Michael Saylor's BTC Prague 2026 Keynote: Bitcoin Capitalism

The Bitcoin network is going to expand to be a hundred trillion network. Bitcoin goes from 70,000 to 700,000 to $7 million a coin. It's inevitable. If we want Bitcoin to grow, Bitcoin has $1 trillion out of 1,000 trillion of capital. Bitcoin represents 10 basis points of all the capital in the world. 99.9% of all of the economic wealth is not in the network. We need to actually convert from 0.1% to 1%, then to 2%, then to 3%, then to 5%, then to 10%. Now who are the big gorillas here? Banks. Wealth advisors, believe it or not, have control over $156 trillion. Well, here if we look at it, the banks actually control a lot of the capital in the world. If the bank can't buy anything related to Bitcoin, there's $200 trillion we're never going to get.

It's nice to be back. It's great to see you all. I wrote an article that I published online about a week ago and it's titled the four Bitcoin ideologies. And those ideologies were the maximalist, the capitalist, the technologist, and the fundamentalist. The maximalist believe that Bitcoin is an instrument of economic empowerment. And I believe most of us are maximalists. The capitalists believe that the way Bitcoin reaches its full potential is to integrate with every company, every country, every capital market, every asset, every person in every way in the world. So they're very interested in the business aspect of integrating Bitcoin into the world. I consider myself to be a maximalist and a capitalist. Technologists believe that Bitcoin reaches its full potential through technology. And I'm a technologist. The fundamentalists believe that Bitcoin reaches full potential by clinging to the values of sovereignty, individual property rights, freedom. And I consider myself a fundamentalist as well. But what I'm most known for is capitalist endeavors. So I put together this presentation to discuss Bitcoin capitalism with all of you today. This will be the first time I presented it. I'm very excited to publish it to the entire world. Hopefully everybody here will be inspired by some ideas and opportunities that will come from this study. So without further ado, Bitcoin is digital capital and it represents the transformation of capital from its physical and financial form to digital form. Of course we know this. It's a revolutionary advance. Instead of having capital that lasts 10 years or capital that lasts a hundred years, it's capital that can last a thousand years. You might say gold is capital that would last a thousand years. But because gold is naturally inflationary, gold has a half-life of 35 or 36 years at 2% inflation rate. Whereas Bitcoin, because it's deflationary, has a half-life of infinity. So Bitcoin represents the longest duration capital in the history of the human race. It's certainly much better than every other kind of capital. If we consider owning a building, Bitcoin doesn't have all the liabilities of physical capital in the world. It doesn't have traffic and tenants and taxes and a mayor and weather challenges and corrosion or regulators. All of these things are liabilities, impairments stripped off of digital capital. And then it's been enhanced in many ways. It's that digital building that's invisible, indestructible, immortal, teleportable, programmable, divisible, immutable, fungible, configurable. So it's all the good things that we can imagine with technology, with most of the bad things that come from politics and physics that we'd like to avoid. And it's global. It represents capital everywhere in the world to everybody. It's the same quality to someone in South Africa or Hong Kong or Ukraine as it is to someone in New York or San Francisco or Miami Beach. You can't say that about a building. You can't even say that about a bearer instrument or a security or credit instrument. Your property rights would be safer in a piece of art or a bar of gold in the United States than they would be in a war-torn regime. Bitcoin is extraordinary in that regard. Now, if we take a snapshot of the network today, we've got a market cap about 1.2 trillion, but the realized value is about 1.1 trillion. It's a liquid asset. It's traded on a thousand exchanges. It's backed by 16 gigawatts of power, 940 exahash. Global consensus has formed that Bitcoin is the dominant monetary network. It is the winner. This is the maximalist notion. One of the major trends of Bitcoin over the past five years is that Bitcoin fell to about 40% crypto dominance in 2021 at the height of the FTX leveraging and the crypto leveraging. Following the failure of FTX and the crypto crash, Bitcoin has just gradually ground up its dominance and now it's back to about 68%, headed towards 70%. There is no close competitor. There is no second best. There's not going to be a flipping. I think global consensus is none of the other cryptos are going to challenge Bitcoin as global capital, as a store of value, as the dominant monetary network. Now it's important to talk about money because we use the word money a lot. What is dominant monetary network and how do I view it? The point I want to make about money is your perspective and your relative perspective colors how you interpret that word. I'm a big fan of Murray Rothbard. I read a lot of Austrian economics. I've read 10,000 pages of Murray Rothbard, all of his economic histories and all of his histories of the American colonies conceived in liberty and lots of his histories of banking and the depression. The Austrian economist would say, "Gold is money, everything else is credit." That's the classic JP Morgan quote a hundred years ago. Gold is money, everything else is credit. A Michael Saylor quote 100 weeks ago: Bitcoin is money, everything else is credit. That is true in the Austrian frame of reference because Bitcoin is the bearer asset without counterparty risk. Thinking through an Austrian lens, Bitcoin is money, art and real estate are just goods. Bonds are credit, equity is equity. If you create a token backed by Bitcoin, which I'll call a yield coin, that would be credit in the Austrian framework. Now, it turns out that 99% of the world has a very conventional view, either a fiat view or a Keynesian view of the world. The conventional view of the world is Bitcoin is capital, it's digital capital. Art and real estate are analog capital. Bonds are credit. Equity is equity. But a yield coin, a coin that's pegged to the dollar, zero volatility, paying 8% or 6% yield backed by Bitcoin, is digital money. It's an important distinction. When I use the word digital money, I'm equating it to the fiat or conventional view, which is money markets are pegged to the dollar and they pay a yield. There are $30 trillion worth of money markets. Most conventional investors think of money as zero volatility fiat currency. An Austrian economist would say that's credit and they would take a different point of view. But you can think about Bitcoin as money in the Austrian frame of reference and yield coin as credit. But if you wish to reach the traditional investor, the credit investor or the non-Austrian economist, you need to use words they understand. They will view Bitcoin, they'll understand capital, credit and money and yield as different words. We'll come back to that later in the presentation. Now let's look at this dynamic. Why is Bitcoin dominance increasing? Bitcoin is part of the entire crypto ecosystem. It's about 68%, actually it's about 70% of the cryptos. It's a little bit less if you include the stable coins. What's happening right now is that digital credit has exploded in the last 12 months. Digital credit is an 11 billion asset class, almost a 12 billion asset. 12 months ago, it was zero. All of that capital was flowing into Bitcoin. So as STRC and SATA, those are two digital credit instruments, as they grow, capital flows to Bitcoin and Bitcoin dominance increases. The digital money business is emerging, but we're starting to see hundreds of millions of dollars, soon to be billions of dollars, flow into digital money built on digital credit. The people buying the digital money are selling stable coins or they're selling other crypto tokens to buy digital money. If you want a crypto token that generates yield right now, you're either buying Solana or Ethereum or some staking token in order to get yield in the crypto economy, and those people might swap that for digital money backed by Bitcoin, or people are buying Tether and Circle which are backed by currency equivalents with zero yield. There's about $325 billion of that. People are starting to swap that for digital money. As they swap stable coins or crypto for digital money, that will drive digital credit and that will drive digital capital and that will drive Bitcoin dominance. So digital credit and digital money are actually killer apps that are strengthening the Bitcoin network right now. All of those things I think are bullish. I think this is a really good year for Bitcoin and its emergence as global digital capital. That's the consensus in the world. I don't even think the other people in crypto would even debate that right now. There was a debate five years ago about whether the flipping was coming and will somebody else challenge Bitcoin for dominance or monetary dominance. But I don't really think people think that anymore. I think right now it's clear that Bitcoin is one. It is the dominant network. It may take 10 years for the entire world to realize that they all need a digital monetary network, but I think it's clear there's not anybody else that's going to rise to challenge. Amazon and Apple were both very clearly winners in 2010 to 2012, but it took somewhere between 6 and 10 years for global consensus to form that they were essential to civilization. Often times you see the dominant network form and then it's eight years before everybody on the street or the mainstream media will agree with you. I think we're here with Bitcoin. So let's talk about how we make Bitcoin better and how you make money off of Bitcoin. If we want Bitcoin to grow, Bitcoin has $1 trillion out of 1,000 trillion of capital. Bitcoin represents 10 basis points of all the capital in the world. 99.9% of all of the economic wealth is not in the network. We need to actually convert from 0.1% to 1%, then to 2%, then to 3%, then to 5%, then to 10%. I don't think we'll get to 100%. I think there will always be other forms of capital, but I do think building that bridge and building those channels for money to flow from the conventional economy to the Bitcoin economy is really critical. That's what all the capitalists are thinking about. Now, the key here is it's not one flavor of capital. Capital is stratified and it's at least 10 dimensions. I've got a 10-dimensional model. I want to talk about the 10 dimensions of which capital is stratified by how is it stranded. How do we rescue the capital that's trapped all around the world? Each of those dimensions has 10 key elements. So if you look at this matrix of 10 by 10, there are so many different places and so many products and services that need to be created to channel the capital from the conventional world, the traditional world, into the Bitcoin economy. Each one of those requires a product, a service, an asset, and probably a company behind it to do it. So let's start with the first dimension. Capital comes in different assets. You've got commodities, you've got equities, you've got credit instruments, you've got derivatives, you've got real estate, you've got money. Here I'm referring to cash equivalents in fiat, and you've got tokens. If you look at the stratification, what you see is a lot of the capital sits in the bucket of real estate, credit and equity and money instruments. Zero volatility currencies in euros and dollars etc. So it's not enough for us just to attract all the money that's in gold or silver or commodities. It's just not enough. We have to actually give people that invest in real estate or credit or equity reasons to buy a product that's backed by Bitcoin. Each one of those assets has various variables. For example, the maturity, the yield, the legal form of the asset, the accounting treatment, the tax treatment, the classification. These are all important things. The assets also have functions and the capital has functions. Some people want capital as working capital. Some want it as store of value. Some are looking for capital appreciation. Some of them are using it as collateral or payments. When you look at how the capital is stratified by use case, you can see store of value and capital appreciation are big. That's a good thing because Bitcoin meets those two natively. But then a lot of people want income or collateral. There are other flavors of Bitcoin that would actually work better. Some people want payments. For people that are trying to actually use capital as payments, they'll be much more interested in zero volatility fiat pegged digital money because they're actually swapping at high speed a currency equivalent for a product priced in that currency. The products have their own variables. When you consider the use case and you drill into it, there are different liquidity requirements, different income requirements, different portfolio roles. So it's a very multifaceted thing. The third way that capital is stratified is with custody. How do you custody it? Self-custody. Do you use a bank, a commercial bank, a custodian? Are you using broker dealers, prime brokers, exchanges? If the capital is custodied at a certain place, then you want to build a product to actually support that or transform that. You can see right now certainly self-custody is an extraordinary opportunity, but custodian banks, commercial banks and broker dealers have a big role in the system. Each of the custodians has different characteristics. How they control their keys, how they segregate powers, whether or not they can rehypothecate. Are they insured? What kind of audit and jurisdiction do they fall under? These things are important. That takes us to jurisdictions. Capital in China is not the same as capital in Monaco or capital in New York or capital in Cuba or capital in Russia or Iran. You have lots of jurisdictions. They have lots of different regulators. If you look at where the money is in the world, you see, of course, a lot of the capital is in the United States, but China, the EU are other big players. There are 664,000 jurisdictions that have different laws, different tax laws. Many of them have different security laws. They have different restrictions about what assets you can buy and sell and trade and transfer. You would think this is maybe only 10 or 20 sets of laws. It's not. It's a thicket of laws. If you create a product or a service, it may work in one jurisdiction but not another. If you're wondering why there's so much work to do for so many companies, it starts with so many jurisdictions. The jurisdictions have their own tax code, their own securities law, they have their own custody rules, they have their sanctions rules, they have accounting rules, they have their own currencies. It's quite extraordinary. Now, another way that capital is segmented is by distribution channel or network. If you think about the different ways that capital moves around, it moves on listed exchanges, crypto exchanges, bank networks, payment networks. Now, who are the big gorillas here? Banks, advisory, wealth advisors, believe it or not, have control over $156 trillion, exchanges and funds. So if you create the world's best product, but it's only going to appeal to peer-to-peer, you're going to be segmenting yourself into a small niche. You need to figure out how to get to the capital that's moving in the bank networks and the advisory networks and the listed exchanges. They have their own rules, their own customs, their own protocols, each one different. Now, if that's not enough, capital also varies in form. If you have your money in a retirement account, there are totally different rules about how you can invest it than if you have your money in a taxable brokerage account. If you think about all the different accounts and all of the rules around there, you see that a lot of money is in the bank and there are rules about what the bank can allow you to do. A lot of money is in funds or retirement accounts, but a lot of capital is tied up in insurance policies, corporate treasuries and trusts. The capital can only buy what the account permits. For example, even today retirement accounts in the US, they won't let you buy Bitcoin. It's a huge political advocacy effort in order to change the laws in every jurisdiction to allow that capital which is stranded in those accounts to be able to flow into either Bitcoin or the Bitcoin derivatives, the digital currency, the digital credit, the digital money, etc. Think about the rules that come with each one. The reporting requirements, the beneficiary rules, the permitted usage, the custody rules, the leverage rules. Like it or not, the government dictates and each government and each jurisdiction might dictate what you can do with this capital. Now, the other dimension of capital is risk. How much risk are you willing to take? How much risk will you tolerate? There are lots of different types of risk. Market risk, currency risk, duration risk, regulatory risk, credit risk, technical risk, security risk, theft risk, counterparty risk. This is a segmentation of how that capital is exposed at a high level right now. When you're designing a product or creating a service, you have to consider which kind of risks are you mitigating and which kind of risk are you passing through to the investor, because that risk can be reshaped. You can modify volatility. Legal enforceability, collateral ratios, draw downs, tax uncertainties, all of these things either can be managed or are not managed. Another element of capital is liquidity. Some capital needs to be available instantly. Other capital you want on an intraday basis or you need daily liquidity. Maybe you want to be able to redeem it at the end of the day. Maybe you want weekly, monthly, quarterly liquidity. If you look at the capital and the amount that people want to lock up for a year versus the amount that they will lock up for a day, it gives you a sense of where the capital is right now in the world. Interestingly enough, $350 trillion of capital is illiquid. One of the most interesting aspects of digital assets, of Bitcoin, of digital credit, of digital money, is that it's all extremely liquid. As we're creating products that replace real estate or replace other sorts of alternative assets, we're swapping an illiquid opaque capital asset for a liquid opaque asset. It's a big benefit to the capital markets. Each of those liquidity terms comes with its own variables. Is it callable? Is it putable? What is the volume of it? What are the spreads in the liquidity? The bid-ask spread in a well-traded equity is one penny, but the bid-ask spread in a convertible bond on an over-the-counter exchange is 3%. It can sometimes be the difference between one basis point and 300 basis points. It's 300 times as expensive to get the liquidity in and out depending upon the way it trades. I left out one of the more important stratifications. It's the investor who actually controls and owns the capital. Is it retail? Is it a family office? Is it a corporation? Is it a bank? Well, here if we look at it, the banks actually control a lot of the capital in the world. If the bank can't buy anything related to Bitcoin, there's $200 trillion we're never going to get. That's why we have advocacy efforts to try to get the Basel rules fixed and reversed. Why do we want the Treasury to give positive guidance? Because you don't want to be locked out of 20% of all the money in the world. But you also see a lot of capital is with asset managers, institutions or pension funds. Some is locked up in insurance companies. No insurance company can buy Bitcoin today. Well, almost none. Banks can't. So you either have to get the regulators to change the classification of BTC and to normalize it and legitimize it. That is part of our advocacy effort everywhere in the world. In Washington DC, when we're meeting with regulators, what the Bitcoin Policy Institute is doing, they're working to legitimize this asset in those channels. But the other way to solve the problem is to create another product, a security or a service, a credit instrument, an equity instrument, a debt instrument that will be compliant with what an insurance company or what a pension could buy. That's an early effort, but that's one of the great opportunities of Bitcoin capitalism right now. If you're going to do this well, you've got to think about a lot of different things, and you've got to understand them in the jurisdiction you're working in. Finally, those products have characteristics, whether they're fixed rate or floating rate or levered or callable or fee-based. All of these things are stratified. There are a lot of different types of product characteristics and capital stratifies by them. Whenever you're designing a product, you have to consider what are the characteristics that are going to appeal to the capital pool you're attempting to attract. So that's the overview of the 10 dimensions. This is the matrix. Now we come back to my 10x10. What you see is that there's a lot of money stranded and pooled in a lot of places on this matrix. If you want to get that capital to flow into Bitcoin, you have to create an instrument, a product, a service, an asset that will actually facilitate someone buying that asset, selling an existing conventional asset, and then having the capital flow through to Bitcoin. Obviously, if we attract 10 trillion dollars of that, those numbers, by the way, are trillions. They're all trillions. $200 trillion. If you attract 10, 20 trillion dollars of that, the Bitcoin network is going to expand to be a hundred trillion network. Your Bitcoin goes from 70,000 to 700,000 to $7 million a coin. It's inevitable. So our exercise is to plug into the capital markets, empower all of the conventional investors, and power up the Bitcoin network and empower the entire crypto economy. I want to talk about companies that are doing this today. My first point is this is capitalism. It's a Darwinian struggle. There are millions and millions of companies. You have companies that are succeeding mightily. The SpaceX's, the Teslas, the Googles, the Apples, the Nvidias of the world. You're always going to have the winners. We've got some winners in the Bitcoin universe. These companies have created 50 billion, hundred billion dollar, multi-hundred billion dollar operations. They happen to be in the Bitcoin space and they've gotten scale. You've got a lot of challengers. I don't have room to list all the challengers on the chart. I just listed a bunch. They're all companies that are growing, that are building products, that are wanting to become 10 billion, hundred billion dollar companies, and they're in a market competition with each other and with the conventional incumbents. Their success will be a function of their own execution, some luck, the competition, and maybe some regulation. This is the Cambrian explosion. All of you have been around for the 17 years. You know there are losers. Mt. Gox didn't work. Silvergate failed. Silvergate and Signature failed not for any fault of their own. They were assassinated. They were murdered by a set of hostile regulators. That happens. There are going to be companies that are actually, all the Bitcoin miners in China shut down by the Chinese. It wasn't a business failure. It was just a political risk and they got caught in the crossfire of politics. Some of these companies failed because they probably had poor financial practices. They made poor decisions. They were mismanaged. Maybe they were overlevered. Maybe they were overstretched. It happens. I don't want to dwell on the failures except I want to say we'll see 10,000 companies do this. They're not all going to succeed. If we waited to be guaranteed success, we would never start the journey. That doesn't mean we shouldn't do it. The fact that a hundred companies try and only three succeed or one becomes a mega winner doesn't mean that it wasn't important for the world for it to happen. We track about 1,400 companies right now that are doing some kind of Bitcoin capitalism. All types: exchanges, wallet device companies, product companies, finance companies, network operators. I want to highlight a few existing Bitcoin products right now that are worth mention. So we look at a Trezor. We've got a hardware signing device. You look at where is it applicable, what function is it providing, what are the characteristics, what investors is it pursuing, and you get a sense, okay, that's one product market fit. Here's Unchained. It's tax-advantaged BTC with client multi-sig. A different service, a different set of characteristics. By the way, it's targeted at the United States. There is no, I don't know the name of the China company or the European company that's attempting to do what Unchained is doing. If you wanted to do this in Australia, it would be different. So if you're a capitalist, you can look at a successful company and you can say, I'm going to copy that model in a different jurisdiction or in a different way. That's totally reasonable. Here's Fidelity offering institutional Bitcoin custody via a New York chartered trust. It's a different type of product. Here's Fold: retail Bitcoin rewards in the United States. Could you reproduce that business model in Japan? Maybe Fold will expand to Japan. Maybe somebody else will do it. It's an opportunity. But what you can see is how sophisticated it is to do this well. Tando, it's a mobile money bridge from Bitcoin Lightning to M-Pesa. Interesting. In Kenya. You can see the product they're creating, the market they're targeting, the opportunity. Here's Relay: non-custodial Bitcoin app in Europe. A different product or a different service for different capital. Here's Cash App. Lots of features. Very successful. Notice it's in the United States. Who's going to be the Cash App outside of the United States? Is it 16 companies that will be the Cash App outside the United States? Interesting question. Hodl Hodl: trading, escrow, Bitcoin-backed lending, rest of world. Interesting. Anchor Watch: Lloyd's-backed BTC insurance for US, multi-sig. Different product to serve a different set of investors with a different custody model. Meanwhile: Bermuda regulated life insurance with BTC premiums and benefits. Interesting. Focused on the United States, the rest of the world. I don't know why there wouldn't be a hundred or a thousand Bitcoin-backed insurance type products. It's a huge industry. Which ones will work? It'll be a function of product design, marketing, distribution, execution, a little bit of luck, circumstance, timing. It all matters. BlackRock's a big winner. You look at IBIT. Extraordinarily successful at wrapping Bitcoin and securitizing it in the United States. Even BlackRock has to create different products to work outside of the United States though, which is an interesting and sobering reminder of how complicated this task is. This is STRC. This is our product. What is it? Short duration, high yield, fixed income, targeting the United States. Will someone create this in a different currency in a different country? Who knows? We're targeting a bunch of different investors. What is another product? Well, MSTR is amplified Bitcoin. It's highly volatile, high volatility, high amplification Bitcoin targeted a certain market. Those are things that exist. Let's look forward. What's a product that the world needs? Well, a strategic Bitcoin reserve. Who is it for? It's for a sovereign investor. You could do it anywhere in the world and there are a lot of values that come from it. Innovators are going to build on digital capital. In this particular case, what I'm most excited about is if digital capital, Bitcoin is competing with gold and real estate, then digital credit is competing with mortgage-backed securities, municipal bonds, and private credit. Digital money is competing with T-bills, money markets, and bank deposits. Fiat currency equivalent in a money market and digital yield. It's going to compete with private equity, public equity, hedge funds, and levered credit. All of these digital products are built on Bitcoin and they're meeting the needs and they're competing in the capital market with all of the conventional products that are built on fiat currency and physical assets and traditional conventional business models. So what's the idea of digital money? Digital money is zero volatility. That means exactly pegged to fiat currency, pegged to the dollar. It's a stable coin. Digital money is Tether that pays you a yield of four, five, six, 7%, 8%. Or it's a digital euro that pays you five, six, 7% yield or a digital yen. So it is a pegged stable currency, but it pays a yield. Where can you build it? You build it everywhere in the world. It's interesting to everybody. Lots of people will build it. You can distribute it in token form as a bank account and a crypto account as a public fund and an ETF and an ETP and a private fund. There's no one-size-fits-all, but the addressable market is trillions and trillions of dollars in the conventional world. The addressable market in the crypto world is $350 billion of stable coins. Digital money is a better stable coin. In fact, it is the mythical Bitcoin-backed stable coin. What would a conventional economist say? A conventional economist would say money is a medium of exchange, a unit of account, and a store of value. In a world where all of the prices are denominated in fiat currencies, then their idea of best money would be a US dollar or euro or yen, a fiat pegged stable coin that paid a yield that was more than the monetary debasement rate. If I can give you a US dollar coin that pays 8%, it's a medium of exchange, a unit of account, and it's a store of value because it's increasing by 8%. Is it the best thing? No. Bitcoin is the best thing. You should buy the Bitcoin. But it turns out that most of the world wants risk-free return. The world wants a risk-free ride. They want to get in an airplane flown by a pilot, go to sleep, and wake up across the Atlantic risk-free. They expect to get there safe. They don't want to build the airplane. They don't want to fly themselves. They don't want to paddle a canoe. They want someone that they trust to take them to their destination without spilling a drop of their water, without turbulence. That's what we want. Make it quick and easy and smooth. Digital money is a way to bridge into the conventional economy and give an on-ramp to people that are afraid of volatility. They're afraid of complexity. They simply want a comfortable experience. Is there a demand for that? We know there is. We know there's $350 billion dollars invested in stable coins that pay you zero. People will take nothing to get a comfortable experience and zero volatility. So we should be giving them something better. Digital yield just takes this step one step further. The idea of digital yield is it's a non-zero volatility or illiquid instrument. What's a perfect website for a broker dealer or a crypto exchange? I go to the page and I pick my currency, dollars or euros or yen or Swiss francs. Then I pick my yield. I want 7% daily liquidity. I'm going to get 7% in dollars. That's easy. If I want, I can ask for 15% or 20% by 2x levering or 3x levering. Then maybe you lock that up for 90 days. I'll take a certificate of deposit if you pay me 15%. Or I'll take one year. I'll make a one-year investment. I'll buy a one-year certificate of deposit. Pay me 20%. Who does this? I didn't invent this idea. Banks invented this idea. Certificates of deposit are old ideas. Right now, there are a lot of banks in the US that will give you 3.5% interest if you lock up your money for 90 days. It's kind of amusing to think that that's a product, but it is a product. What people want is a simple way to invest, a simple way to save without any currency risk and without any volatility. Will they trust an issuer or a counterparty? Of course they will. I just showed you the charts. Hundreds and hundreds of billions of dollars, trillions of dollars of capital trust banks, trust money managers. In fact, the average person, sad to say, would prefer to trust a money manager or a bank or some fund with the decision rather than make it themselves. If we're waiting for people to not want to do that, we'll be waiting a long time. For the people that think for themselves, they already bought Bitcoin. They're already in this room. We are already invested. There's no point in us preaching to people that agree with us because we're already fully maxed out. We need to go find the people that don't agree with us, that have a lot of capital, and give them an on-ramp that's easier, that's less risky, that looks like what they expect. There are thousands of these products that can be built, distributed, marketed, branded everywhere in the world. So starting to wrap up here, there's three ways to participate with Bitcoin capitalism. If you're a saver, if you just have some capital to save, you take your money that you don't need for four years or longer and you buy digital capital, you buy Bitcoin. You're not going to get cash flows, but that's fine. Your grandchildren will thank you. You take the money that you need between 3 months and 3 years or four years and you buy digital credit. It's more stable. It's not as good as Bitcoin, but you're not going to get a 50% drawdown either or 25% drawdown. So it's less of a volatile ride. You take the money that you need in the next 12 weeks, working capital, and then you buy digital money. I anticipate that most people will have some working capital, some mid-term capital, long-term capital, and they could find an asset that's based on Bitcoin that meets all three of their requirements. Investors will take more risk. They're actually going to buy digital equity or digital yield products because they're willing to take a four-year time horizon, accept more volatility, and they want more upside. It gets more sophisticated. If you're an innovator, if you run a company, if you want to build something, if you want to fix the money, fix the world, the money's not going to fix itself. The world is not going to fix itself. As much as we wish, you have to do something. The best way to change the world for the better is to create a viral product. You want to create a consumer product that everybody wants. The illustration I used today in an interview is aluminum is a commodity, steel is a commodity. If you go all through the world preaching that aluminum is lighter and better than steel, the response will be, "It's much flimsier. It's more expensive. I've used steel for everything else. I don't know. I don't want to use it. I'm afraid of it." The way to sell aluminum to the world is not to preach the merits of the commodity. You create an airplane. Now you say, "Look, I created a vehicle, an airplane or a boat. The airplane flies from New York to Tokyo. Do you want to fly to New York to Tokyo in a few hours? Or do you want to row or take a ship?" People will be like, "Okay, I see why you need aluminum. Why can't you do that with steel? Steel doesn't fly. You cannot create a plane with steel. You need aluminum to fly." Even then, they're not going to build a plane. They're not going to buy the plane. They're not going to fly the plane. If you want to sell a bunch of aluminum to the world, you find people that'll build the planes and then you find companies that'll operate an airline. Then you offer airline tickets to a billion people to fly to their favorite destination. The people are going to buy an airline ticket. When they're doing it, they're purchasing some aluminum. If you ask them, "Did you buy the ticket because you liked aluminum?" They'll be like, "No." "Did you know that without aluminum this plane wouldn't fly?" "Oh, that's interesting. Do you trust aluminum?" The plane works. Bitcoin is like that. Digital credit, for example, is like aluminum and cash equivalents, like money markets are like steel. It's better for a lot of things except it doesn't fly. If you want to fly, you need a more advanced commodity or a better material. So what we're doing is creating viral products, the killer life insurance policy, the killer credit, the killer money, the killer pension. People are going to buy the product. It's going to be powered by Bitcoin and it will delight them. No one that buys the iPhone says, "I really wanted the silicon chip and the glass." They don't care about the silicon and the glass. They want the iPhone. What we need to do if we want to spread Bitcoin to a billion people or billions of people and every company on Earth is we need to create these products that will delight people, that are so easy, so compelling that they fall in love with them. With that, I just leave you with a thought. If you want to make money, the best way is to make the money better through some compelling product or service and build a bridge to connect Bitcoin to the global capital markets because those people have 99% of the money. They're not coming to us. We need to go to them. They're going to have different values, different needs, different requirements. If you package Bitcoin in the form that meets their requirement, they will buy it billions of dollars a month, maybe billions of dollars a day, and they'll be happy, and they will tell all their friends, their family, everyone they know that this is a great product. Bitcoin will spread empowerment, good cheer. It'll spread prosperity everywhere in the world, but it will do it by being embedded in insanely great digital products that are constructed by people who are Bitcoin capitalists for a living. That will benefit all of the investors and it will benefit all the savers and everybody else in the Bitcoin ecosystem because ultimately there's 10,000 products to be created and there's 10,000 needs in the world and we're probably going to need a 100,000 corporate efforts to create those things, find the winners, find the right product market fit and change the world for the better. Thank you for your support and thank you for being on the journey with me. I look forward to seeing all of the wonderful, innovative, and beautiful things that you all do.