Michael Saylor thinks Bitcoin is headed to $21 million, but the real story in this conversation is how he believes it gets there. In his first appearance on Bankless, Saylor breaks down Strategy’s evolving capital machine, why STRC may be the most ambitious instrument the company has built yet, how he thinks about quantum risk without panic, why his view on Ethereum has become more constructive, and what he means when he says the endgame is giving the world an 8% bank account forever.---📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24https://bankless.cc/spotify-premium---BANKLESS SPONSOR TOOLS:🔮POLYMARKET | #1 PREDICTION MARKEThttps://bankless.cc/polymarket-podcast🪐GALAXYONE | SOLANA STAKINGhttps://bankless.cc/GalaxyOne🦊 METAMASK | DOWNLOAD NOWhttps://go.metamask.io/BL-Pod-Download🏅BITGET TRADFI | TRADE GOLD WITH USDThttps://bankless.cc/bitget🎯THE DEFI REPORT | ONCHAIN INSIGHTShttps://thedefireport.io/bankless🐇MEGAETH | 1ST REAL-TIME BLOCKCHAINhttps://bankless.cc/megaeth---TIMESTAMPS0:00 Intro1:00 Michael Saylor’s $21M Bitcoin thesis4:33 What has to go right for Bitcoin to get there11:00 Has Bitcoin adoption stalled out?13:20 Why STRC became Strategy’s breakout product18:05 The pitch behind a Bitcoin-backed money market21:13 How STRC is engineered to stay stable27:31 Where the 11.5% yield comes from36:35 Is Strategy taking too much risk?46:50 Does Strategy ever stop buying Bitcoin?58:48 Quantum, panic, and the Bitcoin response1:16:18 Michael Saylor on Ethereum today1:25:46 “Fix the money, fix the world”1:38:39 The crypto reactor and Strategy’s endgame---RESOURCESMichael Saylorhttps://x.com/saylor---Not financial or tax advice. See our investment disclosures here:https://www.bankless.com/disclosures