Schwab Network · Oct 19, 2026 · 31m · 23m saved
With Michael Saylor, Executive Chairman of Strategy
Photo via forbes.com
Strategy holds about 845,000 Bitcoin and $5 billion of cash, roughly $75 billion of reserve assets. Michael Saylor, executive chairman of Strategy, told Sam Bardis on Schwab Network's Market Overtime that Bitcoin is now at the start of its next bull run.
Much of the crypto industry lobbied for the Clarity Act. Michael now calls it a bill of restrictions, and says the rules regulators wrote while it stalled will do more for the industry than the law would have.
"If you want to create a great economy or a great nation, what you want is a bill of rights, not a bill of restrictions." — Michael Saylor
Michael runs what he calls the biggest buyer of Bitcoin in the world, which added about 160,000 Bitcoin this year, and Strategy issues the STRC preferred stock that its shareholders will now vote to pay dividends daily.
The full interview is covered here so you can skip it. 31 minutes of audio, 8 minutes of reading.
Here are the 9 calls that matter.
Key Takeaways
Bitcoin has rallied about $20,000 past its 200-day moving average, which Michael reads as the start of a bull run
Strategy holds about $75 billion of reserve assets and about $55 billion of net equity after paying every liability at face value
STRC would pay a dividend every calendar day if a pending shareholder vote passes
Michael matches the investment to the time horizon: a money market fund under four months, STRC for four months to four years, Bitcoin or MSTR beyond that
Strategy spent about 6 times more on preferred buybacks than on Bitcoin in one week of early October, to keep STRC near par
The Clarity Act was mostly restrictions, while guidance from the SEC, CFTC and Treasury gave the industry actual rights
AI will produce a few large winners, and Michael expects the wealth to flow into assets that "robots can't make more of"
1. Bitcoin's Next Bull Run
Michael reads Bitcoin's chart as the end of the bear market. The price bounced off its 200-day moving average, the average closing price over the last 200 days, and has climbed well past it since.
Michael Saylor says Bitcoin's rally past its 200-day average marks a new bull run
"We've rallied about $20,000 beyond that [200-day moving average]. So yeah, I — we think we're at the beginning of the next bull run now." — Michael Saylor
He blamed the earlier weakness on four headwinds, and said each is now easing.
"Bitcoin's had a couple of headwinds. Restrictive foreign policy, restrictive monetary policy, restrictive trade policy, and there was the AI bubble that slurped a trillion dollars of capital." — Michael Saylor
In their place he sees new support for the price: more digital credit being issued, banks starting to hold Bitcoin for clients and lend against it, and favorable guidance from the Treasury, the CFTC and the SEC.
