Bitcoin Is Going To $7M – Saylor Says "It's Inevitable"

**Scott Melker** (0:01)
Bitcoin is going from $70,000 straight to $7 million, according to one Michael Saylor in his keynote address at Bitcoin Prog. He says that it's inevitable. Strong words from one Michael Saylor. Meantime though, we also have Kevin Warsh kicking off his first FOMC meeting today and getting the first speech from him tomorrow. And of course, SpaceX trading like a meme stock. Got a lot to talk about today. Of course, we got Andrew and Tailman, but we have special guest, Haseeb Qureshi from Dragonfly, joining as well. Let's go.
What is up, everybody? Good morning and happy Tuesday. Like, subscribe, or do whatever you wanna do with your fingers over there. It's not any of my business. We're gonna bring on Tillman, we're gonna bring on Andrew, and we're gonna bring on Haseeb now. Good morning, gentlemen. So, yeah, I said before to tell, yeah, for full transparency, I was like, hey, what should we talk about? Everyone was like, no, nothing's interesting. So, we had to go with a massive Michael Saylor target. Here, $7 million, but Haseeb, maybe I should just get your framing right now on what you're thinking about strategy and STRC and everything surrounding Michael Saylor, because that's been a big topic here every single week.

**Haseeb Qureshi** (1:28)
Yeah, well, Bitcoin showed some signs of life, which is obviously good. If Bitcoin was continuing to trend downward, I think Saylor would have a tough time being able to continue justify the circus that's surrounding him. But it seems like Macro is in the driver's seat, right? Right now, looking forward to the next FOMC meeting to see what the dot plot is going to look like. I think that's going to determine whether crypto is going to continue to have a challenging second half of the year.
We've got some relief because of this resolution or tentative resolution of what's going on with Iran.
That's wrapped up a little bit of the instability that we've seen this year. But it's like, okay, well, what else do we have to look forward to macro-wise? If the war is over and that's what we were telling ourselves was the problem, then what else is there macro-wise besides, okay, inflation and strong employment numbers, which doesn't really seem like it's obviously going to change. Already you strip energy at a core PCE. So now, I don't know, unless Warsh is going to be super aggressive and saying, oh, we're still going to cut rates because I said so, I think we're in trouble with respect to what the macro is going to look like from here.

**Scott Melker** (2:40)
So is it really all about the macro still?
Listen, we still have Clarity Act, which I've put at like 5% chance for the last six months while everybody's screams about 75 I don't see it happening. And honestly, I don't even see it as a catalyst anymore. I think it's so over discussed at this point. So yeah, I'm wondering what else could be a catalyst besides higher prices, right? I mean, if Bitcoin just started to work at like 90, all of a sudden, it'll be the most popular girl in town again.

**Haseeb Qureshi** (3:06)
That's true. I mean, look, there's no universe in which Clarity is going to help Bitcoin. It doesn't even, it barely says anything about Bitcoin. It's all about alts. So I think there's a story in which Clarity is going to bully alts. There's not really a story about why it's going to do something for Bitcoin, except maybe bringing more attention back to the space. But I'm with you. I think, I don't think many people care that there's a law passed about crypto and say, oh great, I should go buy Bitcoin instead of buying SpaceX or buying memory stocks or buying, you know, holding my money for OpenAI coming live or Anthropic coming live. So I think it's probably not until we see this bevy of companies go public by the end of this year, and the AI trade decrease in volatility to some extent, before a retail bid really comes back into crypto.

**Scott Melker** (3:51)
Yeah, there's been this, and tell me, Andrew, like there's been this narrative that's been really pushed very hard in crypto, that Bitcoin was down or crypto were down because people were liquidating to buy SpaceX, right? And with OpenAI coming behind it and Anthropic, I think that actually did happen to some degree. And we even saw the NASDAQ sell off last week ahead of SpaceX going. But now, SpaceX is up, what, 20, 30 percent since IPO I haven't seen, and everything else is going up too. So the question was, is there going to be enough liquidity in the market to support this? So I guess actually, the question is, if these things continue to do as well as SpaceX has, when people start to feel really rich, do we get a rotation back to the boring thing? Like, oh, IPO's have stopped going up, let's go buy Bitcoin.