Michael Saylor & Bill Miller IV Bitcoin Conference 2024 PT 3

요약 보기

Saylor는 공정가치 회계가 2025년 1월 선택 적용, 내년 의무화되면 기업들의 비트코인 평가이익 보고가 확대될 것이라 주장한다. 또한 SAB 121 같은 규제가 은행의 비트코인 커스터디를 막아 ETF 산업을 훼손하고 있으므로 SEC·OCC·FDIC가 은행의 커스터디를 허용해야 한다고 말한다. 은행이 커스터디를 시작하면 비트코인에 대한 예금이자(약 5%)·대출(SOFR+50bp, 약 6%)·담보 대출 등 금융상품이 생길 것이라 전망한다.

다듬은 글

※ 자동 자막 원문(다듬기 전)

01. is fair accounting okay if I want if I wanted to keep you from buying anything I would establish an accounting rule that said you can only lose money on the trade but you can never make money and and that's a one-way ratchet if I actually set up an accounting system where you you always lose you never win and if you win you have to act like you lost and then if you lose again you could win 99 times but the 100 time you lose you report one loss no wins okay that's just prejudicial and hostile okay so and definite and tangible accounting allows you to lose but not win and it's the kind of accounting you give to things you don't want people to buy and so fair accounting was critical and this January it became optional and next January it will be mandatory and so that's the that's a big step forward um you know let's just say we're like we're 75% of the way along there but but we'll be sort of at 100% when you have two dozen or three dozen companies and they're all using the same fair value accounting and everybody's talking about it and you start to see companies report multi-billion dollar or 10 meab billion dollar gains on that accounting right that'll be a big deal that's two and then the third the third is um we if if individuals aren't allowed to self- custody that's hostile to bitcoin if I pass the law saying you can't custody that's that's an attack on bitcoin if companies can't self custody that's an attack on bitcoin if if I had a company whose job was to Pro to sell custody services to institutions if I provided custody to Yale endowment or to a big hedge fund and then if the government had a law that made it illegal for the custodian to provide custody for your asset that's hostile so right now Sab 121 is a rule that basically makes it impossible for a bank to custody Bitcoin and the right way to look at it is well that's basically a regulation preventing companies that want to custody from custody and so the result of that is you have basically the government saying I guess you can buy the ETF but the ETF is not allowed to use their Bank to custody the Bitcoin and they can only use a crypto exchange to custody the Bitcoin and we're going to sue the crypto exchange and so when you have the government hostile to the crypto custodian hostile to the banks hostile to the institutional custodian you're kind of uh you're undermining the ETF industry and you're undermining the asset so the third plank is we just need for the SEC the OCC the FDIC to allow Banks like JP Morgan and City group and Goldman but by the way you might like not like JP Morgan because of what the CEO has said but let me guarantee you that within a year or two years of when it's possible to custody Bitcoin JP Morgan will start a process to do that and within four years they'll be custody Bitcoin because it's money and that's what they do so you want a world where Goldman Sachs Morgan Stanley City Group JP Morgan can custody Bitcoin because if they can custody it they can buy it for you and if they can buy it they can sell it and if they can buy it and sell it and custody it they will give you a loan on it and they will also give you yield on it so the world after the banks can custody Bitcoin will be I could have Bitcoin at a bank too big to fail back by a trillion dollar balance sheet they would give me 500 basis points of year you you know how much money you get if you put your money in t- bills right now you get 550 basis points risk-free I think that the banks will give bitcoiners 550 basis points risk free when they can custody the Bitcoin and so the world would be very different if you got paid 5% interest on your Bitcoin while you're actually holding the Bitcoin and I think the other thing is they will give you a loan at Sofer which is 550 basis points plus 50 basis points spread so you can get a loan of 6% from City Bank or Bank of America when they can custody the Bitcoin and then the third thing is they'll let you know they'll let you post the Bitcoin as collateral against your house or your or your a mortgage and you'll be able to to uh I think refinance your mortgage maybe to 100% loan to value or 120% loan to value by putting the Bitcoin is collateral like right now