In his keynote at BTC Prague, MicroStrategy CEO Michael Saylor articulated a vision of Bitcoin as the world’s first perfect money, a profound innovation with the potential to reshape economic and political systems globally. Drawing parallels to historic scientific revolutions, Saylor positioned Bitcoin as a disruptive economic force, ushering in a new era of financial insight.
Saylor’s presentation was more like a sermon than a keynote, reminiscent of a church pastor preaching to his flock about salvation. Unlike a religious leader, Saylor’s sermon was focused on reaffirming and encouraging the audience to believe in Bitcoin, not god, not himself, not his company, a cultural personality, nor anything other than the self-sovereignty and “perfection” of Bitcoin. One of his closing lines concerning those who sell Bitcoin was,
“Satoshi forgive them; they know not what they do.”
Saylor introduced a concept he termed “21 Rules of Bitcoin.” While he acknowledged the subjective nature of these rules, he framed them as guiding principles for understanding and embracing Bitcoin. According to Saylor, those who comprehend Bitcoin invariably choose to invest in it, while those who do not understand it tend to criticize it. This dichotomy emphasizes a fundamental paradigm shift where traditional perspectives on money and value are challenged.
Michael Saylor’s 21 Rules of Bitcoin
- Those who understand Bitcoin buy Bitcoin. Those who don’t criticize Bitcoin.
- Everyone is against Bitcoin before they are for it.
- You know you grasp Bitcoin when you know you’ll never fully understand Bitcoin. You’ll never be done learning about Bitcoin.
- Bitcoin is powered by chaos.
- Bitcoin is the only game in the casino where we can all win.
- Bitcoin won’t protect you if you don’t wear the armor.
- Bitcoin is the one thing in the universe that you can truly own.
- Everyone gets Bitcoin at the price they deserve.
- Only buy Bitcoin with the money you can’t afford to lose.
- Tickets to escape the matrix are priced in Bitcoin.
- Bitcoin insight is restricted to those who need to know.
- All your models will be destroyed.
- The cure for the economic ill is the orange pill.
- Be for Bitcoin, not against fiat.
- Bitcoin is for everybody.
- Learn to think in Bitcoin.
- You don’t change Bitcoin; it changes you.
- Laser eyes protect you from endless lies.
- Respect Bitcoin, or it will make a clown out of you.
- Do not sell your Bitcoin.
- Spread Bitcoin with love.
One of Saylor’s key points was the intrinsic value of Bitcoin as “perfect money,” contrasting it with historical and contemporary forms of currency like seashells, tobacco, and fiat money. He emphasized that Bitcoin’s value lies not in the appreciation of assets but in realizing its absolute value in a distorted financial landscape. This shift in perspective, akin to a scientific revelation, compels individuals to break from conventional thinking and embrace Bitcoin’s innovative framework. He reiterated that everyone gets Bitcoin at the price they deserve and appeared content with missing out on Bitcoin at $950.
“I got the price I deserved, and I started buying at $9,500, but that’s okay’ll be buying it at $95,000 and $950,000, and I’ll buy it at $8 million.”
Saylor also highlighted Bitcoin’s unique position as an “economic virus” that will permeate through layers of society and technology over time. He argued that a proper understanding of Bitcoin requires an appreciation of its long-term potential and impact on future generations. This perspective necessitates continuous learning and adaptation, acknowledging that Bitcoin’s influence will evolve with technological advancements and societal structures.
Addressing traditional investments’ volatility and inherent risk, Saylor presented Bitcoin as a hedge against chaos and entropy. He likened Bitcoin to a haven in a world characterized by instability, drawing a historical analogy to the stability of Swiss banks during World War II. This perspective frames Bitcoin as a resilient asset capable of withstanding and benefiting from global economic turmoil.
“Are you in the business of profiting from chaos or stopping it? You can’t stop entropy […] Bitcoin is the house of chaos – anyone who wants to play in that game can keep winning.”
Saylor further articulated that Bitcoin represents true ownership in a world where external entities control most assets. He emphasized the decentralized and secure nature of Bitcoin, making it the first asset in human history that individuals can genuinely own without reliance on intermediaries. This principle of ownership is fundamental to understanding Bitcoin’s value proposition. He argued against the concept of only investing what you can afford to lose, instead advocating for investing the money you can’t afford to lose in Bitcoin.
“When you say only invest with money you can afford to lose you’re making a moral equivalence to gambling with the odds against you […] No one says only put the kids on the school bus that you dont need me to return.”
In closing, Saylor emphasized the importance of spreading Bitcoin adoption through positive engagement rather than confrontation. He advocated for a compassionate approach to educating others about Bitcoin, emphasizing that resistance often stems from a lack of understanding. By promoting Bitcoin with love rather than hate, advocates can foster broader acceptance and accelerate the global adoption of this revolutionary technology.
Saylor’s keynote at BTC Prague was a call to embrace the transformative power of Bitcoin. His “21 Rules of Bitcoin” is a roadmap for understanding and navigating this new economic paradigm, emphasizing continuous learning, resilience against chaos, and a compassionate approach to spreading Bitcoin’s benefits.
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