Michael Saylor:  If you want to give joy to 5 billion people you need digital music. If you want to give knowledge to 5 billion people you need digital books. If you want to give wealth to 5 billion people you need digital property.

Clearly you bought the dip.  But what if it is not the dip? How much have you considered the possibility that this is part of a part of a prolonged slide? Well, we think the primary dynamic is the China Exodus.  There is a forced and a rushed Exodus of capital and mining from China.  There was a bit of a surprise that kicked off in May. And, that is striving the dynamic in the market right now.

Our strategy is long term. You know 10 years ago, I talked about the mobile wave and the mobile wave was the dematerialization of music falling to the Apple iPhone and then turning vox in to ivox.  If you want to give music to 5 billion people, you got to take the music out of the CD.

If you want to vox an education to 5 billion people, you have to take the words out of the book, and you got to dematerialize the library. Bitcoin is the dematerialization of property. We are sucking the value out of gold and real estate and other property assets and collectibles and art. We are putting them on a blockchain. We are giving it to the people. It is a long-term trend.  It is million times more efficient than hauling your property around on your back.  And, if you want to give property rights for 5 billion people you need bitcoin to do it and a smart phone.

So, it is a technology plan for us and we are very confident that over the next decade 5 billion people are going to have property on a smart phone. And, Bitcoin is going to be the primary blockchain that is used to do that.

Speaking about smart phones, give us the truth, how often are you checking your phone? And, checking the price? Are you losing sleep? Do you meditate? Do you have a stiff drink when the price goes down? Well, I am not a trader. If I was a trader I would rather have anxiety that is a difficult job. I am a technology believer.  I bought Facebook before it became public.  I bought Apple when it toppled all of its share. I held it a decade.  This is a one decade long trend.

Microstrategy acquired all these Bitcoin with a combination of Equity and debt, but the debt is all long-term. It is either unsecure, convertible bonds that run five or 6 years secured debt of our cash flows market of our software business. We don’t marketing thing to market. So, we are not really concerned about short-term price fluctuations. In 6 or 7 years, I expect Bitcoin to be higher than it is today.

And, how it gets there, it will be volatile.