Latest / Simply Bitcoin / MicroStrategy vs BitMine: Who Will Be The Crypto King? | Bitcoin Simply

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MicroStrategy vs BitMine: Who Will Be The Crypto King? | Bitcoin Simply · Simply Bitcoin

0:00
All right y'all, here's a question that I see popping up
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on Bitcoin Twitter right now. Should I buy MSTR and be on team
0:06
Sailor and team Bitcoin or should I buy BMNR and be on Team
0:10
Tom Lee and team Ethereum? Since its first $250 million
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purchase of Bitcoin in August of 2020, MicroStrategy is grinded
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to own 3% of the entire Bitcoin network.
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It has a $70 billion enterprise value.
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It owns 687,410 Bitcoin, and it's already taken in $8 billion
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in investments in its preferred stocks, which offer a yield from
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9 1/2% to 13%. On the other hand, we have Bit
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Mine Immersion Technologies, or BMR, the Etherium powerhouse
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which now owns 3 1/2 percent of each supply.
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It's investing in moon shots like Sam Altman's world coin.
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Oh yeah, and it's now fueling the number one creator in the
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world with its recent $200 million investment in beast
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industries. They think they're going to make
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like $400 million a year just from their ETH position alone.
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The question that everybody's asking, should I back the
1:00
scarcity driven Bitcoin or the utility pack tokenization
1:03
features of ETH? Will the digital credit thesis
1:06
play out or will digital tokenization reign supreme?
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Today, I'm going to give you my raw, honest opinions on both
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strategies, no pun intended. And I'm going to pick who I
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think win in the long run. This is not to Coco Bitcoin.
1:17
Simply, let's go. I think.
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Ethereum is having its 2017 moment now.
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Because. Now is the time that Wall Street
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will take tokenization seriously, and it's taking place
1:31
on Ethereum, so I do think it is the biggest macro trade for the
1:35
next decade. If you guys don't know who that
1:37
is, that is none other than the price pump price prediction king
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Tom Lee, the formerly Bitcoin OG and now ETH head the chairperson
1:45
of bit mine immersion Technologies or BMNR.
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If you want to look up the ticker.
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BMNR is the largest corporate holder of ETH in the world.
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They're not the largest holder of ETH in the world because
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well, a lot of people got pre mine tokens, but we're not going
1:57
to go there on this episode. They own $13 billion of the
2:00
programmable token and they're making a huge bet on
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tokenization. Here's a thesis in a nutshell.
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Build the first Made in America validator network, invest in ETH
2:09
development, own 5% of the Ethereum network, and make moon
2:12
shot investments. When they first laid out the
2:14
strategy, I thought owning 5% of the ETH network would take a
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long time, and they actually thought that it would take five
2:20
years, but they've done it in about seven months.
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Here's how their strategy stacks up.
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Two micro strategies. Which is the company's made
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rapid progress on and getting to 5% of Ethereum.
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So that was our mission statement on June 30th when we
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launched the Ethereum treasury funded by our PIPE investors, 2
2:40
of which are here today. And in those ensuing 6-7 months,
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as you can see, we wanted to get to 6,000,000 ETH tokens and in
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six months, we're at 4.2 million ETH.
2:56
So we're 68% of the way to 5%. We originally thought this would
3:01
take five years, but we're 68% of the way there in seven months
3:08
now. Oh, thank you.
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Now we have cash, a billion dollars of cash on the balance
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sheet. So if we add the cash and said
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let's buy Ethereum with the cash, we would have four and a
3:25
half million ETH tokens, which means we're 75% of the way to
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the alchemy 5%. So we believe if you believe
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this trajectory bit mine should cross 5% sometime this year,
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assuming the seven months continue to hold.
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And as you can see, we studied the blue chip standard for
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crypto treasury, which is micro strategy.
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And as you can see here, we have 13 billion of ETH including cash
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in a roughly seven months. At the same point, MicroStrategy
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had 3.4 billion of Bitcoin. In fact, we accumulate as much
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Ethereum as strategy accumulated, which took them
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roughly 1300 days or four years. Quick question, if there's a
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network truly valuable or even a stock, do you think if someone's
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able to acquire almost 5% of it in six months that it's as
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valuable as what everybody thinks?
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Question a ponder now investing in moonshots.
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The next part of their strategy, they just dumped $200 million
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into Beast Industries, Who is Mr. Beast?
4:33
Well, he's the number one creator in the world.
4:36
Dude has over 1 billion subscribers.
4:38
His content has watched more than the Super Bowl, Netflix,
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Disney, NBC in Paramount and Tom believes that his platform will
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be the platform of choice for Gen.
4:47
Z, Gen. Alpha and even millennial.
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The most interesting part as to what this thesis actually means
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in this collaboration is actually intended to do is he
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believes that they're going to have meaningful collaboration in
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the creation of products from Beast Financial, which filed A
5:03
trademark application and is intending to offer insurance
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services, lending services, payment providing services,
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crypto staking, crypto rewards. Oh yeah, in banking.
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Do you think that people are they're going to switch over to
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moving their bank from JP Morgan Chase to banking with Mr. Beast,
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something to feast on? It's super interesting that this
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is the route that Jimmy Donaldson or Mr. Beast took
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because something that he was actually spurred on by Michael
5:27
Saylor himself. And this trademark was filed
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after Michael Saylor told him, just buy Bitcoin, bro.
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So that's one side, the BMNR side, Moonshine investing, 5% of
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the ETH network, digital tokenization.
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Now let's go to the Sailor side, the MSTR side, the OG strategy
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of building a digital asset, corporate treasury strategy.
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They continue to buy a Bitcoin. As a matter of fact, last week
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they bought 1.25 billion more Bitcoin and now own 687,410
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Bitcoin, almost 3% of the entire supply of the Bitcoin network.
5:58
Their stock MSTR has been the best performing asset over the
6:01
past decade, only second to NVIDIA and just ahead of Bitcoin
6:04
itself, growing about 60% a year.
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Their strategy? Digital credit issue convertible
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notes in preferred stocks like STRCSTRFSTRDSTRK.
6:16
They raise cheap capital and then they plowed into Bitcoin.
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It's a self reinforcing loop. When Bitcoin appreciates, they
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cover their debt and they cover their obligations.
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Then they're able to issue more credit. 5 to 7% above the risk
6:28
free rate yielding return for both their shareholders in MSTR
6:32
and the people that own their preferred stocks.
6:34
Here's what Michael has to say about.
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It I think the most exciting. There are a lot of ways you can
6:38
create value from capital, but a treasury company like a Bitcoin
6:42
treasury company or a digital treasury company, the most
6:46
compelling thing is to create digital credit.
6:48
I think the perfect product is I give you a Treasury credit
6:51
instrument that pays you 8% more than the risk free rate in the
6:57
currency that, that your expenses or your obligations
7:02
come in. Then I'm giving you this massive
7:04
high yield bank account. You don't need to be able to
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read. You know, a three-year old would
7:08
get value from it. An 80 year old would get value
7:11
from it. If you're in a coma, you would
7:12
get value from it, right? Your unborn children will get
7:16
value from it. It, it pretty much is the gift
7:19
that keeps giving. It's such a good product.
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There's that the reaction of anybody would be, well, what's
7:24
the catch? And the catch is, well, you need
7:28
a Dynamo to power the the dividend and that's digital
7:31
capital Bitcoin. You need to trust the
7:34
creditworthiness of the issuer. So you want to create a digital
7:38
treasury company that's got very transparent credit, that's got a
7:41
lot of collateral that is understandable that acts in a
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very, a very predictable, transparent, consistent fashion
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over time. And that's what makes you credit
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worthy and that that is I think the the digital credit.
7:57
He turned a software company making $500 million a year into
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a Bitcoin bank that's now worth 100 times as much as when he
8:03
started in 2020. Bitcoin is a digital credit
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worthy primary instrument. They borrow money from the
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largest funds, corporations and individuals who want a greater
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than risk free return. They believe Bitcoin is the
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ultimate collateral and their creditworthiness is what people
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are investing in. Is the company credible or not?
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Do they have too much debt relative to their overall
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Bitcoin balance and assets? Here's Tom Lee strategy a little
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bit different in how they're thinking about paying out their
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shareholders from their staking rewards when you invest in BMNR.
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Growth. The first is to maximize yield
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on Ethereum. OK, So we're going to optimize a
8:42
staking yield. The Caesar benchmark is 2.8.
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We're going to try to do better. One way we do it, at least one
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way that we've talked about it, is to pursue alpha strategies.
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Now the, the entity that'll execute this for us is Mosaics
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Capital, but we also have an advisor, Tom Demark of Demark
9:04
Analytics. For those who are Boomers or
9:08
older Gen. X, Tom Demark is iconic.
9:12
He is the one of the most famous market timing people.
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He has won so many awards. He only has two clients.
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I believe he's disclosed this. Well, I don't think he's
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disclosed his first client, so I'm not going to name it.
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We are his only other client, and I showed you that slide
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where we bought 2.4 billion of ETH in the last two months.
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Tom Demark's strategies, along with Mosaic execution probably
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saved US $400 million on those purchases.
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So think about that. We bought ETH in a way that made
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you guys money. So don't shake your fist at ETH
9:52
when it's down. We like it when it's declining.
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OK, All right. But here's where I can give you
10:01
some imagination. We have 13 billion to be.
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So imagine Proposal 2 didn't pass and we're stuck in the
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water. We don't buy another dollar V
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for the rest of the history of the company.
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But using the stake and yield and with some optimization that
10:24
would generate 367 to 390,000,000 a year in rewards.
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We have a billion in cash that would generate another 35 to 40
10:34
million. The company will generate 400 to
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$433 million a year in pre tax income.
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That's more than $1,000,000 a day and that's been achieved in
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six months. I think a company that goes from
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zero to in seven months to a company that can make 400
10:51
million a year, that's quite an achievement.
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But of course, thank you for the stockholders for getting us
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here. But let's think about a future
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scenario. Let's say that ETH's price stays
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at 3000, but we get to 5% of ETH.
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That number rises to 542 million to 583,000,000.
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But I think ETH is grossly undervalued.
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OK, let's say a proper price for ETH is 12,000.
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OK. And I'll explain in a later
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section how I get to 12. Then the annual rewards and
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interest jumped to 2 billion to 2.2 billion, OK, that would make
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US1 of the 20 most profitable companies in America.
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So or maybe 30th most, but it's really up there.
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OK, So that's why if our vision is correct on Ethereum and we're
11:53
generating this level of rewards and income, you don't want us to
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just be a staking entity. OK, So that gets us to the
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second, which is we want to invest in moonshots.
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So far we've done 2. We will do more orbs and
12:09
Worldcoin. We want to accelerate
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tokenization products. We want to work with the L twos
12:16
and the Defys, the leading projects, including something
12:19
like lighter and we'll I'm going to have a fireside chat with
12:21
Vlad today about Lighter and why you really should pay attention
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to lighter and its token. And you know, we're really
12:30
excited about this beast industries moon shot.
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OK, but just to remind you bit mine invested in Aiko $20
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million. OK Worldcoin.
12:41
It was founded in 2019 by Sam Altman, who's the open AI CEO,
12:46
and Alex Blania. They have built an incredible
12:51
technology for proof of human. It is the only way to verify
12:55
your humanity today using an iris scan.
12:59
They're not scanning your iris. They're using your iris to
13:02
create a cryptographic hash. But that is unique.
13:06
Out of 7 billion people, that would be the only number
13:10
cryptographically unique identification.
13:12
It's the only thing more secure is a fingerprint.
13:16
And eco's done well. They hold 10% of the circulating
13:20
supply of Worldcoin 11,000 ETH 69,000,000 cash and they
13:25
verified 17,000,000 humans. The world coin app, if you
13:30
haven't downloaded it, it's it's almost an Omni app.
13:33
It's that good. And they've done some cool pilot
13:38
pilot partnerships to do proof of human verification, sort of a
13:42
single sign on with Kraken and Coinbase.
13:46
And they've also made strategic investments into something like
13:48
mythical. OK.
13:52
And of course, you know, tokenization is the future and
13:56
that's why we want to do moon shots.
13:57
So couple things here. They believe that they can
14:00
generate about $400 million a year in profit just from staking
14:04
their ETH, but that they're only going to earn 4 to 5% from which
14:07
that they will pay out a dividend.
14:09
The four or 5% that they earn in gas fees isn't even going to
14:11
outpace inflation. So I have some questions here.
14:14
If you are a shareholder, would there not be a better in a
14:18
superior place where you should invest those assets?
14:20
If not, why not just buy treasuries?
14:22
Oh, it's because you believe in their venture capital arm or the
14:26
investments that they're making into coins like World Coin or
14:29
orbs, the only proof of human technology out there in the
14:33
world. They're going to scan your
14:34
eyeball in your retina and allow you to check in at places where
14:37
you don't want your privacy revealed.
14:38
Seems like something that you should invest in.
14:40
Do you believe in Tom Lee is a venture capital investor or not?
14:43
If you do, then I would invest wholeheartedly.
14:46
But that's a risky game. A lot of bets are going to go to
14:49
0, and you can best believe that if there's a possibility of more
14:53
fraud, there will be more fraud. We've seen this play out in the
14:56
crypto industry in the crypto casinos for the last five years.
14:59
The real thing that you're investing in really isn't Tom
15:02
Lee or BMNR or MSTR or Michael Saylor.
15:05
It's really about do you believe in Bitcoin long term or Ethereum
15:09
long term, Digital credit, digital gold in the era of
15:12
scarcity in abundance or digital tokenization.
15:15
What do you think's a bigger market or is the value of wealth
15:18
all across the world or improving the flows and taking a
15:21
piece of payment networks in tokenizing the economy?
15:24
Do you believe that Bitcoin is going to have a fixed supply of
15:26
21 million or not? Or do you believe in Vitalik who
15:30
says that they just solved the hardest computer problem in the
15:32
world, the blockchain trilemma? It says you can only solve for
15:35
scalability, security and decentralization, but you can
15:39
only pick two out of the three. Well, he believes that somehow
15:43
either is going to be able to solve all three, despite what
15:45
people have been working on for the past 6 the year.
15:47
ZKEVMS and Peer Das is going to be the way that you can transfer
15:51
data and have offline transaction.
15:53
It's going to make fundamentally new.
15:55
Before we go any further and I give my real thought to my real
15:58
verdict on what you should be thinking about when you're
16:00
thinking about these two sorts of investments.
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Let's get back to our show. Sometimes when we talk about
16:56
what you should do, sometimes it's better to watch what people
16:59
actually do versus what they say and what they promote online.
17:02
And did you know Jimmy Donaldson or Mr. Beast was a Bitcoiner
17:06
before anything else? Someone.
17:07
Broke in and stole all my clothes.
17:09
He also took my Bitcoin at the time too.
17:11
But he's a idiot. So I had like a laptop like
17:14
this, like right here was just written my private.
17:17
I just said Bitcoin private key. It's like, and I go in there, I
17:22
can't find my laptop. I'm like, God damn it.
17:24
They just stole everything I own.
17:25
And then I just run over to my desktop, which they didn't
17:27
steal, but my my laptop. I pull my private key up there
17:30
and I'm like crying and like it's not going to be there.
17:32
It literally says Bitcoin private key on my laptop.
17:35
He said. And I'm like, they just took it.
17:37
There's like $2,000,000 which is every dollar to my name at that
17:40
point because I like took like a couple like 100 grand one month
17:44
put in Bitcoin. Bitcoin like skyrocketed and I
17:46
was literally just about to sell and fund a bunch of videos and
17:48
I'm like crying as I'm loading it up and my heart is pounding.
17:51
I'm like please it's there. It's all there and I moved it
17:55
real quick and like that robbers up.
17:56
He's busy shooting my TV like blanket instead of the Bitcoin
18:04
that was sitting right there. Idiot.
18:07
But unlike Jimmy Donaldson, you need to learn how to protect
18:09
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18:13
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18:14
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18:17
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18:20
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18:23
Schedule a free 30 minute consultation with the team at
18:25
the bitcoinway.com/simplybitcoin and don't write your private
18:29
keys on the front of your computer.
18:30
All right, so here's my real thoughts on whether you should
18:32
invest into BMNR or MSTR. And I don't think it's
18:35
fundamentally about those two things at all.
18:37
Also, I don't think of that you're investing in Michael
18:39
Saylor in the long term or Tom Lee.
18:41
These are just people who are able to educate investors to get
18:44
new investors in cheap dollars because they're so good at what
18:47
they do. Both of them are persuasive.
18:49
Both of them are really intelligent, super brilliant
18:51
guys who have been through the markets and been in seeing the
18:54
ups and downs in the new waves of innovation and technology.
18:57
I think it's a wash on both sides.
18:58
I do think Michael Saylor might have a little edge in terms of
19:01
competency and skill set versus Tom Lee, but they're both
19:04
phenomenal. So that's not really what you're
19:06
investing in. What you're really investing in
19:07
is do I believe in ETH long term or do I believe in Bitcoin long
19:10
term? One of the things that I think
19:12
that you should be thinking about in the age of AI, when
19:14
computers are able to replicate code and digital ones and zeros
19:18
at infinite scale, especially as we find new sources of energy.
19:22
It's not about abundance. It's about can I invest in the
19:26
things that are actually scarce that are truly.
19:28
And this is the conversation that Jordi Visser and Pomp had
19:31
last week, which I think is phenomenal.
19:33
And I think it's the fundamental question that you should be
19:36
asking when you think about BMNR versus MSTR or Bitcoin versus
19:40
Ethereum where? We're going to have deflation is
19:43
encoding related things. The one thing Elon Musk also
19:46
says is, see, I got to write again for the second time.
19:50
We're running into constraints in the physical world.
19:52
The problem is the energy sector is 3% of the S&P 500.
19:57
The material sector, I think is 1 in change, maybe 2.
20:00
Combined, they're five. The tech sector, when you take
20:03
out the consumer, just like Amazon and stuff like this, it's
20:06
like 50. So maybe we'll have deflation
20:09
affecting the 50% that's built on, on, on, on, on code.
20:14
But the other 5% that's based on true supply and demand scarcity
20:18
will actually go higher. We are entering a world when he
20:21
talks about abundance. You want to be long scarcity.
20:24
You want to be absolutely long scarcity, because abundance is a
20:27
dangerous thing for code. Because basically with the
20:30
argument you're making is things that are abundant or not
20:33
valuable usually, and the scarcity of Bitcoin, even if
20:38
there's deflation, the scarcity of Bitcoin is the like black
20:41
hole that sucks all this capital and it can kind of protect it in
20:44
the way that it can't be protected.
20:45
Anywhere else? One thing about Elon Musk that's
20:47
very interesting, if you ask him, and he's been asked this on
20:51
moon shots in other places, what do you think about money?
20:54
He he's perplexed. He's like, I don't know how
20:56
money fits into the equation. And I believe money fits in from
21:00
the the sapiens perspective, which is we actually need
21:04
transactions to happen. It's going to take us a long
21:07
time to get off of that. So even if I'm right, that Fiat
21:11
assets basically stop going higher and they kind of go
21:14
sideways and that money starts rotating and chasing into
21:17
something that has scarcity. So it Bitcoin is more related
21:22
now to copper, silver, gold, it everyone always thought of it
21:26
that way, but I think this is now about scarcity.
21:29
So I believe this is the year that abundance becomes an
21:32
investable theme on the short side for the MAG 7, for software
21:36
companies, for all of this stuff.
21:38
And the things that start to become investments are the ones
21:42
that are scarce, that are very difficult to make abundant.
21:45
You cannot flip a switch and make copper abundant.
21:48
And he's the first person who admitted he said that in the
21:50
exact same episode. So a couple different questions
21:52
that come out of here for me. When you think about what's
21:55
actually scarce in the world, is Etherium actually scarce?
21:58
So they were able to acquire so much of the scarce asset and
22:01
network almost 5% of it in seven months.
22:04
But do you think that 5% is going to continue to be 5% or do
22:08
you think that they're going to continue to print more tokens in
22:10
a proof of stake security model? There's no one to say that they
22:14
can't create more tokens and issue more things, especially as
22:17
more people begin to use it as Mr. Beast drives a billion users
22:20
onto the platform. Well, gas fees are going to go
22:22
up. And when gas fees go up, in
22:25
order to keep the prices low for Jamie Dimon and everyone else
22:28
building private ties, block chains and their own financial
22:31
tools, while they're going to have to print more tokens and
22:33
allow people to issue more tokens.
22:35
And so that's a question that I have.
22:37
Speaking of Jamie Dimon and these people on Wall Street,
22:39
when these private block chains are created, do you think that
22:42
they're going to be sharing all of the validator fees and the
22:45
gas fees with everyone in the entire network because they just
22:48
care about them from the bottom of their heart?
22:50
Well, no, that's not how the system works.
22:52
In a more centralized system, well, you have the ability to
22:56
choose the winners and not with Bitcoin, it's a completely
22:59
randomized process. People with solo miners in their
23:02
homes are winning full blocks, and that's because no person is
23:07
choosing who's the winner and who isn't.
23:09
That's the difference between proof of work and proof of
23:11
stake. And so when Michael Saylor and
23:13
their team own 3.2% of the Bitcoin network, well, do you
23:17
believe that that's going to go down over time?
23:19
Well, I don't think that they're creating more coins.
23:21
As a matter of fact, I think more people are losing their
23:23
coins than finding new coins. So what that means is their
23:27
percentage of ownership of this digitally scarce network is
23:30
going to go up over time. I think that's a more valuable
23:33
asset. Will the number of dollars
23:35
increase more than the supply of Bitcoin?
23:37
Yes. Will the number of dollars
23:39
increase more than the tokens created on these digitalized
23:41
platforms? I don't know.
23:44
Nobody knows. And but what we do know over the
23:47
past five years is that people are going to create tokens for
23:50
everything when Beast Coin comes out, just like every other coin
23:53
that's been created, what is to say who got the coins first?
23:57
What's the pre mine? Are they going to dump it on
23:59
you? Is it actually going to be used
24:01
and able to be used at a restaurant or somewhere else in
24:04
the world with real value and real utility?
24:06
Or is it going to be privatized to this closed garden and closed
24:09
network In the long term? I'm thinking that MSTR is going
24:13
to be the winner over BMNR and not because of what's happening
24:16
in finance and the market structure, alliance bill and
24:19
what's going on in crypto, but because I fundamentally believe
24:22
in Bitcoin more than ETH over the next decade.
24:24
Tom Lee says it's going to be the big macro trade in the next
24:27
decade. I think $100 trillion flowing
24:29
into a digital credit network with credit worthy instruments
24:32
like Bitcoin is going to win bigger than that because that's
24:35
what the world is used to. We don't need another token.
24:37
We don't need another blockchain.
24:39
They already have these systems that happened behind closed
24:41
doors and those walls and they're not sharing the profits
24:43
with you and me. And getting a dividend from a
24:46
four to 5% stake when the inflation rate is 5% doesn't do
24:50
anything. I need 9%, I need 10%.
24:53
I need a hurdle rate higher than the rate of inflation or my
24:55
expenses are growing. So those are my thoughts and
24:58
that's my real thoughts and concerns.
25:00
One of the ways you can continue to grow in your journey is by
25:03
not just buying Bitcoin, spot Bitcoin and on exchanges or
25:06
buying credit instruments or stocks like MSTRSTRC.
25:11
You can get actual Bitcoin through Bitcoin mining and you
25:14
can depreciate the full amount of Bitcoin mining against your
25:16
capital gains or other things that you might have in that
25:18
year, making it a fantastic tool to build in an optimal tax
25:22
optimized portfolio. Talk to an accountant or an
25:25
advisor to do that. One of the ways you can do that
25:28
is by not owning these machines on your own but working with a
25:31
company like SAS Mining. SAS Mining is 100% aligned with
25:33
Bitcoin or values. They have 100% clean renewable
25:36
energy sources and no markups, no contracts, no middle men, no
25:40
people blocking you from sats flowing straight to your wallet.
25:43
They maintain the machines, they maintain the uptime, they do the
25:46
fixes on your machines. You just get sats.
25:48
Use the QR code to get started with SAS mining today.
25:50
Thank you for rocking with me today.
25:52
Those are my real thoughts on the MSTR versus BMNR debate.
25:55
This is Dante Coke with Bitcoin. Simply happy stacking.