Source: Liu Jiaolian

Overnight BTC continued to fluctuate around the 96k center, waiting for the 30-day line Convergence. Many people say that the copycat season has started. Jiaolian just saw that the return rate of his Uniswap position was closely catching up with his Ethereum position, which was still 10 points behind.

JiaoChain basically follows the principle of "eat my own dog food" when dealing with positions: I use Uniswap myself, so I hold Uniswap; I develop code on EVM, so Hold Ethereum; hoard BTC as a savings tool, so hold BTC.

So Jiaolian has no interest in pure "speculation". Speculating in coins, stocks, and houses is not as good as frying eggs, cucumbers, shredded potatoes, fried lettuce, stir-fried mugwort stalks... The teaching chain may even think that frying all the following ingredients well, and studying things to gain knowledge, may be It might be of great benefit to the speculation ahead.

Actually, top chefs don’t cook.

Michael Saylor, a top chef, cake hoarder, representative of institutional diamond hands, and founder of MicroStrategy, recently visited the board of directors of Microsoft Corporation and gave the directors some popular science about BTC. , mobilize them to adopt the BTC strategy, take out some funds, and build Microsoft’s own BTC reserves.

His logical thinking is clear and rigorous. His PPT is relatively long, and many people may not fully understand it if they don’t understand “Capital” well. Here is a brief summary of Jiaolian’s syllogism:

1. In the future, BTC will absorb all long-term capital.

2. If Microsoft replaces the "wasted" capital from repurchasing stocks into BTC, it will more effectively push up Microsoft's stock price.

3. Therefore, Microsoft should adopt a BTC strategy and hoard BTC.

Therefore, when Michael Saylor positioned BTC in his speech, he also mentioned the word "Digital Capital", not the "Digital Gold" that everyone usually talks about.

Excellent.

His words further opened up the future growth space of BTC. The ceiling is not gold’s market value of $16 trillion, but half of the world’s total wealth of about $900 trillion...

What is capital? Capital is production surplus, and it is surplus used for reproduction. The progress of any society, no matter what stage of civilization, culture, or system, depends on the accumulation and use of capital.

If the entire society is like a primitive society, eating and drinking everything it produces, squandering it and leaving nothing behind, then everyone willThey will be in the lowest state of running for survival all day long, with no time, energy or resources for further development.

After measuring various production surpluses with monetary tools (that is, monetizing them), they are turned into so-called values. Marx called it surplus value in Capital.

Under capitalist production relations, workers work hard to produce surplus value, which is controlled by the capitalists. Note that the capitalists here are people who strictly do not work; the bosses who work by themselves can only be considered half capitalists. Capitalists consume a small part of the surplus value themselves, and then put half of the remaining part into reproduction, and the other half must be placed in safe capital storage tools as long-term capital for future production purposes or to resist economic cycle risks.

The advanced nature of capitalism is reflected in the capitalist aspect. In the slave era or the feudal era, the idle class that controlled the surplus value only knew how to squander it, which was very harmful to the accumulation of capital and thus hindered the further improvement and improvement of productivity. Although the capitalist class also consumes a small part of the surplus value, its squandering is already frugal compared to the feudal emperors. A large amount of surplus value is retained and becomes practical capital invested in reproduction, as well as long-term capital that is temporarily saved and not used. , thus promoting the rapid progress of social productivity, allowing capitalism to create more wealth in just three to four hundred years than the total wealth created by the entire human society in the previous thousands of years of civilization.

Therefore, Michael Saylor believes that the current total global wealth is 900 trillion U.S. dollars. It is estimated that half, or 450 trillion U.S. dollars, is practical capital used for current reproduction, while the other half, 450 trillion U.S. dollars, is It is long-term capital that is temporarily saved and not used. As for the long-term capital of US$450 trillion on the right side, we need to find suitable "value storage" tools to properly preserve and save it.

Why doesn’t Michael Saylor call BTC electronic gold but electronic capital? Because today, the tools people use to "store value" have long surpassed single gold. Stocks, real estate, bonds, legal tender and even art, etc., are all used by people to store value.

However, these things have a huge flaw when used as "store of value". What is it? Please readers, please think about this.

By the way, the fatal flaw is that these things are often controlled by others, and the controller can dilute and dilute the amount you store in them by constantly issuing (over-issuing) their quantities. value.

For example: art, artists can continuously create new products; stocks, listed companies can legally issue additional shares; real estate, can continue to build new houses; bonds, and institutions can continue to issue more legally; legal currency , the central bank can legally continue to print money; and so on.

They have one thing in common: no deposit, but unlimited withdrawals.

Obviously, they are not youcompanion, but your opponent.

The purpose of using these tools is to store value, but the existence of these opponents is a big or even the biggest risk.

There is a term in finance called "counterparty risk".

Therefore, Michael Saylor said that BTC is a better value storage tool than these tools because BTC has no "counterparty risk." Fundamentally, because BTC has been decentralized from the beginning. Satoshi Nakamoto never introduced any kind of "counterparty" to the BTC system in the process of launching it. Retire after success, and dissipate this potential risk into the clouds of history.

In this way, BTC will eventually become the historical choice for all those who have the opportunity to control long-term capital and need to find the safest value storage tool without counterparty risk to store these. People who believe in long-term capital are unanimously favored and chosen unanimously.

Eventually, other capital instruments will gradually degenerate into practical capital (for example, houses are not for speculation, but can only be used for self-occupation (consumption) or rental (utility capital)), and the need for long-term value storage will It will all fall on BTC.

This leads to the first conclusion of Michael Saylor: In the future, BTC will absorb all long-term capital. This scale is half of the world's total wealth.

His conclusion is based on HejiaoChain’s 2024.3.4 article “The End of Bitcoin: It may be equal to the total value of all human surplus!” 》Similar, but more specific and accurate.

This is what Jiaolian has said many times. The true meaning of hoarding BTC is to absorb the world’s surplus value. The more you hoard, the more you absorb. The less you store, the less you absorb.

Based on this inference, Michael Saylor proposed that BTC is expected to grow 140 times from a market value of US$2 trillion to a market value of US$280 trillion in the next 21 years.

This provides Microsoft, as a controller of surplus value, with better strategic choices on how to more reasonably control and utilize the surplus value it controls.

In the past, Microsoft made a lot of profits and had nowhere to invest, so it used it to repurchase its own shares, thus boosting its stock price.

Increasing the stock price is to give back to shareholders, company executives (most high-tech company executives have many incentives such as stocks or options in their salary packages) and even some stock-holding employees.

Michael Saylor is an excellent salesperson.

Remember: The first principle of sales is to appeal to interests, not to appeal to emotions.

It may seem grand to draw a big pie, but if it cannot bring immediate benefits to the audience here, then you will not be able to impress them and make them pay.

Who is here during Michael Saylor’s speech? MicrosoftBoard of Directors, Directors, Shareholders.

They do not directly resonate with BTC’s grand vision. But they are very sympathetic to the rising stock price of Microsoft stock in their pockets.

So Michael Saylor changed the topic and started talking about whether Microsoft changes its disposal strategy of remaining capital, which will bring considerable stock price returns.

He gave four strategies: BTC minimization, BTC maximization, double maximization, and triple maximization. They represent different levels of investment. The teaching chain will not be expanded here.

Then he thoughtfully helped everyone in the conference room calculate the excess stock gains under various strategies. Subtext: You can secretly calculate in your mind how much your worth can increase.

According to his calculations, the adoption of the BTC strategy can produce an excess increase of $155 to $584 per share in Microsoft stock in the next ten years—that is, excluding the impact of ordinary business growth additional increase in addition to the regular increase.

For reference, Microsoft's current stock price is $430 per share.

What is the logic? The logic is that using the money earned from the company's own business to repurchase its own stocks is to make money to support its own stock price; and to use the money to hoard BTC is to use the money earned around the world to support its own stock price.

Obviously, it is definitely better to absorb the world’s surplus capital to support its own stock price than to go it alone.

Michael Saylor is the most qualified to say this. Because the stock price of MicroStrategy is almost entirely supported by BTC, not its small and pitiful software business.

So he showed off his big thing-a big pillar of 3045%.

That’s all.

Dear directors and friends, do you want to get rich and increase your net worth? Please increase the company's stock price. Don’t use the old method of buying back to increase the stock price. Please use the BTC strategy to significantly increase the company’s stock price.

This is Michael Saylor’s “sales” logic.

Why did he convince the Microsoft board of directors at this point in time? Friends may still remember that in December, which is the 10th of this month, Microsoft will hold a shareholder vote to consider whether to adopt the proposal to reserve BTC.

Do you think Michael Saylor’s discussion can convince Microsoft’s directors and shareholders to finally vote in favor of adopting a BTC reserve strategy?