Bitcoin

“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…”

“It's likely that there are more companies out there and it'll take them six months to a year to make this move, but they will take a portion of their treasury reserves and they'll move it into Bitcoin.”

“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.”

“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 investment income for sure.”

“About a year ago, I tweeted out that I had moved 25% of my net worth into Bitcoin, which has now become like, I don't know, 50 plus percent almost.”

“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…”

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

“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 …”

“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…”

“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.”

“They own five billion dollars of Bitcoin. The company's worth seven billion dollars”

“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”

“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 guys like James Altucher, who we've had this podcast, he was ridiculed for doing this with Bitcoin. Everyone made fun of him. He made sixty million dollars doing it, but he still got mocked constantly.”

“The guy who bought the Beeple artwork for whatever, sixty nine million dollars, something like that. I might be mixing it up, but you know, meet Kovan, that's his handle. ... He invested 5000 dollars into Bitcoin and is worth over a billion dollars based on wh…”

“Nobody can sue him because it's, there's no company behind Bitcoin and nobody owns the trademark.”

“He did say at the max, they were doing twenty five million a day. On the trade, which is basically like a 2.5 million dollar, like, you know, like profit per day that they were making on the trade.”

“So you invested a 100,000 dollars in the seed round of Coinbase. That's worth two hundred twenty million dollars on this day today, because it goes public. Now, if you had invested in Bitcoin, same time, Bitcoin at, in that same month was trading at 12 dollars…”

“I tweeted, I was putting 25%. I ended up putting 20%, and then it grew. The price started going up so fast that that quickly became, it's now like almost 50% of my network or something.”

“Obviously when I said 2000, tech companies, 20 tens, crypto protocols, 20, 20 startup cities, 20 thirties, network states, that's sort of when that exponential starts, right? What is the analog of Bitcoin in 2010? It's startup cities in 2021.”

“Where you submit a proof of workout, we give you 10 bucks in VTC if it's one of the top 100 of that day.”

“It was basically the crash from 32 dollars down to two dollars in 2011, and the subsequent recovery up to like 10 bucks in 2012, that convinced me the thing had staying power, because it's very rare that you have something endure a 90% plus drop and then come …”

“Scientific economics has been defeated by mathematical economics that say all these Nobel laureates, winners of the Nobel prize in economic sciences, all went and denounced Bitcoin in different ways. It can't work. It won't work. It shouldn't work. It should b…”

“You know, the, those hooks basically, I think you need to deliver a visceral instant benefit to somebody, right? Where in a second you can explain what it is. Okay. A newsletter that pays you, right? Earn Bitcoin for submitting a form in a minute, right? So in…”

“I was an early investor in cryptocurrencies. So Bitcoin, Ethereum Zcash, a bunch of other ones you've heard of. I shouldn't say every major coin, but every major coin that I think has some technological innovation you know, I've probably got like something in …”

“The most counterintuitive thing about Bitcoin at the time to me was that the extra computation was not going into increasing the number of transactions per second, but rather increasing the security of the system. That was a design decision that was totally fo…”

“To be fair, I pretty much have at this point.”

“Not, I mean, I'm six figures in, so not that many doubts, but so maybe I'll take your advice and do it.”

“What I think happens at the limit is that all of these different cloud cultures are like their own societies. And so right now the main, main organizing principle of society is the nation state, which is also an economies of scale centric model. Right. But if …”

“I really dug the twenty one million hard cap as a solution to bad central banking policies.”

“So I got back in 2012. My buddy paid me back for a beer with something called a Casatius coin.”

“Bitcoin in so many ways is a religion, and this is just yet another, like, you know, religious mark. Basically, you know, this is the yarmulke. This is the thing you wear that, that says, hey, I'm a part of this religion. And you know, putting it in the profil…”

“Crypto probably, Bitcoin is probably, Bitcoin plus Ethereum has probably created more individual billionaires than any other project, right?”

“People hypothesize like Tether is being used to pump Bitcoin. I think that's completely unfounded. It was based on a University of Texas research report, which I don't even know if you could call it fucking research, but it was like a research report where the…”

“So I started to make, I saw their strategy for eToro and I made that for myself. So I took like the most popular Bitcoin memes and then wrapped it in my own black and white design to where you could search like Dan Held and you'd see a bunch of black and white…”

“Bitcoin wasn't here to disrupt a Visa or PayPal. Bitcoin is here to disrupt the existing financial system and central banking.”

“Bitcoin wasn't a new innovation. It just kind of Frankensteined all these other innovations together, and that's how Satoshi built Bitcoin.”

“Technically I'm over 100% of my net worth in Bitcoin because I took a small leopard position back when Bitcoin was 7000 dollars at the bottom of the cycle. Because I believe that Bitcoin, you know, in a bull run obviously appreciates. So I technically over a h…”

“Our idea lab was backed by this couple, Michael and Xochitl Birch. It's basically an individual couple who's, you know, independently very wealthy. And so he come, Michael comes by for lunch the next day. He's like, Hey, the lawyer, like our lawyer, Susan told…”

“And if you look at mobile phone adoption and internet adoption, Bitcoin is on a faster pace than both of those.”

“You know, that 5000 Bitcoin I mentioned all that money actually came in before there was any corporate entity set up to do anything. And so essentially the way it worked was the blockchain was running, and if you sent Bitcoin to this treasury wallet the blockc…”

“Probably, yeah, probably, because, you know, I basically started it, my goal was to put in 25%, I think, put, I put 20 in, and then it started going up so much, I just, I stopped at 20, and you know, I should have just gone all in, I should have gone all in li…”

“There's really no evidence of the existing evidence that's there. This is kind of like speculative data points you have, how Finney's fits the story in my worldview the best. So I think it's him.”

“Throughout this case, there's like three or four different FBI agents or like DEA agents who are convicted and go to prison because they started talking with Ross and getting into Bitcoin. And they eventually like started feeding him information about what the…”

“Silk Road got famous because they had something like if you do like today's dollar it basically made Bitcoin popular because it was like eBay for drugs and something like ten billion dollars went through it in only two years since he started it.”

“Billy, his dad was Tim Draper, who eventually goes on to buy the Bitcoin. I think he was a billionaire already, but he bought the Bitcoin that Ross was arrested with because they, the government auctioned it off. And that Bitcoin is like worth like five billio…”

“And at the time he had a 144,000 Bitcoin, which at its peak at 60 K, it's like 8.5 billion dollars that he had.”

“This is why people love Bitcoin. They're like, wow, if somebody could have hacked this or spoofed this or done a double spend, There is a literally like half a trillion dollar prize for the taking. And because it hasn't, that just shows you how secure this is.…”

“My prediction in 2013 was that Bitcoin will go to about a 100,000 dollars and then stabilize. I'm sticking with it. I think it'll get there. I'm not sure that it in particular has the appropriate utility to reach a higher store of value.”

“I'm one of those guys who lost a bunch of coins in the Mount Gox hack. Oh man, I got Gox good. And it was one of those things where there was no, like looking back, everyone's like, Oh my God, I can't believe that, you know, you would have, and I had most of m…”

“And I think that Bitcoin is currency trading, right? Like just buy great businesses, do the thing, you know, and I think everyone is just speculating on this stuff and there's a ton of fascinating arguments for it and I follow it, but I have just fully steered…”

“I probably put a couple 100,000 dollars in at that point. But I was like, you know, I'll just wait it out. At that point, I think it was around 80 to 90 dollars per Bitcoin.”

“If I were a betting person, I would not bet that the odds are what do you think they are? Could happen, but nowhere near the probability that that he's suggesting.”

“A couple of years ago we got into the Bitcoin space and we started a trust called the Bitcoin Water Trust, where we raised a hundred Bitcoin to start, and we said, we're gonna lock them all up in cold storage until at least twenty-twenty-five. So we're not go…”

“The best way for Bitcoin to really work is for the U S to collapse.”

“I think that 90% of the rest of the stuff is a complete scam. I think NFTs are, for the most part, total bullshit. I think Web Three, for the most part, is total bullshit. And I think that the people who entered into that space oftentimes are horrible entrepre…”

“I grabbed all the money I had. It was a couple of thousand dollars and I, well, I didn't just buy Bitcoin. I was like, the degenerate in me, I was like, okay, let me try and maximize this opportunity. So I went on, people know BitMEX. I went leverage long on B…”

“We issued a million dollar bet to anyone on Wall Street. And we were like, we'll take Bitcoin. You take any other asset, like just pick anything over the next 10 years. If you beat us, like you get a million bucks. If Bitcoin outperforms, we get a million buck…”

“He sat with us for an hour and just kept berating me with questions and just trying to actually understand Bitcoin and blockchain technology and all these things.”

“So he currently has 14.96 billion Dollars of Bitcoin in MicroStrategy, and it's up 97% all time. So he's put in 7.3 billion, and now it's sitting on fifteen billion of assets.”

“I think it is riskier for a company to sit with five hundred million dollars in US dollar cash on their balance sheet than five hundred million dollars worth of Bitcoin. And the reason being that or maybe the one clarifier is if you have a long-term oriented p…”

“And he went from owning zero Bitcoin in July of 2020 to today he has more than 210,000 Bitcoin, which is more than one percent of the Bitcoin network.”

“The Bitcoin halving is coming, and that's just when the daily incoming supply, the number of Bitcoin that get created each day, is gonna get cut in half, from 900 Bitcoin to 450. So like, I always joke, if you went to Economics one-on-one class, supply and de…”

“Basically when I when we got bought by Twitch, I had a bunch of cash come in and I was like, you know what? I'm moving. I put, I was like, I'm gonna, I tweeted out, I'm putting 25% of my net worth into Bitcoin.”

“I think Solana is going to go up a lot. It's going to go up a lot more than Bitcoin. I think it's going to go up a lot more than Ethereum in this specific bull market. Cause it's a smaller market cap. There's a lot of energy and excitement around it and all th…”

“Well, I sold it. And bought Bitcoin.”

“And so he was the first public company that wasn't like a crypto miner or something like that to go and say, I'm going to put like 85% of my balance sheet into Bitcoin.”

“When Bitcoin, when the Bitcoin paper was released, Peter Todd would have only been something like 23 years old.”

“Once you do that, you can't unwind it. So once everybody owns it in their ETFs or their retirement accounts, what are they going to do? You can't, it's too embedded in the system at that point. You can't like, you can't rip it out. It's tentacles are too deep.”

“So I don't know if this is the guy or not, but it is probably the most. It's one of the most compelling things. And it's funny. It's being so discredited by the community. So either I'm missing something which is entirely possible, or it's sort of wishful thin…”

“The way I look at it is Bitcoin's a savings technology, so people use, people think Bitcoin's gonna make them rich. Actually, the true purpose of Bitcoin is a store value, meaning it's meant to keep you rich.”

“And by the way, people, when they've looked at the code, they're like, this is not done by like a super sophisticated programmer. Like there's things that when you look at the code, you can sort of see the elegance of it, the styling of it, all that. The level…”

“It's the fastest growing ETF product in the world is Bitcoin.”

“And I just thought that when a top two or three risk gets de-risked, that should change your underwriting on the price.”

“MicroStrategy stock, which today trades at like a two and a half times Multiple of NAV. You know, NAV is the net asset values, like the underlying asset that it holds, right? It owns thirty-three billion dollars of Bitcoin. So the question is, why is it an eig…”

“There is no strategy that is risk-free. There is no free lunch. And I think that right now, the entire narrative is about how this is a free lunch, how this is a free money glitch, and I don't believe that.”

“He owns about one percent of the Bitcoin float today, and he's trying to get, you know, two percent, basically.”

“They've basically acquired almost 400,000 Bitcoin. they've outperformed every company in the S&P 500. And last week alone, it saw one hundred and thirty six billion dollars of trading volume.”

“I know they have the, they own more Bitcoin than the total market value of their stock, stock market. It's like a billion dollars in, in, in Bitcoin.”

“The US has it because they seized the Silk Road, right? So they have, you know, the US has twenty billion. China has twenty billion. UK has six billion.”

“Actually, looking at my assets, it's probably Bitcoin number one, Nvidia number two, and then like, the house that I live in number three.”

“For example, I had the opportunity to invest in Coinbase, not super early, but like, let's say, series A or B, somewhere there. And I remember doing the math and being like, okay, I believe in Bitcoin, should I invest in Coinbase, the exchange, or buy Bitcoin?…”

“They stole seventy two million dollars in crypto and then were trying to launder it, and every, they were the only two people on the entire internet who wanted the price of bitcoin to go down. And they had, every time they were trying to launder it would doubl…”

“Next thing you know, he's making millions and millions and millions of dollars a day as the biggest drug dealer on the internet.”

“Luna basically went broke, and it brought down Bitcoin with it, and I basically landed and then lost a million dollars, and it was just trying to hang out with my wife and just be like, okay, cool I'm just not gonna mention this, like how expensive this vacati…”

“Bitcoin is just purely a, Bitcoin's a meme coin. We just all believe in it.”

“So our friend Pomp, Anthony, they SPAC'd a company, and the company's goal was to do the kind of Michael Saylor playbook, which is, it's a Bitcoin acquisition and finance company, and so what they're doing is they raise, I think, seven hundred fifty million do…”

“There's another guy that's got this story where he his USB or his hard drive, his Bitcoin hard drive was in the landfill. And he was trying to search for it. They wouldn't let him. He's like, I will buy the whole landfill. And he tried to purchase the landfill…”

“In 2011, he gets paid to make a video about Bitcoin. And again, 2011, so, you know, Bitcoin, I think the white paper was like a oh nine thing. I think Bitcoin started in 2010, so it's one year into Bitcoin. And he makes an educational video about Bitcoin. He g…”

“The original trade, Bitcoin, was at about 300 dollars, and we were buying the claims for about 80 dollars per Bitcoin.”

“I remember early days, Bitcoin, you know, was trading under a thousand dollars, and I said to Naval, so how big does this get? And he said, I said, what's the price of Bitcoin? He said, a million. And I said, a million? It's only at like, you know, 800. And I …”