Michael SaylorFounder & Chairman

I wanted to make a lasting technical contribution to the world. MicroStrategy focused on business intelligence, developing software to help organizations extract valuable insights from large, raw data sources. We built that into a global enterprise intelligence company.

When the lockdowns took place, the global economy turned upside down. I realized that cash was rapidly losing its purchasing power. I started searching for a superior capital asset and discovered Bitcoin, which has since grown our corporate value from one billion to over sixty billion USD.

Bitcoin represents the digital transformation of assets. It allows individuals, families, and weak nations to convert their economic energy into an encrypted form that they can fully own and protect with a private key, ensuring a more powerful entity cannot take it away.

Fiat currency requires permission from a network of commercial and central banks to hold or transfer. If you walk through an airport with a stack of cash, the government can seize it. If you keep it in a bank, the bank controls when and if you get it back.

It is incredibly difficult to transport millions of dollars in gold or physical cash across borders without state interference or massive fees. With Bitcoin, I can encrypt millions of dollars on a private key or send a text message to transfer value anywhere globally in seconds.

A century ago, an acre of waterfront land in Miami Beach cost ten thousand USD. Today, that same acre costs ten million USD. The land did not change, but the currency lost about seven percent of its value annually, resulting in a thousand-fold debasement of the dollar.

Buying a home is often a debt trap. With high mortgage interest rates, property maintenance costs, insurance, and a two percent property tax, you end up paying the entire cost of the house to the government in tax every few decades. It is not an efficient store of value.

Commercial real estate is a better vehicle because you can structure lease agreements to pass property taxes, maintenance, and insurance costs directly to your tenants. This allows the underlying capital asset to appreciate alongside currency debasement without eating into your returns.

The average citizen should not have to become a real estate appraiser, a stock analyst, or a tax expert just to preserve their hard-earned wealth. Bitcoin allows anyone to buy a scarce, appreciating digital capital asset without the high maintenance and transaction costs of traditional property.

Gold has returned twelve percent annually over the past six years, the S&P five hundred index returned fifteen percent, and technology stocks returned eighteen percent. Over that same period, Bitcoin outperformed them all with an average annual return of thirty-three percent.

We are entering a digital transformation of intelligence where software will handle copywriting, coding, law, and research perfectly. Combined with a billion humanoid robots performing physical labor, technology will drive down the cost of consumables, creating an age of material abundance.

AI and robots can produce infinite utilitarian consumer goods like food and electricity, making them cheap. However, they cannot create infinite amounts of scarce capital assets. There will always be a desire for exclusive property like a beachfront home, which keeps money relevant.

In 2025, we maxed out the convertible bond market to buy Bitcoin. I used ChatGPT to design a novel credit instrument: a variable dividend rate convertible preferred stock. By dynamically adjusting the yield, we raised fifteen billion USD to acquire more Bitcoin.

Short sellers argued our stock was worthless because we could never sell Bitcoin without crashing the market. To protect our equity and credit value, we sold a tiny fraction of our holdings. We proved we could pay dividends with Bitcoin without impacting the market price.

I expect Bitcoin to appreciate by approximately thirty percent annually for the next twenty years, eventually slowing down to around twenty percent. It remains the most compelling long-term capital asset, outperforming the S&P index by a factor of one point five to two.

Do not try to outwork the robots or pick individual stocks. Spend your money on a premium AI subscription to train your mind and build domain expertise. Any excess capital you do not need for the next four years should be put directly into digital capital like Bitcoin.

Applied statistics helps you separate meaningful signals from noise. Reading synthetic histories, like the Story of Civilization, gives you the wisdom to realize that your contemporary challenges have already been encountered and solved by prior generations throughout human history.