategy is we sell business intelligence software to our customers, and the second strategy is we acquire and hold Bitcoin. That is the business.”

“The treasury problem is that subsequent to March, 20 20, the cost of capital exploded from eight percent to 25%. And you can see that in the performance of the S&P 500 index, which went from about eight percent a year for a decade to more than 25% in that next…”

“You can't hold value in a company growing at five percent a year when the cost of capital is 25% a year. That's why the only thing you can buy is going to be a high tech stock that's growing. You need to buy a tech monopoly that can grow 20 or 25% a year.”

“The investment income for sure.”

“I think that 15% is, 15% for the next eight years is reasonable.”

“No we bought 2.2000000000 worth of Bitcoin. We own about five, a bit more than five billion, depending upon the day.”

“Like the truth is Google should have paid a billion dollars for the word voice. I mean, if they're going to try to launch a voice service, it's worth it to them.”

“And then we did a billion dollar debt offering. And we did that billion dollar convert offering at zero percent interest.”

“It's been great for retention, and it's been great for recruiting. We can get, we get people, first of all, the company's brand has been amped up by a factor of a thousand. I mean, a lot more people know us now.”

“Well, we have permanent capital, so it doesn't make a difference to us, right? Like right now, for example, we have a three billion dollar investment gain. So if you cut Bitcoin in half, we would still have an investment gain, right? I mean, our basis is 24,00…”

“I owned voice.com and I sold it for thirty million dollars a couple of years ago. That's the largest naked domain sale in the history of domains.”

“They're scarce real estate in cyberspace, and they'll always be good, and the world undervalues them”

“Then we did a convertible debt offering for six hundred fifty million dollars of debt at 75 basis points.”

“So we offered to buy back two hundred fifty million dollars worth of the stock in this Dutch auction. So if you disagree with the decision to buy Bitcoin, you can sell the stock back at a profit. Our stock was one 20. We offered to buy the stock back at up to …”

“Well, all 2000 people doing a 100,000 things right perfectly for the entire year competing against Microsoft that has more money than God, they can generate seventy five million a year.”

“It took Google 22 years to get to a trillion. It took Amazon 24 years to get to a trillion. It took Apple 42 years to get to a trillion. It took Microsoft 44 years to get to a trillion. It took Bitcoin 12”

“For example, I created a company called alarm.com and alarm.com is now publicly traded on NASDAQ. It's like four or five billion dollar market cap company.”

“And I created another company called angel.com, and we sold that for a bit more than a hundred million dollars, and that was actually a speech interactive voice response like Suri or Alexa before Suri and Alexa came along.”