Notes on Michael Saylor's Presentation: 21 Rules of Bitcoin
Introduction
Speaker: Michael Saylor, founder and executive chairman of the first publicly traded company on a Bitcoin standard.
Context: Speaker discusses Bitcoin's significance as a revolutionary economic and scientific concept.
Aim: To share his personal 21 rules of Bitcoin, framing the conversation around Bitcoin as a paradigm shift in economics.
Bitcoin as Perfect Money
Definition: Bitcoin is described as the world's first perfect money, contrasting with historical forms of money considered defective (e.g., seashells, tobacco, paper currency).
Implications: The introduction of perfect money signifies a paradigm shift in human economic interactions, similar to significant scientific revolutions in history.
Key Rules of Bitcoin
Rule 1: Understanding Bitcoin
Those who understand Bitcoin buy it; those who don't criticize it.
Critical engagement often stems from a lack of understanding.
Rule 2: Initial Opposition
Everyone is against Bitcoin before they are for it.
Initial rejection is a natural response to profound new ideas.
Rule 3: Continuous Learning
Understanding Bitcoin is a lifelong journey; one never fully grasps it.
Bitcoin is an evolving concept that interacts with various layers and future applications.
Rule 4: Chaos and Bitcoin
Bitcoin thrives in chaos; unlike traditional investments, Bitcoin is not loaned to governments or companies.
Historical context: Investing in stable systems versus investing in Bitcoin during chaotic times (e.g., pre-WWII Europe).
Rule 5: The Unique Nature of Bitcoin
Bitcoin is the only asset that can be truly owned.
Ownership is defined by possession of keys, contrasting with other forms of ownership that can be taken away.
Rule 6: Suit Up
The importance of full commitment to Bitcoin investment; partial investment is inadequate.
Rule 7: The Value of Ownership
Bitcoin is information manifested as economic value; it appreciates over time amid chaos.
Rule 8: Price and Deserved Value
Everyone buys Bitcoin at the price they deserve, based on their understanding and timing.
Rule 9: Matrix of Financial Metrics
Traditional economic metrics are flawed; Bitcoin offers an escape from this distorted reality.
Rule 10: Escape the Matrix
Bitcoin serves as a means to escape the limitations of current economic systems.
Rule 11: Need to Know
Understanding Bitcoin is often restricted to those in need; comfort leads to ignorance.
Rule 12: Destruction of Models
Traditional economic and political models will be disrupted by Bitcoin.
Rule 13: The Cure to Economic Ill
Bitcoin serves as an antidote to the toxic nature of current monetary systems.
Rule 14: Positivity Towards Fiat
Promote Bitcoin without opposing fiat currencies; recognize the coexistence of different currencies.
Rule 15: Inclusiveness
Bitcoin is for everyone; its growth benefits even those you may disagree with.
Rule 16: Think in Bitcoin
Encourage a mindset that prioritizes Bitcoin as a superior investment compared to traditional assets.
Rule 17: Bitcoin's Resilience
Bitcoin is larger and stronger than individual human efforts to change it; focus on personal adaptation.
Rule 18: Maintain Focus
Stay committed to Bitcoin, avoiding distractions from competing narratives or investments.
Rule 19: Respect for Bitcoin
Acknowledge Bitcoin's power and potential; do not underestimate it.
Rule 20: Do Not Sell Bitcoin
Bitcoin represents energy and life; selling it diminishes one’s economic and personal potential.
Rule 21: Spread Bitcoin with Love
Promote Bitcoin positively to those who misunderstand it; kindness encourages learning and understanding.
Conclusion
Saylor emphasizes the importance of embracing Bitcoin and spreading its message with love and understanding.