"I haven't sold a single sat."
Michael Saylor (@saylor) is Executive Chairman of Strategy, the largest corporate holder of Bitcoin on earth. While crypto twitter blamed him for the correction over a 32-coin sale, he sat down with me in Prague and explained why Bitcoin is really lagging and why it has almost nothing to do with Bitcoin.
"We bought 175,000 Bitcoin this year, which is like 20% of all the Bitcoin ever bought. We sold 32. 32 works out to be two basis points."
We cover:
- Why Bitcoin is lagging while the S&P prints all-time highs, the "massive AI black hole" pulling capital out of crypto
- Why he thinks the money rotates back by Q4
- The 32-BTC sale, the scapegoat dynamic, and why he hasn't sold a sat of his own
- Why a 50% drawdown is normal, the 2022 one was 75%
- The Apple and Amazon adoption curve, and the "Warren Buffett moment" he says is still coming
- What actually happens to Strategy if Bitcoin stalls for 40 years
- Why he believes being irrelevant is the only thing worse than being hated
Thanks to Michael for coming on @new_era_finance.
Highlights:
00:00 - Intro
00:25 - Bitcoin Is Now Digital Capital
03:30 - Digital Credit, Invented In 12 Months
07:40 - Why Bitcoin Is Lagging The Market
12:15 - The Apple & Amazon Comparison
18:30 - Did Saylor Sell His Bitcoin?
21:00 - We Bought 175,000. We Sold 32.
25:00 - Defending The Credit & The Equity
29:30 - What If Bitcoin Stalls For 40 Years?
33:00 - The Warren Buffett Moment Is Coming
37:00 - Being Hated vs Being Irrelevant
Wait, the key to successful trading is really just mostly patience and discipline?
Not 100x leverage, 17 different indicators, and random YouTube strategies?
My wife asked how today's trades were going
“Good” I said
“Are we making money?”
“Well.. not yet”
“So… what’s good about it?”
I showed her the chart
Explained the setup
The levels
The structure
She stared at me and said:
“So you’re losing money… but confidently?”
I laughed
“Exactly”
Confidence without a plan is gambling
A plan without confidence is useless
You need both
Small losses teach. Big losses traumatize.
That is why real traders obsess over one thing
Never let the big loss happen.
A trade can end four ways.
Small win.
Big win.
Small loss.
Big loss.
Your whole job is to eliminate the fourth one.
Not just for your account. For your mind.
Big losses do not only take money. They damage confidence. They damage discipline. They make you hesitate when you should act and force when you should wait.
So tighten risk. Respect stops. Protect capital.
The boring stuff keeps you alive long enough for skill to compound.
Make today the day you say, “never again.”
The more 'boring' my trading is the better my results are
Scan -> identify -> execute -> wait
Sometimes so boring that I over-manage positions out of boredom during the "wait" period
If you need an adrenaline rush find a better outlet that doesn't risk a bunch of your money
Even Great Traders
spend years to master in trading:
Marty Schwartz : 10 years
Jesse Livermore : 6 years
Mark Minervini : 6 years
Paul Tudor Jones: 5 years
And
You think you will succeed in 6 months!
Don't forget, you can:
Start at 30. Fail at 33. Start over at 34.
Struggle. Improve. Fail again. Make progress. Start again at 44.
And still be a success.
You can do this, never quit!
Six Important Guidelines in Life
When you are Alone, Mind your Thoughts.
When you are with Friends, Mind your Tongue.
When you are Angry, Mind your Temper.
When you are with a Group, Mind your Behavior.
When you are in Trouble, Mind your Emotions.
When God starts Blessing you, Mind your Ego.
Markets don’t move when you’re excited. They move when you’re exhausted.
Consolidations exist to drain belief, to break the greedy, the leveraged, & the impatient.
When most people stop believing in the next rally…
that’s when the rally begins.