Michael Saylor, The Bitcoin Strategy for a New Financial System, Economic Club of Miami

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At the Economic Club of Miami’s December 15, 2025 winter event at The Moore Building in Miami's Design District, Michael Saylor (Founder & Executive Chairman of Strategy/MicroStrategy) laid out his thesis that Bitcoin is “digital capital” and argued that Strategy’s accumulation is a long-term capital allocation strategy—not “hoarding.” He explained how Bitcoin-backed structures can convert digital capital into digital credit (yielding instruments with reduced volatility) and ultimately into digital money (a stable, bank-like account with attractive yield). Saylor also discussed regulation, the emerging competition between the U.S. and UAE to lead the next era of digital finance, his views on index inclusion debates, and why he believes market structure and credit networks matter more than Bitcoin’s traditional four-year cycle. About the speakers: MICHAEL SAYLOR is an American entrepreneur, executive, inventor, author, and philanthropist. He is the Founder & Executive Chairman of Strategy (MSTR), a publicly traded business intelligence firm that he founded in 1989 which holds 3% of the total 21 million bitcoin supply. He is also the founder of Alarm.com (ALRM), named inventor on 48+ patents, & author of the book “The Mobile Wave”. He founded the Saylor Academy (saylor.org), a non-profit that has provided free education to over 2 million students. He is an advocate for the Bitcoin Standard (hope.com) with dual degrees from MIT in Aerospace Engineering & History of Science. He posts his views on X @saylor and his website Michael.com. His 4 hour interview with Lex Fridman summarizes his thoughts on Bitcoin, Inflation, and the Future of Money with 11 million views on YouTube. CRAIG O'SULLIVAN is Digital Assets Chairman, Hedge Fund Association. He is a strategic finance executive with robust experience for global brands and innovators from Wall Street to Silicon Valley. Prior to working in the digital assets industry, he was a corporate finance and strategy executive for EY, Verizon Ventures, American Express, and Cantor Fitzgerald. His academic credentials include an MBA from Vanderbilt University and a BS from Rutgers University. He’s also an alum of Pomp’s Crypto Academy, earned the Digital Assets certificate from CAIA, and has been a panelist at several crypto conferences. Craig is a fitness enthusiast and sports fan, enjoys live music, and holds both USA and EU passports. Follow him on X @craigosullivan https://x.com/craigosullivan Opening remarks by Jeremy Schwarz, Chairman of the Board of Directors, Economic Club of Miami; Francisco Gonzalez, Executive Director, Economic Club of Miami, and William Sieveking, Co-founder, Longbox Interactive. The conversation was focused on the topic: "The Bitcoin Strategy for a New Financial System." Location: Oaxaca Mi Alma, The Moore, Miami Design District, Miami, Florida. To learn more about The Economic Club of Miami, visit: https://www.econclubmiami.org/ To learn more about how to become a member of the club, visit: https://www.econclubmiami.org/membership 00:00 Welcome to the Economic Club of Miami 01:57 Club growth & new members 03:15 Host welcome at The Moore 05:39 Response to “Bitcoin hoarder” headline 06:20 Bitcoin as digital capital 10:13 From Bitcoin to digital credit 12:17 Buying strategy & accumulation 18:27 COVID, zero rates & the pivot 23:34 Rethinking leverage & bonds 31:08 Digital capital → credit → money 38:00 Banks, regulation & U.S. vs UAE 53:55 MSCI index debate 59:44 Is the 4-year cycle dead? 01:05:57 Closing thoughts