As we all know , Michael Saylor is a major BTC investor. As a listed company, MicroStrategy, which he leads, has been buying BTC like crazy in the past few years. It currently holds 226,331 Bitcoins with an average holding cost of about US$36,000.
Recently, Michael Saylor shared "Bitcoin's Catch-21" at a conference. The accompanying slides are translated as follows. It is well worth reading and is very helpful for the investment system. Before sharing the specific Catch-21 rules, Saylor first shared his three core ideas:
- Bitcoin is the singularity where science and economics collide.
- Bitcoin is the first perfect currency.
- Bitcoin is a paradigm shift.
Article 1: Understanding and Criticism
People who understand Bitcoin will buy it, and people who don’t understand it will criticize it. If you truly understand Bitcoin, the paradigm shifts, and you can’t help but buy Bitcoin. Critics often lack understanding of Bitcoin's transformative potential and are skeptical of Bitcoin.
Article 2: Initial Objection
Everyone will oppose Bitcoin before supporting it. People have natural resistance to profound new concepts. This is normal. Opposition to Bitcoin from bankers, politicians and the general public alike is expected and stems from a lack of understanding or a fear of change. But as they learn more, they will discover the value and benefits of Bitcoin.
No. 3: Continuous Learning
Understanding Bitcoin is an ongoing process (it is an interdisciplinary field). True believers in Bitcoin realize that their learning is never-ending. Bitcoin is more than just a protocol or software, it is an economy, currency, and ideology that will continue to evolve and impact humanity in unforeseen ways.
No. 4: Chaos is opportunity
Bitcoin thrives on chaos. Investing in fiat currencies, stocks or real estate is vulnerable to inefficiencies or failures of governments, businesses and culture. Bitcoin, on the other hand, benefits from entropy. Just like the Swiss banks during World War II, they remained neutral and did not get involved in the chaos and war, but instead enjoyed the benefits.
Article 5: Ordinary people can win too
Bitcoin is the only game in the casino where everyone can win. Crypto is a huge casino and chaos is everywhere. When you play the Bitcoin game, you won’t lose unless you don’t play or quit prematurely.
Over a long enough time span, Bitcoin will surpass all other investments due to its resilience to chaos.
Article 6: Safety first
Not your keys, not your coin. If you lack complete control over your Bitcoin holdings, you will be at a disadvantage investing. To truly benefit from Bitcoin, you must be fully equipped with security.
Article 7: True Ownership
Bitcoin is unique in that it is the first asset in the history of mankind that can be truly owned independently of external forces. While other forms of property can be confiscated, restricted, or rotted away, the value of Bitcoin only grows over time and no one can take it away.
Article 8: The price you deserve
This is Saylor's observation and experience. Everyone buys Bitcoin at the price they deserve. Early adopters and those who grasp Bitcoin’s potential quickly will indeed be rewarded more, while latecomers and skeptics will pay a higher price.
No. 9: Invest money you can’t afford to lose
Most people will tell you "invest in Bitcoin with money you can afford to lose", but Saylor has a completely different view. He believes that buying Bitcoin should be a major investment rather than a speculative/defensive investment. I think MicroStrategy has been aggressively buying BTC in the past few years, which is the practice of this concept.
Article 10: Your ticket to escape the Matrix
Saylor describes the traditional financial system as a fragile "matrix" of synthetic and false indicators. Bitcoin offers a ticket out of the traditional financial system, offering control over freedom and wealth outside of traditional, flawed economic models.
No. 11: Insights of the Few
Not everyone understands Bitcoin because not everyone needs to understand Bitcoin. Those who are comfortable with the status quo and have vested interests in the existing system do not urgently need to understand Bitcoin. Only those facing economic uncertainty or chaos can see and understand Bitcoin’s true value.
Article 12: Existing models will be destroyed
The emergence of Bitcoin challenges and will ultimately destroy traditional economic models, as well as political models. Just as ancient military strategies have become obsolete in the face of modern warfare technology. Bitcoin, as a new formalization, renders many existing models meaningless.
No. 13: The Orange Pill
Bitcoin is the antidote to the current problematic economic system. Different from the blue and red pills in "The Matrix", Bitcoin is the new "orange pill" and a brand-new force for change.
Article 14: Support Bitcoin, but not against fiat currencies
Even though we know that Bitcoin is good, there is no need to fight against the current fiat currency system. Emphasize the benefits of Bitcoin rather than attacking fiat currencies. We are not against fiat currency, but rather advocate the promotion of Bitcoin. Supporting Bitcoin and recognizing its superiority is more productive than merely criticizing the fiat currency system.
Article 15: Bitcoin belongs to everyone
Bitcoin’s inclusivity means it will benefit everyone, even those who were initially opposed to it or didn’t understand it. No third party can decide who can/cannot use Bitcoin.
Article 16: Bitcoin Standard
Learn to develop a Bitcoin-centric and Bitcoin-centric mindset. Evaluate opportunities from the perspective of Bitcoin's high returns and robust potential, rather than relying on traditional financial indicators.
Item 17: You can’t change Bitcoin
Bitcoin is a powerful, decentralized force that will change the way you perspective, think, and live. People should adapt to Bitcoin. Those who try to change Bitcoin are like intellectuals trying to teach eagles how to fly, an effort that is pointless. You won’t change Bitcoin, you will be changed by it.
No. 18: Laser Eye Concentration
The "laser eye" commonly used in Bitcoin circles represents an unswerving focus on Bitcoin. This focus will help you stay away from scams and noise messages.
Article 19: Respect Bitcoin
If you don't respect Bitcoin, you are the clown. Those who underestimate the power and potential of Bitcoin often later become impressed by its success and resilience.
Rule 20: Never sell
Bitcoin is like life energy, which is crucial in the preservation and appreciation of wealth. Never sell Bitcoin (unless in a critical situation), especially not to large corporations or governments. HODL should always be used as a means to hedge against the fiat currency system and inflation.
Article 21: Spread with love
Spread the technology, concepts and spirit of Bitcoin with love. If you talk to someone about Bitcoin, it means they are someone you care about. During this process, please maintain goodwill education and persuasion, continue to spread the word, and together make Bitcoin more widely used.
