Michael Saylor's advice to young people: read more history and science fiction, and use AI to accelerate personal growth

Editor | Wu Says Blockchain

This article is an interview with Michael Saylor, founder and executive chairman of MicroStrategy, on The Sujal Show podcast. In the program, Michael systematically elaborated on his long-term Bitcoin strategy, defining Bitcoin as "digital capital" and "digital gold," believing its core value lies in providing economic empowerment and long-term value storage capability.

Michael reviewed his transformation from questioning Bitcoin to large-scale allocation and promoting institutional adoption, emphasizing that Bitcoin is a forward-looking "currency index," with long-term return logic superior to gold and traditional index assets. As the institutionalization process advances, its volatility is decreasing; although pullbacks will still occur, the probability of extreme crashes has significantly reduced. Regarding the narrative of "hundredfold returns from altcoins," he believes the chance of small projects growing into tech giants is very low, and rather than chasing extreme returns, it is better to allocate to foundational assets of the digital age.

Michael's overall strategy is divided into three layers: Digital Capital (directly holding Bitcoin), Digital Credit (Bitcoin-backed credit products), and Digital Equity (company equity, bearing higher volatility and leverage). On a macro level, he holds a position of technological optimism, believing that digital intelligence and digital assets will reshape the economic structure. His advice to young people is: learn history, read science fiction, make good use of AI, and focus on long-term advantage areas in future technologies.

The dialogue does not represent Wu Says' views and does not constitute any investment advice; please strictly adhere to local laws and regulations. The audio transcription was completed by GPT and may contain errors.

Defining Bitcoin's Core Value with "Economic Empowerment"

Sujal: If you were to recommend Bitcoin to someone who knows nothing about it, even convincing them to sell their house to buy one Bitcoin, what would be your core recommendation in one sentence?

Michael: If you seek empowerment, if you seek economic "immortality," then you should pay attention to Bitcoin.

Sujal: But given its current size, it may be difficult for Bitcoin to rise 10 times, 20 times, or 30 times, while some altcoins might achieve that. How would you respond to this statement?

Michael: 99% of small companies will not grow into Apple or Google. Truly valuable assets with sustainable competitive advantages are extremely rare. Bitcoin is like a "premium asset" in the digital age, while the vast majority of altcoins will not become the next great enterprise.

Sujal: Regarding the cycle issue, we have seen Bitcoin reach historical highs and then pull back 70% to 80%. Do you think we will see similar situations in this cycle?

Michael: Bitcoin's volatility has been continuously decreasing over the past decade. It may still decline in the future, but as the market matures, institutional participation increases, and global awareness rises, the overall volatility is gradually converging.

Sujal: Some experts believe a massive crash is imminent due to multiple risks such as AI bubbles, stock market bubbles, and currency devaluation. Do you really think a systemic crash will happen? Also, you started with only $50,000 and built a company with a market value of about $50 billion. If a young version of Michael Saylor is watching this video, what framework or advice would you give him?

Michael: I would tell my younger self to focus on building truly valuable, replicable, and scalable assets and systems. Keep learning, compounding, and invest time and energy into areas with long-term structural advantages. When you find a "premium asset" that can create value over the long term, have enough faith to hold and accumulate it continuously.

Personal Background: Engineering Idealism and Technological Faith

Sujal: Mr. Saylor, you started with $50,000 and built a company valued at about $50 billion, and you emerged during the early internet boom in 2000. Setting aside Bitcoin, what kind of person was Michael Saylor when no one was paying attention?

Michael: I have always loved science fiction and fantasy works. I have been full of imagination about the future world since I was young. While studying engineering at MIT, I was passionate about engineering technology. Throughout my growth, I have always believed that we can create a better world through engineering means—whether it’s spaceships, robots, or artificial intelligence.

I have always believed in the power of technology, that technology can improve human society and drive civilization forward. This faith and passion for technology is the core driving force behind all my choices.

Greatest Achievement: Bringing Bitcoin to the Institutional World

Sujal: Looking back, what is your proudest achievement?

Michael: I think my proudest achievement is discovering Bitcoin. Because Bitcoin is essentially an economic protocol that can bring prosperity to 8 billion people worldwide.

Among all the things I have done, commercializing Bitcoin and bringing it into the institutional world and mainstream visibility may be my greatest achievement and my most important contribution.

Life Vision: Integrating Bitcoin into Global Banks, Enterprises, and Governments

Sujal: What five things do you hope to achieve in your lifetime?

Michael: I hope to see Bitcoin integrated into all global banks, all companies, all households, and all government systems. Because I believe Bitcoin is an economic protocol that can bring prosperity.

To break it down specifically:

First, let the global banking system treat Bitcoin as one of its core assets and settlement layers.

Second, let companies include Bitcoin on their balance sheets as a long-term reserve asset.

Third, let households achieve long-term wealth protection through holding Bitcoin.

Fourth, let governments recognize and integrate Bitcoin into the financial system.

Fifth, let Bitcoin become a universal economic infrastructure.

One-Minute Recommendation: Bitcoin Provides Indefeasible Property Rights

Sujal: There was a time when you referred to Bitcoin as a form of "gambling." What changed your perspective? If you had one minute to recommend Bitcoin to someone who knows nothing about it, even convincing them to sell their house to buy one Bitcoin, what would be your core recommendation?

Michael: I would say—this is the first time in human history that we can tightly bind "economic energy" to the individual.

In other words, that string of private keys you remember in your mind can represent your wealth. This is an extremely profound change in human history.

This means that Bitcoin provides every individual and every company on Earth with unrestricted, indefeasible property rights. No matter where you are born or what system you live under, you can own your own property rights.

And this is essentially a tool for "economic empowerment."

So, if you seek personal empowerment, if you seek a form of "economic immortality," then you should pay attention to Bitcoin.

"Three Wishes to Transform Gold" Analogy for Bitcoin's Advantages

Sujal: For example, in India, the total value of gold held by families is close to $30 trillion, and people have deep trust in gold, passing it down through generations. If we want them to believe in Bitcoin and pass it on to the next generation, how would you persuade them?

Michael: If I encountered a genie that could grant me three wishes, and my goal was to "transform gold" to make it better, I would wish for the following.

The first wish: make gold impossible to mine again. Ensure that there will always only be 21 million "gold" existing.

The second wish: allow gold to be transmitted globally at the speed of light and stored in cyberspace.

The third wish: make gold programmable—able to execute millions of transactions and operations per minute and manageable on a phone or computer.

If these three wishes were fulfilled, gold would become more valuable. And when all three points are established, it would no longer be traditional gold but Bitcoin.

Investment Framework of Digital Capital, Digital Credit, and Digital Equity

Sujal: We already have Bitcoin with these characteristics. Great. Recently, Strategy (formerly MicroStrategy) stock has seen a pullback, which has frightened some people. What would you like to say to all Strategy supporters and Bitcoin believers?

Michael: I would say—the key lies in your time horizon, risk tolerance, and what kind of asset attributes you want.

If you have funds that you won’t need to use for the next 4 to 10 years, and you don’t want to trust any counterparties, just want to permanently control your wealth, then you should buy "digital capital"—that is Bitcoin, digital gold. It is pure property, pure capital. You hold it without relying on any company or institution.

If you have funds that you might need to use in 4 weeks, 4 months, or less than 4 years, and you cannot bear severe volatility, then you should consider "digital credit"—that is credit tools backed by Bitcoin. For example, the products our company issues, one of the more well-known is STRC, which aims to stabilize around $100 and provide about 10% dividend yield. These types of assets have lower volatility and emphasize cash flow.

If you are optimistic about the digital future, believe in the development of digital capital and digital credit, and wish to make more leveraged investments, then you can buy equity in our company, which is MSTR (now Strategy). But it should be clear that equity will have greater volatility; you are betting on the company's execution capability, possibly seeking 10 times or even 100 times returns.

In summary: Bitcoin is pure digital capital—you own it without needing to trust others. Digital credit tools emphasize stability and cash flow. Company equity is a high-risk bet on the future of the digital economy.

Ultimately, it depends on your time horizon, risk preference, and what type of investor you are to decide which asset to choose.

Altcoins vs. Index Assets: Probability and Risk Discussion

Sujal: I recently introduced Bitcoin to a friend, and he said Bitcoin could never rise 100 times, 20 times, or 30 times again, but altcoins might be able to. How would you respond?

Michael: Indeed, there are thousands of small companies in the market, and there may be a very few that will grow into giants. Occasionally, a million-dollar company may grow into a trillion-dollar company, but that is a one in a million probability, very rare. You might hit it once, but from a probability standpoint, the odds are not in your favor.

On the other hand, you can buy the S&P 500 index, which has had an average annualized growth rate of about 14% over the past five years; gold has also seen similar annual growth in recent years.

Bitcoin, in essence, is purchasing a "currency index of the digital future." Its average annual growth rate over the past few years has been about 45%. If your goal is to hold an asset similar to an index—one that has advantages over gold and greater growth potential than traditional stock indices—then you can choose Bitcoin. Its structural risk is relatively lower because it is the core asset of the entire digital currency system.

Of course, you might not achieve millionfold returns. But likewise, 99% of small companies will not become large companies, and 99% of large companies will not become Apple or Google.

Ultimately, you must face the issue of probability. Investing is not about fantasizing about maximum returns, but about rationally assessing risks and probabilities, then making choices that align with your expectations.

Will There Be a Major Crash? Technological Optimism Response

Sujal: Many economists and experts are warning that a massive crash is imminent, citing reasons such as AI bubbles, stock market bubbles, and currency devaluation. Do you really think a systemic crash will happen? How should ordinary investors protect their wealth?

Michael: Pessimists predict the worst outcomes for every new technology. They say robots will take our jobs, AI will make humans irrelevant or even replace them, and digital assets will disrupt existing systems.

Optimists see the same technologies but arrive at completely different conclusions. They might say, perhaps our "unemployment" is because we no longer need to work. What do you call a family where no one needs to work? Wealthy.

Perhaps robots will do our jobs for us, perhaps AI will make our lives easier and solve more problems, and perhaps digital assets will make more people wealthy.

I personally am a technological optimist. I believe digital intelligence is making the world better. I believe digital assets and digital capital are making the world more prosperous.

My advice is: embrace technology, embrace the future, and think about how to benefit from it rather than fear it.

Analysis of Bitcoin's Volatility Decline Over Ten Years

Sujal: You are an optimist, and so am I. In the past few cycles, we have seen Bitcoin reach historical highs, often pulling back 70% to 80%. Do you think this cycle will see the same situation?

Michael: Bitcoin's volatility has been continuously decreasing over the past decade.

In the early days, it had an annualized volatility of up to 200%; later it dropped to around 100%. When I first bought Bitcoin in 2020, its volatility was about 80%, meaning if the price rose from 100, it could also drop to 20—an 80% pullback.

But it gradually became 70%, 60%, 50%, and now it is even close to 40% volatility. As volatility decreases, the magnitude of pullbacks is also converging. In the future, there may still be a pullback of around 35%, but 35% is a completely different magnitude from the past 70%-80% crashes.

I believe that in the next 20 years, Bitcoin's volatility will continue to gradually decrease and begin to align with the volatility levels of traditional market indices, such as the S&P index and the market volatility structure reflected by the VIX.

Bitcoin's long-term performance may still exceed the S&P index by about 50%, but at the same time, its volatility may also be about 50% higher. However, it will not be as extreme as in the early days.

The reason is that Bitcoin is being institutionalized—large banks, institutional investors, and large enterprises are participating. This institutional and scaled participation naturally reduces the overall volatility of the asset.

Advice for Young People: Focus on Future Technologies and Become Top Talent

Sujal: This is a question for the younger generation. In your 45-year career, what is the best advice you have received? What is the one sentence you would like to share with the world?

Michael: I believe the best advice one can give to young people is—study the future, embrace the future. Think about how the future will integrate into your life and how you will integrate into the future.

Ask yourself: What do you truly love? What are the fields you are truly passionate about? Then focus all your energy on that one thing.

If you want to do a podcast, strive to become the best podcast creator, using the best equipment and the most advanced platforms, and take it to the extreme. If you want to enter the AI field, focus on AI and think about how to make a real contribution in that area.

Do not try to be a "jack of all trades." You cannot be at the top in 100 fields, nor is it necessary. The key is to find a direction you truly love and go all in.

Moreover, this direction is best related to a technology that did not exist in your parents' or grandparents' era. Because only in this way can you make unique, era-defining contributions in the progress of human civilization—not just continuing the past but also surpassing it.

Current Mission: Educating the World to Understand Bitcoin and Digital Credit

Sujal: What is your current focus? What is your current mission?

Michael: My focus is to educate the world to understand Bitcoin's role as "digital capital."

At the same time, I am also committed to building "digital credit"—creating the highest quality credit system in the world. In today's world, most credit tools can only provide returns of around 3%, 4%, or 5%, while I hope to create a credit product backed by digital capital that can provide long-term returns of 8% to 10%.

I believe this is a multi-trillion-dollar opportunity, and the world truly needs it.

If possible, I hope to provide a bank account for everyone in the world—regardless of which currency they choose—that can yield 8% to 10%, with the underlying drive of this system coming from digital capital, which is Bitcoin.

Growth Path Advice: History, Science Fiction, and AI Learning Framework

Sujal: If a young version of Michael Saylor is watching this video, what kind of growth framework or advice would you give them?

Michael: I would tell them to read more history.

Through history, you can understand how civilizations rise and fall, how technology changes the world, how capital flows, and how systems shape society.

At the same time, read more science fiction and fantasy works. Science fiction helps you think about the future, allowing you to break free from the limitations of reality and imagine worlds yet to come. Many world-changing innovations initially existed in science fiction novels.

Additionally, spend a lot of time interacting with AI. Treat AI as your personal tutor. Let it help you learn, think, extrapolate future trends, and train your logical abilities and judgment.

History helps you understand the past, science fiction helps you imagine the future, and AI helps you accelerate your growth.

Recommended Reading: "The Story of Civilization" Inspires Long-Term Perspective

Sujal: In the field of science or thought, is there a book you particularly recommend?

Michael: I have read many books. I believe one of the greatest works is "The Story of Civilization," authored by Will Durant. This is a grand work on world history, totaling over 15,000 pages.

If you truly understand what humanity has done, experienced, and created over the past few thousand years, it will greatly expand your perspective. History is not just a record of the past; it will inspire you to find your own direction.

When you understand the evolution of civilization, you can think more clearly about your place in the era and what you can create in the future.