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Podcasts > The Jordan B. Peterson Podcast > 554. What One Billionaire Knows About Outlasting a Dollar Collapse | Michael Saylor

554. What One Billionaire Knows About Outlasting a Dollar Collapse | Michael Saylor

By DailyWire+

In this episode of The Jordan B. Peterson Podcast, MicroStrategy founder Michael Saylor shares his journey from tech entrepreneur to Bitcoin advocate. Saylor discusses his experiences leading MicroStrategy for over three decades and his investment strategy of focusing on transformative technologies rather than traditional portfolio diversification, which eventually led him to cryptocurrency.

The conversation explores how fiat currencies lose value over time, using examples like the U.S. dollar's declining purchasing power and the economic divide revealed during the COVID-19 pandemic. Saylor explains his view of Bitcoin as a decentralized store of value, describing its technical foundations and how its network structure protects against various threats, from power outages to quantum computing advances.

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554. What One Billionaire Knows About Outlasting a Dollar Collapse | Michael Saylor

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554. What One Billionaire Knows About Outlasting a Dollar Collapse | Michael Saylor

1-Page Summary

Saylor's Background and Path to Discovering Bitcoin

Michael Saylor founded MicroStrategy in 1989, bringing it public on NASDAQ in 1998. Over three decades of leadership, he navigated the company through various business expansions, some successful like Alarm.com, while others faced challenges. Despite maintaining profitability with a $500 million cash reserve and 2,000 employees, the company's growth remained modest against larger competitors like Microsoft.

While leading MicroStrategy, Saylor built substantial personal wealth through strategic investments in transformative tech companies like Apple, Amazon, and Google. His investment philosophy challenged traditional diversification advice, focusing instead on companies he believed would become digital monopolies. Though initially skeptical of Bitcoin in 2013, Saylor's investment strategy in transformative technologies would eventually lead him to embrace cryptocurrency.

Fiat Currency and Traditional Finance Limitations and Failures

Saylor illustrates the erosion of fiat currency value using gold as an example: with a 2% inflation rate, purchasing power halves approximately every 36 years. He notes that even the U.S. dollar, considered the "best currency of the 20th century," lost 99.9% of its value over time.

During the COVID-19 pandemic, Saylor observed a stark division between Wall Street and Main Street. While physical businesses struggled, financial assets experienced significant inflation, benefiting those holding stocks and real estate. He points out that government monetary policies appeared to favor large asset holders over small businesses and individuals, while traditional investment vehicles became less effective for wealth preservation.

Bitcoin's Technical and Ideological Foundations as a Superior Store of Value

After extensive research into cryptocurrency, Saylor came to view Bitcoin as a "divine bank" - a perfect solution for storing value independent of sovereign entities. He emphasizes Bitcoin's immutable and decentralized nature, comparing it to digital gold that can be instantly transferred anywhere.

Saylor describes Bitcoin as an ideology manifested through a protocol and network, embodying principles of sovereignty, truth, and mathematical soundness. He highlights Bitcoin's resilience, explaining that its decentralized structure, run by countless nodes, makes it highly resistant to potential threats such as power outages, hacks, or quantum computing advances.

1-Page Summary

Additional Materials

Clarifications

  • Saylor's investment philosophy challenges traditional diversification advice by focusing on specific companies he believes will dominate their industries, rather than spreading investments across various sectors. This approach involves concentrated bets on transformative tech companies with the potential to become dominant players in the market. Saylor's strategy prioritizes in-depth research and conviction in selected investments over broad diversification across multiple assets. By concentrating investments in what he perceives as future digital monopolies, Saylor aims to achieve significant returns by backing high-conviction bets on select companies.
  • When discussing the erosion of fiat currency value using gold as an example, it is important to understand that gold has historically been used as a standard to measure the value of currencies. The comparison highlights how inflation impacts the purchasing power of fiat currencies over time. For instance, with a 2% inflation rate, the value of money decreases, leading to a decrease in what can be purchased with the same amount of money. This comparison helps illustrate the long-term effects of inflation on the value of money and assets.
  • During the COVID-19 pandemic, the term "Wall Street" referred to financial markets and institutions, while "Main Street" represented small businesses and everyday individuals. The stark division highlighted how financial assets, like stocks and real estate, thrived while physical businesses faced challenges. This disparity underscored the impact of the pandemic on different sectors of the economy, with Wall Street benefiting from government policies and market dynamics, while Main Street struggled with closures and economic uncertainty.
  • Bitcoin being described as a "divine bank" signifies its role as a secure and immutable store of value that operates independently of traditional financial systems. This metaphor emphasizes Bitcoin's perceived superiority in preserving wealth and its decentralized nature, likening it to a transcendent entity for safeguarding assets. The term "divine" implies a sense of ultimate trust and reliability, suggesting that Bitcoin is viewed as a technologically advanced and incorruptible financial instrument. Overall, this description underscores the belief in Bitcoin's ability to provide a secure and sovereign means of storing value, free from the control of centralized authorities.
  • Bitcoin embodies principles of sovereignty by allowing individuals to have full control over their funds without relying on traditional financial institutions. It represents truth through its transparent and immutable ledger, providing a clear record of all transactions. Bitcoin's mathematical soundness is ensured by its cryptographic algorithms and decentralized network, which validate and secure transactions without the need for a central authority. These principles collectively contribute to Bitcoin's value proposition as a revolutionary form of digital currency.

Counterarguments

  • Bitcoin's value is highly volatile, which can be a concern for those looking for a stable store of value.
  • The environmental impact of Bitcoin mining is significant due to its high energy consumption.
  • Bitcoin's decentralized nature, while resistant to censorship, also means there is no central authority to intervene in cases of fraud or theft.
  • The idea that Bitcoin is a "divine bank" is subjective and may not be shared by all, especially given its speculative nature and regulatory uncertainties.
  • Bitcoin's scalability issues and slow transaction times can limit its practicality as a medium of exchange compared to traditional financial systems or other cryptocurrencies.
  • The assertion that the U.S. dollar lost 99.9% of its value may not consider the context of economic growth, productivity, and quality of life improvements over time.
  • While Bitcoin is resistant to certain threats, it is not immune to market manipulation or regulatory actions that could affect its value and adoption.
  • The concentration of Bitcoin ownership is high, which could lead to market manipulation and is contrary to the ideal of decentralization.
  • The assertion that government monetary policies favor large asset holders could be nuanced by considering the complexity of economic policy and its varied impacts on different segments of the population.
  • The claim that Bitcoin embodies principles of sovereignty and truth is philosophical and may not align with the views of those who prioritize legal and regulatory frameworks for financial systems.

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In The Bitcoin Standard, economics professor Saifedean Ammous suggests that bitcoin has the potential to become a new international monetary standard, similar to the gold standard of the 1800s. But the Bitcoin Standard would be superior to the gold standard in a number of ways because the properties of bitcoin make it—at least potentially—a superior form of money to gold, while also solving many of the problems with the fiat currencies that countries have been using since they got off the gold standard. In this guide, we’ll describe Ammous’s vision for a global Bitcoin Standard and look at how close we might be to implementing it. We’ll also compare Ammous’s perspective to that of other thinkers, such as Edward Griffin and Milton Friedman.

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In this guide, we’ll discuss why change and technological progress are occurring at breakneck speed. We’ll then explore the authors’ predictions on how cutting-edge technologies will revolutionize the ways we live and work—from how we learn to how we grow food. Since the book was published in 2020, we’ll provide updates to the authors’ predictions and share additional insights from other experts on how technology trends are shaping our future.

Going Infinite
Michael Lewis

In just a few years, Sam Bankman-Fried went from being a relative nobody to the architect of a cryptocurrency empire whose net worth neared $30 billion. But, even quicker than his empire burst onto the scene, it crumbled in November 2022 with the news that his cryptocurrency exchange, FTX, had lost nearly $10 billion of its clients’ money. In Going Infinite (2023), financial journalist Michael Lewis provides a rare glimpse into the inner workings of Bankman-Fried’s meteoric rise and fall. And although Bankman-Fried has been convicted of seven counts of fraud and conspiracy, Lewis suggests that the case against Bankman-Fried is less damning than outsiders believe.

In this guide, we’ll break down Going Infinite into three main parts, first examining Lewis’s portrayal of the enigmatic Bankman-Fried himself before proceeding to the rise and precipitous collapse of his cryptocurrency empire. We’ll also discuss alternative accounts of Bankman-Fried’s actions at FTX and dive deeper into the nature of cryptocurrency that lay at the heart of FTX.

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554. What One Billionaire Knows About Outlasting a Dollar Collapse | Michael Saylor

Saylor's Background and Path to Discovering Bitcoin

Michael Saylor's journey from a passionate entrepreneur to an influential figure in the Bitcoin community is marked by his early days in entrepreneurship, his battle against industry giants, and ultimately his ventures into transformative technology investments.

Saylor's Career in Entrepreneurship and Software Engineering Before Bitcoin

Michael Saylor, who leaned towards history and liberal arts, founded his own company, MicroStrategy, in late 1989. Despite being surrounded by talented mathematicians and engineers at MIT, Saylor desired to create something new, which reflected in his entrepreneurial drive. Bringing MicroStrategy public on the NASDAQ in 1998, the company focused on selling enterprise software for data analysis and marketing campaigns.

Saylor Led Microstrategy for 30 Years, Attempting Various Business Expansions With Mixed Results

Saylor entered an expansion phase during his 30s and 40s, launching several businesses which experienced mixed success. Some ventures like Alarm.com flourished and became multi-billion dollar companies, while others did not succeed. His first idea was the biggest hit between 1990 and 2020, with subsequent ventures leading to lesser successes. Overexpansion led him to refocus on MicroStrategy's core business. Despite the challenges and constant hard work against formidable competitors like Microsoft, the company's growth remained modest, attracting minimal interest from professional investors. MicroStrategy underwent a massive overhaul and a rethinking of every business process to improve its competitive edge.

Saylor's long-term leadership and branding efforts were exemplified in his continuous work on his company, spanning over three decades. The company, described as an operating business and cash cow, saw Saylor personally buy back $300 million of its stock, demonstrating his commitment to its success. With a $500 million cash reserve and 2,000 dedicated employees, MicroStrategy continued to operate profitably.

Saylor's Experiences That Led Him to Bitcoin

Saylor Grew Frustrated With Slow Business Growth as Larger Firms Dominated

Saylor's work ethic and dedication to MicroStrategy were clear as he tirelessly led the company. Despite being profitable, the company’s growth became stagnant, overshadowed by massive firms such as Microsoft. Saylor detailed extensive efforts to grow the company, including development and marketing outlays and global outreach. He found himself in a frustrating position as the company faced a modest growth trajectory and struggled to break through, contrasting with the impressive achievements of his peers like Elon Musk and Mark Zuckerberg.

Saylor Amassed Wealth By Investing In Transformative Tech Stocks Like Apple and Amazon

While leading MicroStrategy, Saylor made a fortune through private investments in major tech companies like ...

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Saylor's Background and Path to Discovering Bitcoin

Additional Materials

Counterarguments

  • While Saylor's personal investment in MicroStrategy stock demonstrates confidence in his company, it could also be seen as a risky move that concentrates his wealth too heavily in one asset, which goes against traditional investment diversification strategies.
  • The success of Saylor's investments in tech stocks might not solely be due to his insight but could also be attributed to the overall market trend where technology stocks have generally performed well over the past few decades.
  • Saylor's frustration with MicroStrategy's slow growth could be viewed as a lack of adaptability or innovation within the company, rather than solely the result of competition from larger firms.
  • The profitability and cash reserves of MicroStrategy, while impressive, do not necessarily indicate sustainable long-term growth or adaptability to futu ...

Actionables

  • You can evaluate and pivot your career or business strategy by assessing the competitive landscape every few years. Just as a company might overhaul its strategy to stay competitive, take time to review your career path or business model in light of industry trends and advancements. For example, if you're in a tech-related field, consider learning about emerging technologies or methodologies that could make your skillset more relevant and valuable.
  • Diversify your investment portfolio by exploring different asset classes beyond your primary source of income. Inspired by the success found in tech stock investments, you might start by researching and investing a small, manageable sum in a mix of stocks, bonds, and perhaps even cryptocurrencies if you're comfortable with the risk. Use investment apps that cater to beginners and offer educational resources to help you make informed decisions.
  • Reflect on your personal and professional g ...

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Going Infinite
Michael Lewis

In just a few years, Sam Bankman-Fried went from being a relative nobody to the architect of a cryptocurrency empire whose net worth neared $30 billion. But, even quicker than his empire burst onto the scene, it crumbled in November 2022 with the news that his cryptocurrency exchange, FTX, had lost nearly $10 billion of its clients’ money. In Going Infinite (2023), financial journalist Michael Lewis provides a rare glimpse into the inner workings of Bankman-Fried’s meteoric rise and fall. And although Bankman-Fried has been convicted of seven counts of fraud and conspiracy, Lewis suggests that the case against Bankman-Fried is less damning than outsiders believe.

In this guide, we’ll break down Going Infinite into three main parts, first examining Lewis’s portrayal of the enigmatic Bankman-Fried himself before proceeding to the rise and precipitous collapse of his cryptocurrency empire. We’ll also discuss alternative accounts of Bankman-Fried’s actions at FTX and dive deeper into the nature of cryptocurrency that lay at the heart of FTX.

Elon Musk
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554. What One Billionaire Knows About Outlasting a Dollar Collapse | Michael Saylor

Fiat Currency and Traditional Finance Limitations and Failures

Michael Saylor addresses the inherent issues with fiat currency and traditional financial systems, focusing on the pervasive and variable nature of inflation, the disparity in the economic impact of government policies on different sectors of society, and his insights on inflation risks to cash, stocks, and real estate.

Fiat Currency Value Erosion Over Time and Across Jurisdictions

Michael Saylor drives a stark comparison using gold to illustrate the concept of money erosion over time. He notes that with a 2% inflation rate, which equates to the rate at which gold is mined, the purchasing power of gold is cut in half roughly every 36 years. Projecting this over a century, an individual would end up with just about 12.5% of the purchasing power they initially had.

Saylor further elaborates on how inflation is not uniform but rather a vector that varies minute by minute and differs from one location to another. He points out that the dollar, lauded as the "best currency of the 20th century," tragically lost 99.9% of its value, highlighting the severe depreciation of fiat currencies over time.

Wall Street vs. Main Street During Covid-19

During the COVID-19 pandemic, Saylor observed a stark bifurcation between Main Street and Wall Street. He remarks that while sectors like restaurants and cruise lines saw little to no inflation due to them being inaccessible, there was a surge in stock values, notably Amazon, as people transitioned to online shopping. Main Street, which he associates with physical establishments and smaller businesses, was decimated, especially those relying on manual labor and physical presence.

In contrast, Saylor points out the boon on Wall Street, where financial assets experienced hyperinflation, leading to significant wealth accumulation for those holding stock or real estate portfolios. The stock market notably recovered by the summer of 2020, fueled by monetary policies such as zero interest rates, which enhanced the price-to-earnings ratios and doubled cap rates for cash-producing companies and real estate.

Saylor's Insight on Inflation Risks to Cash, Stocks, and Real Estate

Saylor openly criticizes the management of his own $500 million nonperforming asset in light of the fi ...

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Fiat Currency and Traditional Finance Limitations and Failures

Additional Materials

Clarifications

  • Money erosion over time, also known as inflation, is the gradual decrease in the purchasing power of money. This means that over time, the same amount of money can buy fewer goods and services. Inflation can be influenced by various factors like government policies, economic conditions, and supply and demand dynamics. Understanding money erosion is crucial for individuals and businesses to make informed financial decisions and protect their wealth from losing value over time.
  • The 2% inflation rate mentioned by Michael Saylor is significant because it is often considered a target rate by central banks to maintain price stability and encourage economic growth. This rate implies that, on average, prices for goods and services will increase by 2% annually. Over time, this consistent inflation can erode the purchasing power of currency, impacting savings and investments. Saylor uses this rate to illustrate how assets like gold can lose value over the long term due to inflation.
  • Nonperforming assets are assets that are not generating income or are not meeting their expected returns. In the context of finance, nonperforming assets can include loans that borrowers are not repaying as scheduled or investments that are not yielding profits. Managing nonperforming assets effectively is crucial for financial institutions and investors to mitigate losses and maint ...

Counterarguments

  • Fiat currency allows for flexible monetary policy, which can be crucial in managing economic crises and supporting growth.
  • Inflation can also be a sign of a growing economy and, when moderate, can encourage spending and investment.
  • The dollar's loss in value over time is also a reflection of the inflationary nature of most economies and not necessarily a failure of the currency itself.
  • Government policies often aim to balance the needs of different sectors and may provide support to Main Street through various programs.
  • The stock market recovery can be seen as a sign of resilience and the effectiveness of monetary policy in stabilizing financial systems.
  • Nonperforming assets can sometimes be turned around with the right management strategies, and not all such assets are necessarily mismanaged.
  • Large asset holders and small businesses often benefit from different types of gove ...

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Saifedean Ammous

In The Bitcoin Standard, economics professor Saifedean Ammous suggests that bitcoin has the potential to become a new international monetary standard, similar to the gold standard of the 1800s. But the Bitcoin Standard would be superior to the gold standard in a number of ways because the properties of bitcoin make it—at least potentially—a superior form of money to gold, while also solving many of the problems with the fiat currencies that countries have been using since they got off the gold standard. In this guide, we’ll describe Ammous’s vision for a global Bitcoin Standard and look at how close we might be to implementing it. We’ll also compare Ammous’s perspective to that of other thinkers, such as Edward Griffin and Milton Friedman.

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554. What One Billionaire Knows About Outlasting a Dollar Collapse | Michael Saylor

Bitcoin's Technical and Ideological Foundations as a Superior Store of Value

Saylor offers a detailed examination of Bitcoin’s role as a decentralized alternative to fiat currencies, emphasizing its ideological underpinnings and its resilience as an anti-fragile network.

Bitcoin As a Decentralized Solution to Fiat Currencies

Saylor Viewed Bitcoin As a "Divine Bank," Immune to Manipulation Through Cryptography and Decentralization

After beginning an intensive study of cryptocurrency through podcasts and books, Saylor considered Bitcoin a perfect solution for storing value not tied to any sovereign entity. He admires its immutable and decentralized nature and suggests its potential as a superior store of value. Through its fixed supply and ability to be teleported anywhere instantly, Saylor imagines Bitcoin as digital gold stored in a "bank in heaven," immune to manipulation or devaluation.

Bitcoin's Ideological Principles: Sovereignty, Truth, Mathematical Soundness

Saylor Linked Bitcoin To Libertarian and Austrian Economics

Saylor discusses Bitcoin as an ideology manifested as a protocol, which materializes as a network. He speaks about the belief in Bitcoin serving principles such as sovereignty, truth, and mathematical soundness, emphasizing the consistency of mathematical principles in a trustworthy system. Dialogues with figures like Jordan Peterson reveal the shared ideology that condemns inflation and corrupt systems that erode the value of labor and prosperity.

Bitcoin's Resilient, Anti-Fragile Network Against Failures and Att ...

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Bitcoin's Technical and Ideological Foundations as a Superior Store of Value

Additional Materials

Clarifications

  • Michael Saylor metaphorically referred to Bitcoin as a "Divine Bank" to emphasize its qualities as a secure and incorruptible store of value. This term highlights Bitcoin's decentralized and immutable nature, likening it to a transcendent financial system beyond the control of any central authority. Saylor's comparison underscores his belief in Bitcoin's resilience against manipulation and its potential to serve as a superior form of digital wealth storage. The concept of a "Divine Bank" encapsulates the idea of Bitcoin as a trustless and reliable asset, impervious to traditional financial vulnerabilities.
  • Bitcoin's association with libertarian and Austrian economics stems from shared principles such as limited government intervention, individual freedom, free markets, and sound money. Libertarianism advocates for minimal government involvement in economic affairs and personal liberties, aligning with Bitcoin's decentralized nature and resistance to censorship. Austrian economics emphasizes free markets, private property rights, and the importance of a stable currency, which resonates with Bitcoin's fixed supply and anti-inflationary design.
  • Bitcoin as an ideology manifested as a protocol and network means that the principles and beliefs behind Bitcoin are expressed through its technical rules (protocol) and the interconnected system of computers ...

Counterarguments

  • Bitcoin's decentralization is not absolute; mining is concentrated among a few large players, which could potentially influence the network.
  • The fixed supply of Bitcoin can lead to deflationary pressures, which may not be ideal for an economy's growth.
  • Bitcoin's transaction speed and scalability are limited compared to some newer cryptocurrencies.
  • The energy consumption of Bitcoin mining has raised environmental concerns.
  • Bitcoin's price volatility undermines its utility as a store of value.
  • The immutability of the Bitcoin blockchain can be a double-edged sword, as it prevents the reversal of fraudulent or mistaken transactions.
  • Bitcoin's resistance to censorship and regulation can facilitate illegal activities.
  • The association with libertarian and Austrian economics is not universally accepted as beneficial or practical.
  • The reliance on mathematical soundness does not account for human elements in economic systems, such as behavioral economics.
  • While Bitcoin has shown resilience, it is not immune to technical vulnerabilities or potential future regulations that could i ...

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Saifedean Ammous

In The Bitcoin Standard, economics professor Saifedean Ammous suggests that bitcoin has the potential to become a new international monetary standard, similar to the gold standard of the 1800s. But the Bitcoin Standard would be superior to the gold standard in a number of ways because the properties of bitcoin make it—at least potentially—a superior form of money to gold, while also solving many of the problems with the fiat currencies that countries have been using since they got off the gold standard. In this guide, we’ll describe Ammous’s vision for a global Bitcoin Standard and look at how close we might be to implementing it. We’ll also compare Ammous’s perspective to that of other thinkers, such as Edward Griffin and Milton Friedman.

The Future Is Faster Than You Think
Peter H. Diamandis and Steven Kotler

Imagine commuting to work in a flying ride-share car, having your clothes 3D printed, or grilling a lab-grown steak. These might sound like scenes from a science fiction movie, but what if these technologies we think are decades away are actually right around the corner? In The Future Is Faster Than You Think, Peter H. Diamandis and Steven Kotler argue that the future is accelerating toward us because exponential technologies—those developing at increasingly faster rates—are starting to merge, leading to innovations and breakthroughs at unprecedented speeds. The authors predict that by 2030, a blend of these exponential technologies could transform major industries and reshape our lives.

In this guide, we’ll discuss why change and technological progress are occurring at breakneck speed. We’ll then explore the authors’ predictions on how cutting-edge technologies will revolutionize the ways we live and work—from how we learn to how we grow food. Since the book was published in 2020, we’ll provide updates to the authors’ predictions and share additional insights from other experts on how technology trends are shaping our future.

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Some of Bitcoin’s most fundamental traits may prevent it from being widely adopted as a currency. Its volatility isn’t one of them. More pressing is the fact that illegal information, like illegal pornography and leaked classified documents, can be permanently embedded in Bitcoin’s code with no recourse. Its environmental impact, creating more carbon emissions than New Zealand, is also problematic.

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