Scarce Assets E021: Michael Saylor – Pursuit of Bitcoin Yield
October 15, 2024
On this episode of Scarce Assets, a show presented by Onramp, MicroStrategy executive chairman Michael Saylor discusses corporate bitcoin treasury adoption, custodial considerations and risks, what he calls the pursuit of bitcoin yield, bitcoin's properties as digital capital, and how ETFs, options, and leverage are changing the market.
Michael Saylor joins Andy Edstrom and Jesse Myers for a wide-ranging conversation on corporate bitcoin treasury adoption, custodial considerations and risks, how MicroStrategy pursues what Saylor calls bitcoin yield, bitcoin's unique properties as digital capital, and the market impact of ETFs, options, and leverage.
Chapters
00:00 - Introduction to Michael Saylor 01:46 - Bitcoin treasury adoption 09:21 - Bitcoin spreads like an organic virus 11:34 - Custodial considerations & risks 26:48 - Yield generation in bitcoin 34:03 - Bitcoin's unique properties 40:12 - A message from Onramp 41:30 - Bitcoin ETFs, options, & leverage 50:53 - The potential of digital capital 01:02:22 - Bitcoin's market impact 01:10:49 - Bitcoin vs traditional assets 01:25:35 - Bitcoin ecosystem opportunities 01:41:16 - Outro
Frequently Asked Questions
What does Michael Saylor say about bitcoin treasury adoption?
Saylor describes why corporations adopt bitcoin as a treasury asset (01:46) and argues adoption spreads organically as executives watch early movers (09:21).
What does Saylor mean by the pursuit of bitcoin yield?
Saylor explains how MicroStrategy uses capital-markets activity to grow bitcoin per share, which he frames as bitcoin yield (26:48). This describes MicroStrategy's strategy as Saylor presents it — it is not an offer of yield or investment advice from Onramp.
What does the episode cover on custody?
A segment on custodial considerations and risks (11:34) covers how institutions weigh counterparty, operational, and concentration risk when holding bitcoin.
What is digital capital?
Saylor frames bitcoin as digital capital — a scarce, portable, programmable store of value — and discusses its potential relative to traditional assets (50:53, 01:10:49).
This episode is editorial and educational content. Onramp does not provide tax, legal, or investment advice. Bitcoin is volatile and may lose value. Past performance does not guarantee future results.