Michael Saylor Delivered the Most Profound Response in History to “Fat Dumb Billionaires” Who Reject New Ideas (Bitcoin)
The elephant in the room is everyone in the world is facing inflation and losing faith in currencies and their government, but they’re not speaking about the one solution.
Source — Michael.com
Michael Saylor is the people’s poet of Bitcoin.
He explains complicated financial ideas in a relatable way that hooks you in like a dopamine hit.
There’s no question around Bitcoin he’s incapable of articulating a response on.
His company MicroStrategy has so much ‘skin in the game’ (140,000 BTC, to be exact) you’d be worried if he couldn’t take you on a Bitcoin journey with a fine-tooth comb.
Saylor thinks if you’re rich and live in America, you don’t have the solution to the plummeting dollar because you’re too comfortable.
It’s something you spend less time thinking about.
Recently a video went viral of a young 13-year-old girl telling Warren Buffett and Charlie Munger that she was concerned about the U.S. dollar’s status as the world’s reserve currency.
Michael Saylor picked up on the video on Twitter and found the response from the two legendary Billionaire investors utterly unimpressive.
Having watched it myself, I agree. I wouldn’t openly criticise two of the most successful investors ever, but something new has come along outside Munger and Buffett’s circle of competence.
It’s the overlooked solution they avoid talking about.
They’re rejecting the new idea.
With the excessive printing of dollars, 13-year-old Daphne, at her 6th annual Berkshire Hathaway meeting and far beyond her years, shared her fear over the debt ceiling and if the dollar will lose its status as the world reserve currency leading to hyperinflation.
Taking questions from the crowd on stage, Warren Buffett and Charlie Munger acknowledged it as a problem and conceded that the dollar’s value could eventually plummet.
Pretty dire.
Buffett sat on the fence with his classic “Don’t bet against America” response.
It might be all too late for that.
The uncertain response left people like Saylor scratching their heads when you consider they are two of the most significant investors ever fumbling through a question posed by a teenager.
Michael Saylor—Source
“You’ve got a bunch of Mega billionaires that are very successful in America, but they don’t have an answer or solution to the 13-year-old girl.
The solution to that question was Bitcoin.
Warren Buffett and Charlie Munger can’t allow themselves to understand that because they’re so successful. They don’t need to open their minds and embrace new ideas.
A 13-year-old girl can articulate the problem in America, but Warren Buffett and Charlie Munger can’t.
If Warren Buffett woke up tomorrow and his bank seized all of his assets, and they were devalued to zero, and he was a pauper, and his neighbour, the Uber driver, was walking around with a hundred thousand dollars worth of bitcoin on a hardware wallet, Warren would say, “What is that again? Explain that to me. What do you mean my government, my bank can’t steal all my money? That’s a pretty good idea.”
You Must Have an Open Mind and Ask Yourself, Could This Work?
Saylor makes the perfect point that you need to think of Bitcoin from the lens of a global audience and not just, “Is this better than using my bank account”.
If you’re a refugee fleeing Iraq or crossing the border, you need a self-sovereign store of value free of government control.
Even when you try to go through an airport, and a hostile regime steals all your money, or you must flee your thousand-acre or ten-thousand-acre farm in Africa because an evil government decided it was illegal for people like you to own land.
When these events happen, you become a believer in a non-sovereign store of value like Bitcoin.
Michael Saylor — Source
“The people that came to this country, the Huguenots, the settlers, the colonists, understood it.
They had all their property seized from them wherever they came from, and their idea was, ‘Here’s a place where I can own something, and people might not steal it from me.’ As soon as they arrived, people started trying to steal it from them again, right? That’s the human condition.
So I think that the conclusion is comfortable people, they’re fat, dumb, and happy in the United States, are going to continue to reject new ideas like crypto assets, like Bitcoin, because they don’t have to.
If I don’t have to embrace a new idea at a certain age, I won’t.”
Here’s the Solution.
Saylor says It’s simple.
Firstly you must be open-minded and say, “Is it possible that this works?”
Secondly, you must spend around 10 hours understanding Bitcoin — people who are very successful in what worked yesterday don’t spend a second researching something they have pre-conceived ideas about.
They think Bitcoin is a giant Ponzi without looking under the hood.
This isn’t uncommon or unsurprising.
Your grandad shouldn’t be expected to grasp these concepts as a regular private citizen. But he isn’t the one sitting on stage, offering financial advice to others.
I agree with Saylor that the solution is right under our noses and is the one thing people should be discussing.
Michael Saylor — Source
“The solution is a bank that people don’t run, that isn’t subject to the whim of a government, that is incorruptible, that allows you to be your own bank, right?
And that is a message that’s getting out.
We just need to keep beating the drum on that.
Bitcoin is, I think, the most important economic opportunity/issue/technology of our time.”
Final Thoughts.
I like how Michael Saylor uses clever historical references to make his point.
He’s right.
New ideas get implemented during war and unrest or when the old generation fades away.
If we were at war and I introduced an aeroplane and dropped a nuclear bomb, you’d suddenly realise that airpower and atomic weapons work.
It forces you to face reality and figure out how to deal with them.
Wars have that effect.
You can use it as a metaphor for people adopting Bitcoin amid banking failures. For some reason, crisis triggers people into change.
In peaceful times, people must accept ideas may not be embraced until time passes and the old guard moves on.
The disfavour shown by respected investors towards something gaining adoption and global acceptance leaves people confused.
Bitcoin provides a store of value in a society where vast parts are removed from traditional financial options.
The elephant in the room is everyone in the world is facing inflation and losing faith in currencies and their government.
They’re not speaking about the one solution.
Bitcoin.