Introduction:
In a recent fireside chat hosted by Bernstein, Michael Saylor, co-founder and Executive Chairman of MicroStrategy, discussed his Bitcoin investment thesis and how his company transformed by adopting Bitcoin as its primary treasury reserve asset. Moderated by Gautam Chhugani of Bernstein, the conversation covered the rationale behind MicroStrategy's bold Bitcoin strategy, its impact on the company, and the broader implications for investors and businesses.

MicroStrategy’s Journey to Bitcoin:
Founded in 1989, MicroStrategy was a low-growth enterprise software company by 2020, with stagnant business prospects and $500 million in cash. Faced with the choice of risky acquisitions, share buybacks, or holding cash with 0% interest, Saylor opted to take a risk on Bitcoin. He viewed Bitcoin as a transformational monetary network, likening it to investing in tech giants like Google or Amazon before mainstream recognition. Since adopting Bitcoin, MicroStrategy has built one of the largest Bitcoin balance sheets, positioning itself as a pioneer in digital capital strategy.

Bitcoin as the Superior Asset:
Saylor described Bitcoin as "digital gold," perfect money, and a unique diversifier that outperforms all other asset classes. With a compound annual growth rate (CAGR) of 49% over the past four years, Bitcoin has consistently outperformed traditional investments, including the S&P 500, real estate, and gold. He emphasized that Bitcoin is a 1,000-year asset, capable of preserving value without counterparty risks associated with physical and financial assets. Unlike traditional capital, Bitcoin is durable, scarce, and immune to inflationary pressures, making it the ultimate store of value.

The Investor Dilemma:
Most returns in the S&P 500 come from a small number of tech monopolies. Traditional portfolios are struggling to keep up with inflation rates, and conventional investments are not delivering desired returns. Saylor posits that Bitcoin offers a solution to this investor dilemma, providing superior performance in both the short and long term. MicroStrategy’s approach has been to leverage this by buying Bitcoin, securing cheap capital, and transforming it into high-yield digital assets.

MicroStrategy's Arbitrage Strategy:
MicroStrategy has raised over $10 billion to acquire Bitcoin, achieving significant returns through smart capital structuring. By borrowing at low interest rates and investing in Bitcoin, the company has capitalized on arbitrage opportunities, outperforming all 500 companies in the S&P 500. Their strategy involves issuing convertible debt, equity, and other financial instruments backed by Bitcoin, allowing them to outperform the market while minimizing downside risks.

Volatility as a Feature, Not a Bug:
Addressing the concern of Bitcoin's volatility, Saylor explained that volatility is not a flaw but a feature that attracts traders, investors, and financiers seeking better returns. Volatility provides the liquidity and opportunities for financial products like derivatives, which help generate superior yields and improve the capital structure of companies that adopt Bitcoin. According to Saylor, the risks associated with Bitcoin are outweighed by its potential as a powerful deflationary asset.

The Future of Bitcoin Adoption:
The chat concluded with insights into the future of Bitcoin as an asset class. Saylor believes that institutional adoption is accelerating, driven by the launch of Bitcoin ETFs, regulatory acceptance, and Bitcoin's integration with traditional finance. As more companies adopt Bitcoin as a treasury reserve asset, demand will drive prices higher, making Bitcoin a necessary part of any long-term investment strategy.

Key Takeaways:

• Bitcoin outperforms: Over the past four years, Bitcoin has delivered a 49% annualized return, surpassing the S&P 500 and other assets.
• MicroStrategy's success: The company's decision to invest in Bitcoin has led to a 1,455% return since 2020, outperforming the entire S&P 500.
• Digital capital transformation: Bitcoin represents a new form of digital capital that provides unmatched security, longevity, and growth potential.
• Institutional adoption: As the asset matures, Saylor expects more businesses and investors to adopt Bitcoin, transforming the capital markets.

Final Thoughts:

Michael Saylor's discussion reveals that Bitcoin is more than just an asset—it's a revolutionary financial technology that transforms how businesses think about capital preservation and growth. With its unique qualities as digital property, Bitcoin offers a sustainable way for companies to protect and grow their wealth in a world of increasing financial uncertainty. MicroStrategy's strategy serves as a blueprint for leveraging Bitcoin to create long-term value in the digital age.

Ready for a Bitcoin Standard? 

Bitcoin has been making headlines for years, but for those just getting started, it can seem complex. At its core, Bitcoin is digital money that allows people to send and receive payments without a bank or middleman. Let’s break down what Bitcoin is, how it works, and why it’s worth knowing about.

What is Bitcoin?

Bitcoin is a decentralized digital currency created in 2009 by an unknown person or group using the pseudonym Satoshi Nakamoto. Unlike traditional currencies like the dollar or euro, Bitcoin isn’t controlled by any government or central bank. Instead, it operates on a peer-to-peer network, meaning transactions happen directly between users.

Bitcoin, NOT cRyPt0

It’s easy for beginners to group Bitcoin with other digital assets or “cryptocurrencies,” but here’s the truth: Bitcoin stands apart. Bitcoin isn’t just another “crypto”—it’s the original and remains unique in both its purpose and structure. Unlike thousands of alternative coins (often called “altcoins”), Bitcoin was created with a clear mission: to be decentralized, sound money that can’t be controlled or inflated by any government or corporation.

What Sets Bitcoin Apart?

1. Decentralization: Bitcoin’s network is supported by a global community of nodes and miners, making it resistant to censorship, manipulation, and control by any single entity. Many other cryptocurrencies claim decentralization but often have central teams or foundations that can influence or change the protocol at will.

2. Scarcity: Bitcoin has a fixed supply of 21 million coins—no more, no less. This built-in scarcity means Bitcoin’s value isn’t eroded by inflation. Other cryptocurrencies, on the other hand, often don’t have such strict supply limits and can be inflated at will.

3. Security and Stability: Bitcoin has the most secure network, with the longest and most proven history. Launched in 2009, it has been battle-tested and has proven to be incredibly resilient. Other projects, while innovative, lack the same level of security, and many have come and gone.

4. Mission: Bitcoin’s goal is to serve as a global, decentralized currency and store of value—an alternative to traditional fiat currencies. Many other crypto projects focus on different, often speculative goals like building platforms for smart contracts, gaming, or decentralized finance (DeFi), which may be valuable but aren’t aimed at the same mission as Bitcoin.

Understanding that Bitcoin is different from “crypto” will help you focus on its primary goal: offering financial freedom and a hedge against inflation. Bitcoin is a movement, not a speculative token or trend. It’s sound money for anyone looking for long-term stability, and it’s here to stay.

How Does Bitcoin Work?

Bitcoin runs on a technology called blockchain, which is like a public ledger that records every transaction. Here’s how it works:

1. Blockchain: Think of it as a digital book that records every Bitcoin transaction. This ledger is secure and transparent, and anyone can view it.
2. Mining: New bitcoins are created through a process called mining, where powerful computers solve complex problems to add a new “block” of transactions to the blockchain. Miners are rewarded with Bitcoin, which helps keep the network secure.
3. Wallets: To use Bitcoin, you need a digital wallet. A wallet is like an online bank account where you store, send, and receive Bitcoin. Each wallet has a unique address, which is like an email address you can share to receive payments.

Why Should Everyone Learn About Bitcoin?

Bitcoin offers several advantages that make it valuable to understand, even if you’re not planning to buy or use it right away.

1. Financial Independence

Bitcoin lets you be your own bank. You can send and receive money without the need for a traditional bank or approval from a third party. This means you have complete control over your money, which can be empowering.

2. Limited Supply

Unlike traditional money, which governments can print in unlimited quantities, Bitcoin has a fixed supply of 21 million coins. This scarcity makes it more resistant to inflation, as the value of Bitcoin isn't easily diluted by "printing" more of it.

3. Global and Accessible

Bitcoin is global, meaning it can be used anywhere in the world. You don’t need a bank account to use Bitcoin—just an internet connection and a digital wallet. This can be especially useful for people in areas with limited access to banks or stable currencies.

4. Privacy and Security

Bitcoin transactions don’t require personal information, which can enhance privacy. Plus, the Bitcoin blockchain’s transparency and decentralized nature make Bitcoin transactions secure and resistant to fraud.

5. Investment Potential

Many people see Bitcoin as “digital gold” and invest in it as a way to protect their wealth over time. Because of its limited supply (there will only ever be 21 million bitcoins) and global demand, Bitcoin has the potential to increase in value over time.

How to Get Started Learning About Bitcoin

1. Read and Research: There are plenty of beginner-friendly resources online, including websites, videos, and books like The Bitcoin Standard by Saifedean Ammous. You can find also an overly simplified version of the book here: 
2. Join Communities: Online forums like Reddit, X (former Twitter), and Bitcoin meetups are filled with helpful information and supportive communities. You can also start by following me on X, LinkedIn, or Instagram.  
3. Try a Small Investment: You don’t need to buy a whole Bitcoin—just start with a small amount to understand how transactions work. Many apps make it easy to get started with a small amount.

For example, Relai app allows you to start with as little as 50 EUR/CHF!

There are also zero fees on your first 100 CHF/EUR purchase each month - up to 1,200 CHF/EUR a year!

By using my promo code SWISSHODLER, you will get also 10% discount on fees. 

No Fear!

Bitcoin might seem complex at first, but it’s simply digital money designed to be decentralized, secure, and accessible. As our world becomes more digital, Bitcoin offers a new way to think about money, independence, and financial freedom. Whether you’re curious or skeptical, learning about Bitcoin can help you better understand the future of finance.

p.s. You can also book a one-on-one Bitcoin Education session with me.

In a world where inflation is chipping away at cash reserves and economic uncertainty is the norm, holding Bitcoin on a company balance sheet is more than just a hedge—it’s a game-changer. Far from being a “speculative asset,” Bitcoin has shown resilience, impressive returns, and a unique value proposition that many companies are still slow to embrace. Let’s break down why every company should hold Bitcoin on its balance sheet and how this can be a lifeline to unzombify any business, giving it fresh energy, growth potential, and future-proof financial strength.

The Case for Bitcoin on the Balance Sheet: A Look at Performance

Bitcoin has consistently outperformed traditional assets, including major indexes like the S&P 500. Here’s a quick look at Bitcoin’s performance compared to the S&P 500 over recent years:

• Over the past 10 years, Bitcoin has averaged a yearly return of around 230%, dwarfing the S&P 500’s approximate 10% yearly average.
• Even in its most challenging years, Bitcoin has bounced back with unmatched strength, recovering losses and outperforming most traditional assets, including bonds, gold, and stocks.
• From 2020 to 2021, when many companies faced tough decisions amid economic uncertainty, Bitcoin skyrocketed from around $7,000 in January 2020 to an all-time high of nearly $69,000 in November 2021, significantly boosting the balance sheets of companies holding BTC.

Outperformance Through Strategy: MicroStrategy’s Bitcoin Playbook

MicroStrategy (MSTR), under the leadership of Michael Saylor, is perhaps the most notable example of how Bitcoin can transform a company’s financial landscape. By converting its cash reserves to Bitcoin, MicroStrategy has outperformed the S&P 500 and even its own business metrics, largely due to Bitcoin's appreciation.

Since beginning its Bitcoin acquisitions in August 2020, MicroStrategy’s stock has skyrocketed:

• Stock Performance: MSTR’s stock outperformed not only traditional metrics but also the entire S&P 500 index. While MSTR initially traded at around $120 before the Bitcoin pivot, it rose over 500% during Bitcoin’s bull run.
• Enhanced Value: MicroStrategy’s strategy isn’t simply about betting on Bitcoin; it’s about preserving corporate value in a way that traditional assets couldn’t provide in today’s inflationary environment.

Why Bitcoin and Not Cash: Unzombifying Balance Sheets

Corporate cash reserves sitting idly on a balance sheet are dead weight, especially in an inflationary environment where cash loses value every year. Holding Bitcoin allows a company to put its reserves to work, giving businesses a new way to grow assets.

1. Preservation of Purchasing Power: With fiat currencies losing purchasing power through inflation, Bitcoin acts as a hedge. Unlike cash, Bitcoin’s fixed supply and scarcity help it hold value and resist inflation.

2. Financial Resilience: During economic downturns, companies with Bitcoin reserves are better positioned to weather financial storms. By securing a portion of assets in Bitcoin, businesses can diversify risk and have a reliable store of value.

3. Attracting Modern Talent: More employees, especially in the tech sector, are Bitcoin-savvy and prefer working for forward-thinking companies. Holding Bitcoin on the balance sheet signals innovation and commitment to future-proofing—a quality that resonates with top talent.

4. Liquidity and Flexibility: Bitcoin’s market is globally accessible and operates 24/7. Unlike other assets that may require banks and intermediaries to liquidate, Bitcoin provides instant liquidity, offering companies unprecedented financial flexibility.

Bitcoin vs. Zombie Business: What “Unzombifying” Really Means

“Zombie companies” refer to businesses that are barely scraping by, weighed down by debt and stagnant growth. These companies are often unable to keep up with inflation and are locked in a cycle of low profitability. Bitcoin’s value growth has the power to “unzombify” these businesses by injecting a higher-yield asset into their portfolios and potentially increasing their balance sheet’s strength and flexibility. Companies that adopt Bitcoin can transition from a survival-focused model to one primed for growth and long-term viability.

Stats and Facts That Make the Case Clear

• Bitcoin’s Supply Cap: Bitcoin has a maximum supply of 21 million, creating built-in scarcity that supports value appreciation.
• Institutional Interest: Recent data shows that institutional investment in Bitcoin has steadily increased, with large companies and funds acknowledging its potential to hedge against inflation and economic instability.
• Hedge Against the S&P 500: Over the last decade, Bitcoin’s average annual returns have consistently surpassed those of the S&P 500, especially in times of economic uncertainty, reinforcing its potential as a corporate asset.

Preparing for a New Standard

Bitcoin on the balance sheet is more than a trend; it’s a shift toward a new corporate standard that values resilience, decentralization, and proactive financial management. Companies that act now stand to gain the competitive edge as the world transitions toward digital and decentralized finance. Those who don’t risk being left behind, stuck in old financial paradigms.

To thrive in a changing economy, companies need more than traditional assets and cash reserves. Bitcoin is the tool that will give businesses the energy, flexibility, and growth potential they need to escape stagnation, future-proof their finances, and join the revolution in global finance. It’s time to consider Bitcoin—not just as a hedge, but as a core part of a smart, forward-thinking corporate strategy.

In a world where financial instability and corruption have become the status quo, leaders like El Salvador’s President Nayib Bukele and Suriname’s presidential candidate Maya Parbhoe represent a new era of economic freedom and sovereignty. By advocating for a Bitcoin standard, they challenge the traditional power structures upheld by fiat currency and central banks, offering their countries a chance to reclaim their financial independence.

Bitfluencers, THE Bitcoin Marketing Team, are listing several reasons why the world needs more leaders like Bukele and Parbhoe who understand and embrace the transformative power of Bitcoin.

1. Breaking Free from the Fiat Trap

Most of the world’s economies are tied to fiat money — a system that relies on central banks printing currency and governments controlling monetary policy. The result? Unchecked inflation, devalued currencies, and economic crises that hit citizens the hardest. Leaders who adopt a Bitcoin standard are breaking free from this fiat trap, offering their countries an alternative to the cycles of debt and inflation.

Bukele’s Case

El Salvador’s President Nayib Bukele put his country on the map when he made Bitcoin legal tender in 2021. By doing so, he freed his country from relying solely on the US dollar and centralized financial systems. El Salvador’s adoption of Bitcoin shows that a small nation can challenge the global economic order, opening up possibilities for growth, investment, and financial inclusion.

Parbhoe’s Vision

Maya Parbhoe, a candidate for president in Suriname, represents the next wave of leadership. She is committed to establishing a Bitcoin standard, offering her country a chance to detach from fiat dependency and the whims of unelected bureaucrats. Parbhoe’s vision is rooted in providing her people with the tools for economic freedom, stability, and long-term growth — values central banks have repeatedly failed to deliver.

2. Empowering Citizens through Economic Sovereignty

Under a Bitcoin standard, citizens regain control over their money. The government and central banks no longer have the power to devalue their wealth through inflation. By promoting policies that encourage Bitcoin adoption, leaders like Bukele and Parbhoe aim to protect their citizens from economic manipulation, putting financial power back into the hands of the people.

Decentralized Finance and Freedom

Bitcoin’s decentralized nature ensures that no single entity can control its issuance or manipulate its value. For citizens in countries struggling with high inflation and corruption, this offers a level of protection and autonomy previously unattainable. By supporting Bitcoin, leaders like Bukele and Parbhoe aim to create environments where their people can save, invest, and build wealth without fearing that their hard-earned money will lose value overnight.

3. Creating Economic Opportunity and Attracting Investment

By adopting Bitcoin as legal tender or advocating for a Bitcoin standard, countries position themselves as hubs for innovation, entrepreneurship, and investment. Bitcoin-friendly policies attract businesses, developers, and entrepreneurs who see the potential of working in jurisdictions where the rules are clear and supportive.

El Salvador’s Example

Since adopting Bitcoin, El Salvador has seen increased interest from international businesses, investors, and digital nomads eager to participate in a Bitcoin economy. The country’s embrace of the Bitcoin standard is transforming it into a hub for financial technology, tourism, and entrepreneurship. This kind of growth is what nations worldwide could achieve if they have leaders willing to take bold steps.

Suriname’s Potential Under Parbhoe

Maya Parbhoe envisions Suriname as a destination for Bitcoiners, developers, and investors. By establishing a Bitcoin standard, she aims to attract international capital, tech talent, and entrepreneurs. Countries with leaders willing to take proactive steps toward economic freedom and innovation will stand out as beacons for investment and growth.

4. Fighting Corruption and Promoting Transparency

Corruption often thrives in environments where central authorities have too much control over money. With a Bitcoin standard, the financial system is decentralized, transparent, and open, making it difficult for corrupt practices to take root.

Bitcoin as a Tool for Transparency

Leaders like Bukele and Parbhoe understand that Bitcoin’s blockchain technology offers transparency in transactions. Governments and institutions can no longer hide financial activities behind closed doors, leading to greater accountability and a more transparent economy. By promoting Bitcoin, they show their commitment to honest governance and fighting corruption.

5. Pioneering a Global Shift Towards Financial Freedom

The actions of Bukele and the potential of leaders like Parbhoe are not isolated incidents — they are the beginnings of a global shift. Countries that embrace Bitcoin are sending a powerful message: they are tired of being at the mercy of fiat systems controlled by external powers and unelected central banks. By promoting a Bitcoin standard, they are setting an example for other nations and showing that there is a viable alternative.

A Call for More Leaders to Follow Suit

The success of leaders like Bukele and the vision of candidates like Parbhoe demonstrate that the future of finance doesn’t have to be tied to fiat currencies. It’s time for more presidents, prime ministers, and policymakers to follow their example. By adopting Bitcoin, these leaders have the chance to free their nations from economic dependence, build resilient economies, and empower their citizens with true financial freedom.

A Future Led by Bitcoin

The world needs more leaders willing to stand against the status quo and champion financial sovereignty. Nayib Bukele and Maya Parbhoe are paving the way for a future where Bitcoin is the standard, not just a niche technology. By embracing Bitcoin, they are not only securing the financial independence of their nations but also inspiring others to pursue a path of economic freedom.

As Bitcoin adoption continues to grow, we will see more leaders stepping up to align their countries with the principles of sound money, transparency, and sovereignty. The future is bright for nations that choose Bitcoin — and the world needs more leaders like Bukele and Parbhoe to lead the charge.

- Bitfluencers, THE Bitcoin Marketing Team

The Belle Époque was the real deal - back when people were actually building stuff that mattered. Real art, real engineering, real progress. Why? Because they had hard money backing it up. Gold was the standard, and when your money has value, you can actually plan, invest, and build for the future. Fast forward to today? Fiat has turned everything into a joke.

Hard Money Made It Happen - Fiat Ruined It All

The Belle Époque worked because gold kept everything honest. No money printers, no central banks inflating your savings into dust. When you’ve got a sound base, people start stacking, investing, and building. You had bridges, railroads, electrification - stuff that actually pushed society forward. It wasn’t fueled by debt or manipulated markets; it was fueled by real capital.

Now look at this fiat clown world. The money’s fake, the economy’s fake, and everything’s just built on debt and bubbles. Central banks print, governments spend, and your hard-earned cash is worth less every year. They’ve rigged the game, and they want you to play along like everything’s fine. Spoiler: it’s not.

Fiat: The Ultimate Scam

Fiat is a parasite, plain and simple. It’s designed to rob you, to inflate away your work while the people at the top get richer off the backs of everyone else. They control the money, they control the system, and they keep you on the hamster wheel, grinding for scraps while they rig the economy to keep themselves in power. Boom, bust, print, repeat - it’s all a scam.

What did we get out of it? Instead of real progress, we get stock market casinos, housing bubbles, and a culture of consumption. Art and ideas? Forget about it. Everything’s disposable. When your money’s a lie, your society starts looking like one too.

Bitcoin: The Hard Reset We Need

Enter Bitcoin - hard money that these parasites can’t print into oblivion. It’s the tool to break the fiat chains and build a new era that isn’t controlled by central banks and governments. With Bitcoin, there’s no inflation eating away at your savings, no manipulation, no funny business. You stack sats, you save, and you plan for the long term - just like it was during the real Belle Époque.

The fiat overlords hate it because it’s a threat to their game. Bitcoin exposes their scam and offers a way out. That’s why they fight it, ban it, and spread FUD. They know it’s a lifeboat, and they want to keep you drowning in their debt cycle.

It’s Time to Build Belle Époque 2.0

The fiat system is done. It’s time for a reset, and that means building a new Belle Époque, powered by Bitcoin. Sound money lets people create, invest, and thrive. It’s how we get back to real progress - stuff that lasts.

Don’t fall for their fiat lies. Stack sats, opt out, and start building for a future where hard money rules and the parasites get left in the dust.