저자: BillMillerIV · 외국인
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비트코인 재무전략(Bitcoin Treasury)을 채택하는 기업이 늘고 있으며, 전략적 자본배분 관점에서 Strategy(MSTR)처럼 자본을 조달해 비트코인에 투입하는 모델을 긍정적으로 평가. 모든 기업이 가능하지는 않지만 가치(통화 가치 하락 방어) 측면에서 지지. 게임스탑도 재무 전략으로 소규모 편입했으며, 규제 명확성 개선으로 대형 기업의 참여가 늘 것이라 전망. 비트코인을 장기 인플레이션 헤지로 보는 장기 낙관론.
다듬은 글
protocol has some limitations but the idea is so strong and powerful that people are solving for those limitations and that what's Mike that's what Michael sailor did and so by figuring out that Corporate Finance problem he's he's created an absolute ton of value right by using fundamental uh Capital allocation strategy and and theories um to get more Fiat into Bitcoin and so you know that has very powerful building effects and snowballing effects and now that's the entity right for to do that again others are cropping up but he was the first to do it and he continues to find ways to innovate and provide access to Capital you know access to Bitcoin in a variety of risk levels right all the way from more senior down to the equity uh for those that want to do it and so you know people look at it and say there's this premium and I look at it I say yeah there's a premium there for a reason uh someone's figuring out a lot of interesting Corporate Finance problems with regard to a new technology so you can say oh that premium is GNA go away because you can always well yeah you can't no one's doing it though and they haven't figured out how to do it as well as micro or strategy has so you know just to look at this and say well it's at a premium yeah but guess what he's solving the problem and he's dealing with that that issue by selling more shares and getting more money into Bitcoin so you know I I'm enormously bullish just in terms of you know Michael and what strategy's doing and I'm excited for the future for other uh corporations to hop on board we're obviously seeing a huge acceleration just in in terms of adopting um strategies strategy and the other interesting thing right is the the Rebrand going on you know micro strategy being a software company rebranding to strategy as a Bitcoin company metap planet did um while they didn't change their name uh they did similar Rebrand integrating like the Bitcoin orange and that sort of thing and it's obviously you know done wonders for shareholder value um I guess my question for you you Bill being a value investor can every corporation is does every corporation fit the criteria to integrate a Bitcoin treasury strategy you know one of the things I get concerned about is that there might be some of these small cap Pub Coes who are at risk of being Dlisted that try to capitalize on the Bitcoin narrative um almost you know part of my French but to call them kind of like the the shitcoin companies that are you know taking the strategy potentially what should people look out for is are all the are is every corporate company you know capable of doing this thing um well from a value investors perspective I know there are 70 or 80 companies right now around the world that are that actually are on publicly traded exchanges that own Bitcoin which is awesome you know we only own a handful of them because we try and take a value oriented approach and contextualize each one a little differently so uh we're we are supportive of any and every company that wants to um store value in a better way right if that's Bitcoin do we want to own them all maybe not and and and maybe not because um and the reason there would be because just whatever their Core Business function is doesn't you know it's hard to value or it has uh not done well in the past or for whatever reason again we're supportive of everyone that wants to do it we don't own them all we think very carefully about what the core function that they're serving is and what that's actually worth so that's sort of our first hurdle right but you ask can can anyone do this there's a limited amount of room for Bitcoin development companies no everyone cannot do what Michael has done and the way he's thinking about corporate finances is on another level so no everyone can't do that he's already got that first mover Advantage he's out there and he's continues to do it he continues to innovate so can everyone be that no but can others you know store value and raise capital and put it into Bitcoin absolutely you know not everyone could be a micro strategy but anyone that wants to tr transfer the value of their capital and the excess Capital that they have earned or earn into another time period in the future without losing purchasing power or with a very low probability of of uh losing purchasing power the longer you want to store it um yeah we're highly supportive of that and there's room for more to do it and I think the way that I think the way that it develops is you know people start to look around they say oh that guy's fun is doing really well why oh he's bought Bitcoin oh that company has outperformed every other thing why oh because it's in Bitcoin oh that operating guy had a had a challenge his Core Business was declining he had a bunch of excess cash and he started using his cash flowed by Bitcoin and his company's still around and you know ours is going down the tube so maybe we should try and be a little more Innovative so that's how it works slowly but surely and then people start looking around and going everyone else is buying Bitcoin is doing better than I am so and then it just the the snowball rolls downhill what do you think is preventing some of these giants like apple um you know Dell and Microsoft are interesting right Microsoft was um allowing people to purchase items through their store with Bitcoin for a long time up until I think about a year ago um same with Dell um you know what's holding some of these larger institutions back from going all in on bitcoin I know I think Apple has like what a trillion dollars in cash just sitting on the sidelines or something like that you know why don't they allocate a SM small portion of that to bitcoin Tesla obviously figured it out right I'm still confused as to why they stopped at like 10,000 or whatever they own well for a while it was a was a real political issue right and it was there was regulatory lack of regulatory Clarity around it and now with this Administration that's exactly what's happening you're getting that regulatory Clarity the Frameworks are being put together now as we speak so it's just a matter of time now that we've got a friendly Administration I mean if you just look what one of the things I think is super interesting socially is the way these massive tech companies tones have just changed overnight with regard to all kinds of political issues you're like what what is going on here right it's just like an echo chamber now with social media and it it's just really interesting so um I think that now with this Administration change you now have an opportunity where you're going to see more companies do it and I think that is what you've seen with the number of companies that have owned Bitcoin over the past you know six months have just has changed drastically so it's again the snowball is rolling downhill certainly I know you and I were were chatting offline earlier um one of the companies you guys just uh got involved with was GameStop and they had a pretty big announcement the other day um walk me through the whole GameStop Saga and then uh tell me a little bit about how you guys are getting involved with Ryan and team so we just initiated a starter position uh it's a small weight for us I think it's about 1% if not a little less um we're very interested in companies that want to have a Bitcoin treasury strategy just because it suggests they're Innovative it suggests they're thinking outside the box and if you look at Ryan as a pickup for team Bitcoin I mean he's a legendary memer Right and and memes are a way that this the ideas get around and and get around quickly so have him helping with that and and uh adding that level of capital um just coming in I mean what I think they have a few billion of cash on the balance sheet he's issuing 1.3 billion today and converts so you know will he be an outright Bitcoin development company is there room for it can he figure out innovative ways to solve similar problems that sailor has I don't know but um it from a capital allocation perspective having a small small weight in that at least the second it was announced makes a lot of sense so we're following it closely um you know that the power of ideas to travel today is unlike it ever has been uh and that's why people are that's why these big centralized media platforms are are so important and who owns them and what's going on and the way they're run so that ability of ideas to spread quickly you know it hasn't been around forever prior to social media Bitcoin would not have been possible right I mean you you wouldn't have been able to get the word out there it's now a the world changes context changes and so we want to be involved in changing context and uh potential right tales on the investment side um again it's not our largest position but it's one that we want to be involved in and and follow closely and so that's why we just initiated a start a position in it yeah I'm very interested to see you know how narrative continues to progress with GameStop I think it's going to be a catalyst um for some other other companies that fit the bill um and profile of GameStop to get involved as well um yeah it's just a really interesting time right you know GameStop historically you know a retail store you know just like you know metap planet was a retail Hotel chain um and micro strategy now strategy was a uh um you know software as a surface company seeing them all pivot into this is just so so fascinating yeah well to to your point I mean they you know a lot of this a lot of the impetus for companies getting into Bitcoin is they're having real secular challenges right so GameStop selling physical copies of games when they're now being downloaded and uh a whole new way that they haven't been able to be sold before kind of hurts GameStop's business model right and that's secular change is going to continue to move in that direction I think and so a lot of the companies that are moving into Bitcoin are going yeah I have a secular Challenge and here's a way to solve that secular challenge there's this entirely new way of accounting for things and the the uh overall market cap and expectations for it might may be too low and this is a better way to store the value that I have created and could eventually create so even though it's see what and then more broadly though everyone's actually got a problem the world's a competitive place so everyone is facing some sort of secular Challenge and I think in most people's lives Bitcoin can solve that challenge and so like one of the ways we conceptualize of it and think it is is important is okay if the if the monetary authorities that that govern your dollars have an explicit policy right to devalue those dollars by 2% a year maybe a little more maybe a little less some years but 2% plus it's been more than that over a long period of time actually why not take that percent of what you have and is denominated in those things that are going away 2% and stick it in the thing that the goal is for that not to happen and that's Bitcoin so take 2% of everything you have and if you're not there yet you need to get to at least 2% because that's going away anyway in everything you have so just it makes a lot of sense to do that and then hold it for a long period of time and I think more people should have that perspective and I think it would suit them very well for a CFO or corporate treasurer that's listening to this and you know seeing what GameStop's doing you know I'm sure there's still some skeptic Skeptics out there like hey this is just a Band-Aid to a temporary problem GameStop is a failing business this isn't a long-term solution you're a value investor so how would you push back on that critique Bitcoin is a long-term solution to a much bigger problem right which is inflation and the fact that monetary authorities are destroying the value of everything you own and that's happening every single day and so again we need to think more broadly and expansively about Technologies and money and what they mean and whether or not there's a better way to do what we've been doing for you know thousands of years in the Fiat baskets all of which have gone to Zero by the way and uh Bitcoin is certainly showing that that's probably likely to continue I mean I think it's really interesting when you look at these Financial professionals who get real upset about Bitcoin success and have had no hand in and still don't and they go Oh in 10 years Bitcoin is going to be way down it's like why why is your base case a reversal in a 16-year trend instead of contextualizing that 16-year Trend and understanding and maybe trying to explain why it's happening and why it could continue to happen I mean I love what David tweeted out uh CEO Bitcoin Inc and and you don't own any like what are you look what are you thinking about here man I mean get on board so um yeah we think there's a long way to go a
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