저자: CathieWood,MichaelSaylor · 외국인
요약 보기
비트코인은 약 6.6만달러로 최고가 대비 절반 수준이며 공포지수는 13으로 극단적 공포 구간이다. 유통량이 2천만 BTC를 넘어 공급은 고정돼 있다. Wood는 비트코인을 인터넷 네이티브 화폐, 글로벌 통화 시스템, 새로운 자산군 세 가지 관점으로 설명하며 장기 보유 가치를 강조했다. 금과의 상관계수 0.14, 낮은 상관관계로 포트폴리오 위험조정수익률을 높인다고 주장했다. Saylor는 비트코인 담보 우선주 STRC(월배당 연 약 11.5%)를 소개하며 비트코인이 연 2%만 상승해도 배당이 가능하다고 말했다. 두 사람 모두 비트코인을 단기 트레이딩이 아닌 장기 포지션으로 제시했다.
다듬은 글
Is Bitcoin finished or is this exactly where the next move begins? Bitcoin is sitting at around $66,000 today. That is nearly half of its all-time high of $126,080 hit just months ago. The Fear and Greed Index is printing at 13, which is deep into extreme fear territory. And yet, Bitcoin circulating supply just crossed the 20 million BTC milestone around March 10th, 2026, meaning roughly only 1 million coins remain to be mined over the next 114 years.
A fixed supply, a falling price, and a market that is scared. To most people, that looks like a problem. To the people in this video, that looks like an opportunity. Because here is the thing about Bitcoin that keeps getting overlooked in all the noise. Across roughly the last decade, Bitcoin's value has climbed more than 15,000%.
It has survived exchange collapses, government bans, multiple crashes of 70% or more, and every obituary the internet has ever written about it. And it is still here. Still the number one cryptocurrency by market cap, sitting at roughly far ahead of everything else. The people who understand that history the best are not panicking right now.
They are talking. And what they are saying is worth hearing. Cathie Wood, the CEO of ARK Invest and one of the most closely watched investors in the world, just laid out three separate reasons why Bitcoin is not just a speculative asset, but the beginning of a completely new monetary system. And Michael Saylor, the man who turned a software company into a Bitcoin holding company worth tens of billions of dollars, just introduced a brand new financial product built entirely around Bitcoin.
One that pays an 11.5% annual dividend and is designed to strip out the volatility that scares most people away. These are not random opinions. These are two people who have put serious money, serious careers, and serious reputations behind their Bitcoin conviction. And what they are saying right now matters.
In this video, we are going to break down exactly what Cathie Wood said about Bitcoin and why she believes it belongs in every serious portfolio. Then, we are going to look at what Michael Saylor just built and why it might change how institutions think about getting Bitcoin exposure. Let us start with Cathie Wood.
Bitcoin, we believe, is going to be the, um, most important crypto asset, um, for three reasons. It's It's really three big ideas in one. Uh, the first is it's a new technology. We have now currency native to the internet, which is going to take out a lot of friction Mhm. from the buying process, especially as we move to agentic AI, where, you know, machines will be, uh, will be buying from other machines, right?
So, uh, so that's the first thing. The second is it is a global monetary system. And we're beginning to see it react to the, uh, events in the Middle East. And it has stabilized after something called a flash crash from last October, um, which caused auto deleveraging, which caught a lot of people offsides.
We think that's all washed through. We think Iran now is taking center stage and that Bitcoin will serve its role as a store of value. We just hit 20 million Bitcoin minted ever, and we're going only to 21 million. Gold, with the increase in price, I guarantee you miners have accelerated, uh, their search for more gold and will be producing more.
Uh, Bitcoin is mathematically metered and its growth rate has already slipped below that of gold. That right there is one of the clearest explanations of Bitcoin's role in the world that you will hear from someone at Cathie Wood's level. She broke Bitcoin down into three separate ideas. The first is that Bitcoin is a new technology.
It is currency that is native to the internet. That is a simple sentence, but think about what it actually means. Every time money moves online today, it goes through banks, payment processors, wire systems, and all of these middlemen that slow things down and take a cut. Bitcoin removes that. And as AI continues to grow and machines start buying from other machines automatically, you need a form of money that works at machine speed.
Bitcoin is built for that world. The second idea is that Bitcoin is a global monetary system. Cathie pointed out something important here. Bitcoin has already hit 20 million coins minted, and it is heading to 21 million. That is the cap. No government can print more. No central bank can intervene. Compare that to gold, where a rising price simply gives miners more incentive to dig up more supply.
Bitcoin does not work that way. Its growth rate is mathematically set and has already dropped below that of gold. She also pointed to the intergenerational wealth transfer happening right now. Trillions of dollars are moving from older generations to younger ones, and that younger generation trusts Bitcoin.
For them, digital gold is not a metaphor. It is just gold. The third idea is the one that most people miss. Bitcoin is its own asset class. And we also think with the huge intergenerational wealth transfer taking place, that Bitcoin will be the store of value of choice. And then the third big idea is Bitcoin, and we wrote this paper in 2016.
I'm very proud of our team. Uh, Bitcoin, the first of its kind in a new asset class. If you look at Bitcoin, its correlation relative to other assets is very low, even to gold. Many We call it digital gold, but if you look at the correlation since, uh, 2019, really since institutions started thinking about this, the correlation between gold and Bitcoin is 0.14.
Hardly any correlation. And if you look at a matrix, I put it in my, uh, New Year's, uh, letter in January. We have a matrix. You'll see the correlation with other assets is very low. So, what does this mean? Asset allocators are looking for low correlation assets because if they, in the satellite strategy that we offer, if they put, uh, a a a lower correlation asset in their mix, their risk-adjusted returns go up over time.
That number she mentioned, 0.14, that is the correlation between Bitcoin and gold since 2019. Think about what that means. A correlation of one means two assets move in perfect lockstep. A correlation of zero means they have nothing to do with each other. Bitcoin and gold, which most people assume are basically the same thing, have a correlation of just 0.14.
Barely any relationship at all. And when you look at Bitcoin against stocks, bonds, real estate, and other traditional assets, the numbers are just as low. That is rare. That is genuinely valuable to anyone managing a large portfolio. Here is why that matters so much. Professional asset managers, pension funds, sovereign wealth funds, and endowments, these people are not just trying to make money.
They are trying to make money while controlling risk. And one of the most powerful tools they have for controlling risk is finding assets that do not move together. When one falls, the other holds. That smooths out the ride. Bitcoin, because it is so uncorrelated to everything else, actually improves the risk-adjusted return of a diversified portfolio.
You are not adding Bitcoin because you think it will go up, although that helps. You are adding it because it behaves differently from everything else. And that difference has real mathematical value. Cathie also flagged something about market timing. After the flash crash from last October that triggered automatic deleveraging across the market, the leverage causing instability has mostly washed out.
The market cleaned itself up. And with geopolitical tension rising, she believes Bitcoin is starting to do what a store of value is supposed to do. Hold firm when everything else gets shaky. This is not a speculative take from someone who has never held serious assets. Cathie Wood manages billions of dollars.
She has been early on Tesla, genomics, and AI. She was early on Bitcoin when most of Wall Street saw it as a joke. And she's not joking. Now, let us talk about Michael Saylor because what he just built is worth understanding closely. So, the idea of of Bitcoin is you get on a roller coaster and you're expecting 30% or more, but you got to hold it for a decade.
The idea of stretch is we're going to to take, strip the first 10 to 11% of that return. We're going to pass that to the credit investor. Our equity investors accept the excess volatility. They over-collateralize it. They get the excess performance. So, STRC is a preferred stock that pays a monthly dividend.
It's about 11 and a half percent annualized right now. It's way over-collateralized. The bet of the company strategy is Bitcoin will go up more than 11% a year, and our equity holders are going to make a fortune. And the bet that the credit investor is making is Bitcoin's a real legitimate thing, but I want to get paid 11%, and ideally defer the taxes.
11%. Okay, Bitcoin's up about 37% a year for the past 5 years. That's the slowest it's ever grown. Our company strategy is up about 55%. We've leveraged that Bitcoin. The bet is Bitcoin is going to outperform the 11% over the next decade. Now, if Bitcoin outperforms the 11%, then our company equity is making a lot of money.
Uh, if Bitcoin performs just if it's up 2% a year, all it needs to be is 2% a year, we can pay those dividends forever. Because we're we're sitting on a mountain of equity. We're sitting on more than $50 billion of Bitcoin as collateral. So, so Bitcoin only needs to go up 2% a year for us to pay the dividends forever.
The equity, MSTR, wouldn't make as much money, but the credit's fine. If Bitcoin goes up 0% a year, then in 50 years we got to figure something out. If you're the investor that you want a credit instrument that pays you double-digit yields, normally you had to go after something like private credit, but the price you paid was illiquidity.
It's not liquid, and it's They have your money, you can't do it. You give it to me back. It's like a thousand different investments that it's illiquid, and they're going to lever it a bit to try to give you 8% or 9 or 10% return. What we've done is taken the world's most liquid asset, Bitcoin, which is global capital, very volatile, and then we built a credit instrument where the idea is, let's make it extremely liquid, let's make it double-digit return, let's make it homogeneous.
The The credit The underlying collateral of of STRC is Bitcoin itself. So, you can assess the credit risk of STRC every 15 seconds by looking at the price of Bitcoin. That is a completely different way to access Bitcoin, and it is designed for a specific kind of investor. Here is the plain version of what Saylor is doing.
His company, Strategy, holds more than $50 billion worth of Bitcoin on its balance sheet. Strategy stock has gone up around 55% over the past 5 years, out pacing Bitcoin itself, which is up about 37% per year over the same period. And Saylor calls it the slowest Bitcoin has ever grown. But, not everyone can handle the volatility that comes with holding Bitcoin or Strategy stocks directly.
The price swings are real. Strategy stock was down about 70% from its 52-week high at the time of the interview. Bitcoin itself was down about 40% in the same window. That kind of movement shakes most people out. So, Saylor created STRC, which he calls Stretch. It is a preferred stock. It pays a monthly dividend of around 11.5% annualized, and it is backed by Strategy's massive Bitcoin collateral.
The way it works is simple. Bitcoin generates returns. STRC takes the first 10 to 11% of that return, and passes it to the credit investor as a dividend. The equity holders of Strategy absorb the volatility and keep whatever is left above that threshold. If Bitcoin keeps performing the way it has, those equity holders make a lot of money.
But, the STRC investor just wants steady income. They are not trying to get rich on Bitcoin's upside. They just want to know it is a real asset, and that their 11.5% is safe. And Saylor made a clear case for why that is reasonable. Bitcoin only needs to grow at 2% per year for Strategy to pay that dividend indefinitely.
Just 2% with over $50 billion Bitcoin as collateral. That is the floor he is offering people. He also compared it directly to private credit. Right now, private credit funds from big names like Ares and Apollo offer yields in the 8 to 10% range. But, the price you pay is illiquidity. Your money is locked up across thousands of different investments, and you cannot easily get out.
STRC solves that problem. It is liquid. It trades on an exchange. It is backed by one asset, Bitcoin, the most liquid asset in the world. This is Saylor's answer to a question the market has been asking for years. How do you bring Bitcoin to people who believe in it, but cannot handle the ride? When you put Cathie Wood and Michael Saylor together in the same conversation about Bitcoin, a clear picture starts to form.
Cathie is making the macro case. Bitcoin is mathematically scarce. It is uncorrelated to everything. It is the asset of the next generation, and institutions that are serious about risk-adjusted returns are going to have to own it eventually. Saylor is making the structural case. He has spent years building the infrastructure to prove that companies can hold Bitcoin on their balance sheet and create value from it.
Now, he is creating new financial products to make that exposure accessible to a wider range of investors, including those who want income, not just appreciation. Both of them are saying the same thing underneath the details. Bitcoin is not going away. It is not a trade. It is a long-term position in something the world has never had before, a fixed, global, internet-native store of value that no one controls and no one can inflate away.
Whether you agree or not, the people making this argument are not anonymous accounts online. They are managing real money, building real products, and putting their names on the line. That is worth paying even a little bit of attention to. That is all for today. Thank you for watching, and I will see you in the next one.
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