KEYTAKEAWAYS
- Bitcoin as the first perfect money and a paradigm shift, emphasizing its role in transforming financial systems.
- Saylor advocates for true ownership and security, suggesting Bitcoin allows control beyond traditional economic constraints.
- The concept of "never sell," viewing Bitcoin as essential for wealth preservation against inflation and fiat system fluctuations.
CONTENT
Michael Saylor presents his “21 Rules of Bitcoin” at BTC Prague 2024, highlighting Bitcoin as perfect money and emphasizing its transformative role.
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Over the past few years, Michael Saylor has been on a Bitcoin buying spree. Recently, at BTC Prague 2024, he shared his “21 Rules of Bitcoin,” outlining his investment philosophy on Bitcoin.
As is well known, Michael Saylor is a major Bitcoin bull. The company he leads, MicroStrategy, a public company, has been aggressively purchasing Bitcoin over the past few years. They currently hold 226,331 bitcoins, with an average acquisition cost of about $36,000.
21 RULES OF BITCOIN
The keynote of his slides is listed below, which is well worth reading and very helpful for understanding investment strategies. Before sharing the specific 21 rules, Saylor first shared his 3 core ideas:
- Bitcoin is the singularity where science meets economics.
- Bitcoin is the first perfect money.
- Bitcoin represents a paradigm shift.
(source: Expats.cz)
Rule 1: Understanding vs. Criticism
Those who understand Bitcoin buy it; those who don’t, criticize it. If you truly understand Bitcoin and the paradigm shift it represents, you’ll inevitably be drawn to purchase it. Critics often lack understanding of Bitcoin’s transformative potential and remain skeptical.
Rule 2: Initial Opposition
Everyone opposes Bitcoin before supporting it. It’s natural for people to resist profound new concepts. Opposition from bankers, politicians, and the general public is expected, stemming from a lack of understanding or fear of change. But as they delve deeper, they’ll discover Bitcoin’s value and benefits.
Rule 3: Continuous Learning
Understanding Bitcoin is an ongoing process (it’s an interdisciplinary field). Bitcoin enthusiasts recognize that their learning never ends. Bitcoin isn’t just a protocol or software; it’s also an economic, monetary, and ideological system that will continue to evolve and impact humanity in unforeseen ways.
Rule 4: Chaos is Opportunity
Bitcoin thrives on chaos. Investing in fiat currencies, stocks, or real estate can be affected by inefficiencies or failures in government, business, and culture. Bitcoin, however, benefits from entropy. Like Swiss banks during World War II, it remains neutral amidst chaos and war, reaping the benefits.
Rule 5: The Average Person Can Win
Bitcoin is the only game in the casino where everyone can win. The crypto world is a massive casino with chaos everywhere. In the Bitcoin game, you can’t lose unless you don’t play or exit too early. Over a long enough time horizon, Bitcoin will outperform all other investments due to its adaptability to chaos.
Rule 6: Security First
Not your keys, not your coins. If you lack complete control over your Bitcoin, you’re at a disadvantage in your investment. To truly benefit from Bitcoin, you must be fully armed in terms of security.
Rule 7: True Ownership
Bitcoin’s uniqueness lies in being the first asset in human history that can be truly owned independent of external forces. Other forms of property can be confiscated, restricted, or decay, while Bitcoin’s value only grows over time, and no one can take it away.
Rule 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 quickly grasp Bitcoin’s potential indeed get more rewards, while latecomers and skeptics pay a higher price.
Rule 9: Invest Money You Can’t Afford to Lose
Most people will tell you to “invest only what you can afford to lose in Bitcoin,” but Saylor’s view is completely different. He believes buying Bitcoin should be a primary investment, not a speculative/defensive one. I think MicroStrategy’s aggressive Bitcoin purchases over the past few years are a practice of this philosophy.
Rule 10: The Ticket Out of the “Matrix”
Saylor describes the traditional financial system as a fragile “matrix” composed of synthetic and false indicators. Bitcoin offers a ticket to escape the traditional financial system, providing control over freedom and wealth outside the traditional, flawed economic models.
Rule 11: Insight of the Few
Not everyone understands Bitcoin because not everyone needs to. Those content with the status quo and beneficiaries of the existing system aren’t in a rush to understand Bitcoin. Only those facing economic uncertainty or chaos can see and understand Bitcoin’s true value.
Rule 12: Existing Models Will Be Destroyed
Bitcoin’s emergence challenges and will ultimately destroy traditional economic and political models. Just as ancient military strategies became obsolete in the face of modern warfare technology, Bitcoin as a new norm renders many existing models meaningless.
Rule 13: The Orange Pill
Bitcoin is the remedy for the current problematic economic system. Unlike the blue and red pills in “The Matrix,” Bitcoin is the new “orange pill” – a completely new force for change.
Rule 14: Support Bitcoin, But Don’t Oppose Fiat
Although we know Bitcoin is good, there’s no need to fight the current fiat system. Emphasize Bitcoin’s benefits rather than attacking fiat currency. We don’t oppose fiat currency; rather, we advocate for Bitcoin. Supporting Bitcoin and recognizing its superiority is more effective than merely criticizing the fiat system.
Rule 15: Bitcoin Belongs to Everyone
Bitcoin’s inclusivity means it will benefit everyone, even those who initially opposed or didn’t understand it. No third party can decide who can/cannot use Bitcoin.
Rule 16: Bitcoin Standard
Learn to establish a Bitcoin-centric mindset. Evaluate opportunities from the perspective of Bitcoin’s high returns and robust potential, rather than relying on traditional financial indicators.
Rule 17: You Can’t Change Bitcoin
Bitcoin is a powerful, decentralized force that will change your views, thinking, and lifestyle. People should adapt to Bitcoin. Those trying to change Bitcoin are like intellectuals trying to teach eagles how to fly – such efforts are meaningless. You won’t change Bitcoin; you’ll be changed by it.
Rule 18: Laser Focus
The “laser eyes” commonly used in the Bitcoin community represent unwavering focus on Bitcoin, which helps you avoid scams and noise.
Rule 19: Respect Bitcoin
If you don’t respect Bitcoin, you’re the clown. Those who underestimate Bitcoin’s power and potential often end up humbled by its success and resilience.
Rule 20: Never Sell
Bitcoin is like life energy, crucial for wealth preservation and growth. Never sell Bitcoin (except in emergencies), especially not to large corporations or governments. Always HODL as a hedge against the fiat system and inflation.
Rule 21: Spread with Love
Spread Bitcoin’s technology, concepts, and spirit with love. If you’ve talked to someone about Bitcoin, it means you care about them. In this process, maintain goodwill in educating and persuading, continue to spread the word, and together make Bitcoin’s application more widespread.
Original Source: 0xSea.eth
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