The excitement belongs to the "Epstein types," Saylor just wants to hoard coins

Author｜Curry, Deep Tide TechFlow

There’s a reason why one person can hoard 710,000 bitcoins.

Last Friday, the U.S. Department of Justice released documents related to the Epstein case, totaling 3 million pages. Politicians, billionaires, and celebrities—names are popping out from these materials. Among them is Michael Saylor, the founder of MicroStrategy (now known as Strategy).

However, Saylor's appearance is a bit special; he is the one who was looked down upon at the table.

From the publicly available information, in 2010, Epstein's publicist Peggy Siegal once complained in a private email:

“There’s a guy named Saylor who spent $25,000 on a dinner ticket, and I was responsible for socializing with him. But this guy was completely unchatty, like a zombie on drugs; I couldn’t stand it and left halfway through.”

Peggy's main job is Hollywood film public relations, and her side job is organizing dinner parties for Epstein, essentially scouting wealthy individuals to pull into the circle.

Accompanying wealthy people to socialize, helping them meet the right people at parties and dinners, ensuring they have fun and spend their money comfortably. After decades in the industry, she should have seen all kinds of billionaires.

But Saylor was beyond her reach.

The reason isn’t that he has a bad character; it’s that he’s too dull. He paid to get in, sat there, couldn’t engage in conversation, and had no interest in socializing.

Peggy’s original words were, “I didn’t even know if I could take his money; I didn’t know how to approach him… he has no personality and completely doesn’t understand social etiquette.”

Now that the Epstein case has exploded, those on the list are busy distancing themselves. Saylor, on the other hand, didn’t even manage to squeeze in back then.

A person who is overly boring and introverted has instead become a shield.

But when this “boredom” is placed in a different context, it becomes another matter.

Saylor’s company, Strategy (formerly MicroStrategy), is the publicly traded company with the most bitcoins globally. In January of this year, when bitcoin was still fluctuating around $90,000, they bought over 37,000 bitcoins, spending $3.5 billion.

They buy almost every week, without fail.

As of now, Strategy holds 712,647 bitcoins, with an average cost of $76,037. Today, bitcoin has just dipped below $76,000, which means Saylor's position is right at the breakeven point.

The market fear index has reached a new high in 20 weeks, and the crypto world is in despair. Strategy’s stock price has also dropped 60% from its peak.

But Saylor tweeted “More Orange,” implying that they will continue buying next week.

Back then, Peggy said he was like a zombie. Looking at it now, hoarding coins might just require a zombie-like approach.

No explanations, no timing, no selling. No feelings about the outside world, yet feeling good about oneself.

And while Peggy complained back then about not knowing how to help him spend money, Saylor has clearly found his way to spend, which is to buy all the bitcoins.

From that email, Saylor appears to be an outsider in the world of fame and fortune. He can’t sit still, can’t engage in conversation, and spending an evening there feels like he didn’t come at all. But such a person can actually sit still in trading.

No need for socializing, no need to manage relationships, no need to guess what others think. Just focus on one thing, buy every week, and never sell.

Boring, uninteresting, and indifferent to the outside world… these traits are flaws in social settings, but perhaps they are talents in the realm of hoarding coins.

After this news broke, a classic meme has already appeared on Twitter, suggesting that Saylor has no interest in underage girls but is extremely obsessed with underage assets.

From a hindsight perspective, this wave of exposure has, to some extent, established a positive image for Saylor.

After the Epstein case broke in 2019, Peggy, who was responsible for public relations, had all her contracts canceled by clients like Netflix and FX, which essentially meant the end of her PR career; meanwhile, Saylor has become one of the largest holders of bitcoin in the world.

The one who was looked down upon is still buying coins, while those who looked down on him have already exited.

But that said, Saylor’s current situation isn’t that easy either.

The new Federal Reserve Chairman Warsh is leaning hawkish, and the market expects he won’t aggressively cut interest rates after taking office. With a shift in interest rate expectations, various global assets are under pressure.

Gold has fallen, silver has fallen, and bitcoin has fallen even harder.

Adding to this are tariff frictions and tense U.S.-Europe relations, causing funds to start flowing into traditional safe-haven assets. The narrative of bitcoin as “digital gold” is gradually fading.

If bitcoin continues to fall, Strategy’s ability to raise funds through new stock offerings will weaken, and the cycle of crypto and stocks could turn into a dead loop.

But Saylor seems to genuinely not care about these; this might be another side of “boredom.”

Ordinary investors can’t do what Saylor does, not because they lack money, but because they are too “normal.” Normal people watch the news, look at K-lines, and see what others are saying. When the fear index spikes, their hands start itching, and their hearts begin to ache.

Every day involves making decisions, and every decision consumes willpower.

But it seems that Saylor’s strategy doesn’t include the “decision” phase. Buying is the only action; not selling is the only principle.

In his own words: “Bitcoin is the best asset ever invented by humanity; why would I sell?”

You could say this is faith, or you could say it’s obsession. But from an execution standpoint, the biggest advantage of this system is:

It doesn’t require you to be smart; it just requires you to be bored.

Of course, this isn’t to suggest you should emulate him. Saylor’s confidence comes from being a publicly traded company, with stocks to issue and debts to borrow. Ordinary people don’t have these, and trying to mimic his approach will likely lead to losses.

But there is one point that might be worth borrowing.

In investing, “being interesting” often leads to losses.

Frequent trading, chasing hot trends, following news, leveraging… these behaviors that make investing “interesting” are precisely the enemies of returns.

And the truly profitable strategies are often boring enough to make you want to sleep.

Saylor’s case is a bit extreme, but the logic holds. In a noisy market, “boredom” might be the most scarce ability.

Those who were once charming at parties are now distancing themselves, some are under investigation, and some have completely disappeared.

Perhaps, hoarding coins and living life is the same principle:

Don’t linger in lively places; it’s the boring things that are worth doing long-term.