Everyone, the world we know is based on 20th-century ideas and 20th-century technology. If we want to thrive in the 21st century, we need new ideas that fit the 21st century, and this requires new technology. That is precisely what cryptocurrency is. Bitcoin is digital gold. So, what happens if we entrust Bitcoin to ourselves? The reason I like Michael Saylor is that he can discuss the single topic of Bitcoin while sometimes drawing from the vast history of humanity, as seen in the big history books, showcasing a macro perspective and trends like a great investor. He also exhibits the traits of an outstanding entrepreneur and strategist, presenting various perspectives from legal, political, social, and cultural viewpoints. Moreover, his passionate demeanor can sometimes make him appear crazy to those who do not fully understand Bitcoin.

He is a person with various colors. Every time he gives a speech at the Bitcoin conference, I create a Korean dubbed video of it. During this process, I watch and listen to the video dozens of times, contemplating the content, transcribing it, recording it, discussing it repeatedly, and editing it. Through this video production process, I am having fun and deeply studying the material. 

Now, this video is a Korean dubbed version of Michael Saylor's speech from the Bitcoin conference held in Nashville, Tennessee, in July 2024. For those who have not yet seen my previous production of Michael Saylor's speech from the Bitcoin conference, where he quantitatively analyzed the reality of global currency inflation and the superiority of Bitcoin compared to other assets in his 2023 Pra Legend speech, please make sure to check out the video linked above.

먼저 보고 오시고요, 비트코인의 위대함을 알게 된 이후 우리가 꼭 명심해야 할 21가지 규칙까지 설명해 줬던 2024 프라 연설도 위에 뛰어 놨으니까 먼저 보신 이후 이 영상을 보시면 이번 2024 내쉬빌 연설 내용이 머릿속에 쏙쏙 박히실 겁니다. 자, 그럼 준비되신 분들은 지금 바로 마이클 세일러의 연설을 들으러 가봅시다. 감사합니다. 와, 정말 대단한 비트코인의 모임이에요. 음악과 자유로 유명한 빌에서 함께하자. 그럼 이제 슬라이드를 보면서 비트코인 혁명과 디지털 자본을 통해 우리의 글로벌 경제를 건설하는 방법에 대해 이야기해보겠습니다. 여러분, 우리가 알고 있는 이 세상은 20세기 아이디어와 20세기 기술을 기반으로 하고 있습니다. 예를 들어, 주식은 아침 9시에...

From 4 PM, trading is conducted, and even on holidays, banks cannot perform transactions. On weekends, nothing can be done, and everything is slow and expensive. If we want to translate to the 21st century, we need new ideas that fit the 21st century, and these must be based on a new generation. You may have seen this chart before. It shows that the total wealth in the world amounts to 900 trillion dollars. This 900 trillion dollars is divided into physical and financial assets, all based on 20th-century ideas and technology. In the upper left corner, there is a small orange dot; that represents the very small 1 trillion dollar asset that we call Bitcoin. Bitcoin originally started from zero, so it seems very large now, but in the grand scheme of the world, it is still just 0.1%. Now, let’s look at this chart in another way.

If you look at it, the 900 trillion dollars is not just a single large chunk; there are many people who hold that asset for its practical value, as well as those who hold it as a long-term store of value. For example, when I buy a house, I buy it to live in it, but when I buy bonds, it's mostly because I don't know where else to put my money, so I just place it there. If we consider this world as a large chunk of long-term capital, we can see that there is over 450 trillion dollars in capital. Now, we need to seriously think about how and where to store that capital. Then, we will see the impetus for revolution. Currently, the global economy is struggling because we are relying on insecure assets and insecure systems to store our capital. This is ultimately the reason why our capital preservation capability is gradually weakening. So, what then?

How can we create more than we currently do? This person, Tesla, said that if you want to understand the universe, think from the perspective of energy, frequency, and vibration. I would like to apply this idea to discuss the physics of money. What is the physics of money? Energy is money, and capital is wealth. These terms can be used interchangeably throughout this speech. But what does frequency mean in terms of money? Frequency refers to duration, meaning how long something lasts. Does it take one minute, one hour, one year, or even a century? That's the concept. Every time we trade with each other, every time we move money from one place to another, or convert one type of asset into another, we are vibrating money. And here is an important formula: the effective lifespan is defined as the value of an asset divided by the cost of maintaining that asset. When you have an asset, the effective...

To determine the lifespan of an asset, you need to identify how much it costs to maintain that asset in perfect condition each year. In other words, you must calculate how much you need to spend to avoid depreciation or losses. The concept of effective lifespan is closely related to the stock-to-flow model, which is often mentioned in the Bitcoin community. Both are measured on an annual basis. 

Anyway, many individuals and most businesses use financial assets to preserve their capital. However, this is precisely the root of the problem we face. Now, let’s talk about financial assets first. Suppose you want to keep your money safe for a long time. If you have one billion dollars and you put it in Argentine pesos, the 98% inflation rate that occurred over two years will completely destroy your economic energy or capital. So, this is a long-term issue.

Assets are not suitable, right? Then how about the Turkish lira? This too will collapse in three years. At least the US dollar has managed to maintain its value for about 14 years under traditional currency inflation over the last century. However, this does not mean that the capital remains intact for those 14 years; rather, it means that it gradually diminishes over that period. If you invest in hedge funds, what would the annual costs be? A management fee of 2% is charged, and you also have to pay an additional 20% of the profits. This means an annual cost of about 4%, which implies that the lifespan of this asset is around 25 years. If you invest in government bonds, you will earn a return, but it will only be about 3.5% after tax. Therefore, compared to a 7% inflation rate, it means that it can last about 30 years. If you invest capital in mutual funds, you will have to pay an annual fee of 1%.

It will be the maximum benefit you can obtain. Even if you invest in various assets with a commission of 0.1%, there is a high possibility that the counterparty risk, meaning the risk of the trading partner failing or encountering issues, will ultimately increase the total cost to about 1%. This is exactly what we know about financial assets. We are still operating in the world based on the mindset of the 20th century, and on average, financial assets may last around 30 years. As we all know, inflation dilutes the value of financial assets, but inflation is just the tip of the iceberg. Due to costs like tariffs, tolls, litigation, and asset transfer, the value of assets will continue to be diluted. Taxes are also imposed in various ways, including income tax, capital gains tax, and all kinds of taxes. Every time you move funds, taxes are incurred in that process. Even if taxes and litigation do not ruin you, factors like weather and competition...

Political disasters and clichés will dilute your capital value over time. Ultimately, we must fight against these frictions to maintain our economic energy. Most people realize that this is a very disappointing and seemingly unwinnable battle, leading them to give up on investing in financial assets and instead attempt to preserve their capital in physical assets. For example, owning a Ferrari is not a good way to maintain value over time; after just five years, you would have spent enough on insurance and depreciation to negate its value. A yacht is not a great choice either; if you spend 10% of the asset's value on operating costs, it will significantly impact its depreciation. So, don’t store money in a yacht. Now, let’s take a house in Miami Beach as an example. If you purchased a ten million dollar house, you would need to spend another ten million dollars to maintain it over 17 years. Then, you would have no money left.

In 2022, the warehouse can maintain funds for 40 years, gold bars for 62 years, and paintings for 72 years. Considering the average property tax rate in the United States is 1.1%, the land can maintain assets for 91 years. However, if the government reassesses property values, this period may shorten to 91 years. The oldest family ranch in the United States, King Ranch, has been maintained for 173 years. However, other families and the state have not been able to sustain it. Here are the assets that have been maintained the longest: the British royal property, which the royal family has maintained since 1966. On the other hand, this property has passed from the Plantagenet dynasty to the Stuart dynasty and through the Houses of Lancaster and York, eventually reaching the House of Hanover. Therefore, perhaps seven different families shared this property, but none of them maintained it until their death.

You cannot take physical assets with you. While one might think that physical assets can last for a thousand years, the reality is that their maximum lifespan is likely around 50 to 75 years. This is because entropy dilutes the value of physical assets, consuming their capital and energy. We call this planet Earth rather than Heaven because politicians are very creative. They impose city taxes, county taxes, state taxes, federal taxes, transfer taxes, sales taxes, and if those aren't enough, they are always fiddling with options like rent control, price control, and cultural shocks. Additionally, competition might arise around you. You could face discrimination, experience a recession, or see a collapse in currency value. Tenants might not pay rent, and someone could slip in your front yard and sue you. Weather, war, crime, disasters, and other factors can also play a role.

There are countless risks as well. If energy prices skyrocket, it will become difficult to sustain a business. Ultimately, physical capital is never a simple solution. I learned three laws during my time at MIT: First, you cannot win. Second, you cannot maintain equilibrium. Third, you cannot escape the game. If I stop talking here, it might become a bit depressing. But we don't want to lose, so people have started to constantly look for ways to escape this game. If we can find that, we can maintain equilibrium and ultimately win. Satoshi found that way, and he revealed it to the world and then disappeared. That is cryptocurrency. Bitcoin is digital gold. What Satoshi created is immortal, immutable, and intangible capital. In this sense, Bitcoin has infinite vitality.

There is weather entropy that does not receive inflationary pressure. Being non-physical means being free from all issues related to physical and financial assets. Bitcoin is the solution to the economic dilemmas we face. Converting our capital from financial and physical assets to digital assets is the way to solve the problem. How long can Bitcoin last? If you entrust your Bitcoin to a professional custodian and use the custodial services provided by Wall Street institutions, it will cost you 0.1%. Then your assets can last for a thousand years. Although that professional custodian may not last for a thousand years, that doesn't matter, because you can transfer Bitcoin at any time, whether annually or every ten years. If you move it before the professional manager makes a mistake, then it's all good. However, buildings or...

Land cannot be instantly transported. Do you understand what I mean? This is exactly what coins are. When you self-custody Bitcoin, if you effectively utilize hardware wallets and signing devices, and invest just one day a year to maintain and manage them, you will possess an asset that can last for ten thousand years with an annual cost of about 0.01%. Now, what happens if AI takes care of Bitcoin? An AI computer program can manage the private keys for just the cost of electricity. This creates an asset that can last for one hundred thousand years. Therefore, AI will ultimately want Bitcoin. Think about it: if AI had the opportunity to own Bitcoin, it would certainly choose Bitcoin over owning a ranch in Texas or gold bars. In this speech, Michael Saylor discusses the value of all financial assets, physical assets, and all assets in existence until that capital is extinguished.

Explaining the duration, I am presenting a unique perspective on why Bitcoin is the most superior capital asset. Just like the enormous assets currently existing in this world, such as bonds, stocks, buildings, and land, their value will eventually erode over time. However, Bitcoin will not lose its value no matter how many years pass; it can maintain its worth for a thousand, ten thousand, or even a hundred thousand years. Now, in the upcoming part two of this video, I will share exciting stories about how explosively Bitcoin is expected to grow in the future, so please look forward to it. Got it? I respect all the subscribers who watched until the end today.

모든 자산들이 속절없이 녹아 내릴때 비트코인만 미친듯이 계속 오르는 이유 🚀🚀 | 마이클 세일러 | 2024 내슈빌 비트코인 컨퍼런스

안녕하세요. 리스펙입니다. 저는 구조적으로 장기적 우상향이 담보된 자산과 행위에 집중하며 비트코인(B), 테슬라(T), 서울부동산(S)에 모두 투자하는 토탈인베스터입니다. 다른 사람의 손끝에 자신의 운명을 올리지 않고 투자를 통해 주도적 삶을 사는 사업가 마인드를 갖춘 장기투자자입니다. 

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