I recently had a chat with Michael Saylor.

Not a “let me clip this for engagement” chat.

A real one.

And if you have been staring at this market as it owes you certainty, here is the blunt truth.

Bitcoin can look ugly on the chart and still be winning underneath.

Saylor said the line that matters most.

That is the tell.

So let’s talk about what that actually means. And what you should do with it.

Saylor did not pretend that the chart was clean.

“I think that the price action is choppy and sideways.”

Then he explained why the chop feels so aggressive right now.

“The derivatives market, the perpetuals, is 5x bigger than the spot market.”

Read that again.

People treat the spot like it is the whole story. It is not.

If a guy wants to throw size on leverage, he can distort the day. He can force liquidations. He can make the chart look like it is possessed.

Saylor put it plainly. A levered trader can “control the price for the day.”

So if you are watching every hourly candle and feeling bipolar, congrats. You are reacting to the loudest casino table in the building.

That is not adoption. That is not “the thesis is dead.” That is leverage doing what leverage does.

It punishes impatience.

He did not list all twelve one by one, but he gave the buckets.

He called out:

He said:

He said:

If you have been here long enough, you know how insane that is.

This used to be “scam.”

Then it became “maybe.”

Now it is becoming the default.

And also, one thesis I’ve been looking at.

Let's say we've been in a bear market, if that is the term you want to use, for the last few months.

Not a multi-year wipeout. Not a total collapse.

More like a slow grind where every bounce feels like it gets sold, and optimism gets punished.

That grind breaks people. It breaks traders. It breaks new holders. It breaks the ones who came in for dopamine.

And I think we are closer to the bottom than many believe.

I said it on the show, and I will say it again.

Let's say this is a bear market...

If it is, I think we’re close to the bottom.

That does not mean you catch a perfect low. Stop trying to be a hero.

It means the risk shifts over time. It means the opportunity starts to show itself when nobody wants to look.

This is where most people do it wrong. They start begging for 100K again. They start begging for a green candle to give them permission.

If you need permission, you are already in trouble.

I asked him what made him change his mind about Bitcoin.

He took it back to 2020.

Then he used an analogy that hits because it is personal.

That is the moment.

It is not a chart moment. It is not a candle moment. It is a system moment.

When you realize the system can rewrite the rules whenever it wants, you either adapt or you get drained.

That is why this is bigger than “I hope the chart goes up.”

It is about protecting your time. Protecting your work. Protecting the output of your life.

Saylor kept it simple.

“Digital gold.”

He did not mean it as a slogan. He meant it as a technical upgrade to an old need.

Gold worked for centuries because people needed portable capital without trusting anyone.

Now we live in a world where everything is software.

He said the line that makes the whole point obvious.

Exactly.

In a world moving at the speed of light, the money that wins moves at the speed of light.

So the argument is not complicated.

A scarce asset. A global network. No central issuer. Easy transfer. Programmable ownership.

That is why Bitcoin sits in its own lane.

This is where Saylor becomes the institutional mirror.

He is not buying because the chart looked cute.

He is buying because he sees a supply war.

Then he explained the part retail still refuses to internalize.

Buying gets harder over time.

That is the whole game.

Same dollars. Less Bitcoin.

So when people scream, “I’ll buy later,” they are assuming later is the same market.

It is not.

Then he dropped the line that makes people short-circuit.

And then he doubled down.

You do not have to worship those numbers.

But you should understand the mechanism behind what he is saying.

Scarcity plus time plus increasing access equals higher clearing prices.

That is not magic. That is basic market structure.

I liked that he drifted into AI. Not because it is trendy. Because it connects to speed.

Saylor said:

Then he made it practical.

“I couldn’t have done any of it without AI.”

That is a glimpse into what the next cycle of markets looks like.

More automation. Faster iteration. More financial engineering. More products. More distribution.

And in that environment, the assets that thrive are the ones that fit software rails.

Bitcoin fits software rails.

It is not a “pet rock.” It is a digital property on a network.

So the AI piece matters because it accelerates everything else.

More speed. More competition. More capital movement.

People love to use fear as a business model.

Saylor called it out.

Then he gave the adult answer.

If a real threat shows up, the world upgrades. Big tech upgrades. Governments upgrade. Banks upgrade.

“Everybody will upgrade all of their software libraries and encryption libraries.”

And he said the line you should keep in your head forever.

“Don’t panic.”

Panic makes you sloppy.

Sloppy gets you phished.

Sloppy gets you wrecked.

People keep begging for a tax miracle headline.

Saylor did not play that game.

“It’s all above my pay grade.”

Good. That is honest.

But he did point to what matters for broader participation.

Then he gave a time expectation.

“I would be shocked if it takes longer than the end of Q2.”

That is not hopium. That is a rough window.

It matters because clarity reduces friction.

Less friction means more capital can enter without excuses.

I asked it because people want it.

He answered it the way a serious person answers it.

Not tomorrow.

Not because your favorite influencer drew a triangle.

Time. Adoption. Distribution. Liquidity.

That is what moves something from “volatile asset” to “global reserve-like asset.”

Here is the play, depending on who you are.

If you are long-term, stop reacting to hourly candles. They are not your boss. Saylor is telling you the foundation is getting stronger even when the price is ugly.

If you are a trader, respect that derivatives run the day. Define your risk before you click.

Either way, anchor on the line that should calm you down.

That is not a moonboy line.

That is an adoption line.

And if adoption is real, your job is simple.

Stop reacting. Start positioning.

I am not trading.

I am accumulating wealth.