The Mustard Seed—a bitcoin and long-term thinking podcast

Passive capital is chasing bitcoin to $1,000,000+ with Michael Saylor

6 snips
Jul 16, 2025
Michael Saylor, Chairman of MicroStrategy, is a passionate advocate for Bitcoin as a treasury asset. In this discussion, he reveals how companies can unlock trillions in passive capital with preferred equity while arguing Bitcoin's potential to outperform the S&P 500 long-term. Saylor explains strategic methods for Bitcoin treasury management, including the use of BTC-backed credit for market defense and the overall reshaping of capital markets around digital scarcity. He urges corporations to rethink traditional finance principles to fully harness Bitcoin's advantages.
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ADVICE

Bitcoin Strategy Priorities

  • Prioritize making the core operating business cash flow positive and stable before expanding Bitcoin strategy.
  • Clearly communicate your plan for cash flow, equity issuance, and credit strategy regarding Bitcoin acquisition.
ADVICE

Use Preferred Securities for Leverage

  • Bitcoin treasury companies should issue preferred securities instead of senior debt, junk bonds, or convertible debt.
  • Copy MicroStrategy's preferred securities structure to attract investors familiar with their predictable performance.
INSIGHT

Bitcoin's Superior Long-Term Growth

  • Bitcoin's long-term growth rate will likely decelerate from ~55% to 20% annually over 20 years due to the law of large numbers.
  • Bitcoin should outperform the S&P 500 because it lacks corporate, currency, and political risks that burden traditional equities.
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