Michael Saylor joins the show for a conversation on Bitcoin, power, and the treasury company playbook. We recap 2025 and look forward at 2026 with Michael arguing that Bitcoin’s real progress shows up in institutions, credit markets, accounting rules, and bank adoption, not short term price action.

We then get into a confrontational debate on Bitcoin treasury companies, mNAV, and corporate adoption. Michael rejects the criticism outright, arguing that attacking companies buying Bitcoin misses the bigger picture and misunderstands optionality, operating leverage, and risk. We explore his vision of Bitcoin evolving from digital capital into digital credit, why credit rather than price drives power, and why focus and endurance matter more than narratives.

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