10x, 20x, 30x return —

Michael Saylor: Yeah, thank you Gautam. I am delighted to be able to speak with all of you today. I’m an MIT graduate. I’m an
aeronautical engineer. I started MicroStrategy in 1989. We came public on the NASDAQ in 1998, and I’ve been with this publicly
traded company since then. We built a $500mn enterprise software business, doing business all around the world. And in the
year 2020,I found myself leading a low growth Enterprise Software company. We had a $500mn business valued at about
1x revenue, and we had $500mn cash. And the question was, do we just pay dividend to the shareholders, or do we buy back
our stock? Basically, do we buy back half the market cap or half the stock of the company? Do we go do a risky acquisition,
or some merger or transformational deal? But we needed to do something because we were stuck in the doldrums. And the
something we decided to do was to purchase Bitcoin, and we saw Bitcoin as a big tech monetary network. I thought, this is like
Google for money, or Facebook for money. And if you could buy Amazon, Apple, Facebook or Google stock 10 years before
mainstream investors understood it, you would have gotten 10x, 20x or 30x return. And I thought, if we buy Bitcoin 10 years
before everybody figures it out, we’ll get a 10x or 20x return, and it will revive the company. It wasn’t a difficult decision, because
the other option was to get paid 0% interest. The head of Fed at that time said they were not even thinking about raising interest
rates for 4 years. So, we were put to a question in 2020, and we felt like it was either a choice between a fast death or a slow
death or take a risk. And so we took the risk on Bitcoin, and that’s how we entered the space. What’s happened since then is the
story I’m going to share with you next.