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Michael Saylor on Bitcoin Being Currency in the US

Michael Saylor, the Microstrategy co-founder and leader claims that Bitcoin (BTC) is a form of property and insists that other forms of property do not pose much of a threat as BTC does to the U.S. government. Saylor’s point of view is of BTC being more of a digital property rather than a digital currency.

On July 15, the Coin Stories podcast host Natalie Brunell featured Saylor and it was during this session that he gave his opinion on BTC and the U.S. government. When Saylor was asked how much a threat BTC was to the U.S. dollar, he responded with:

“I would call it a digital property; it’s a threat to property; it’s particularly a threat to other forms of property. Gold is property; real estate is property. I don’t think the United States government is threatened by real estate or buildings or companies or gold.”

Bitcoin Is Rising above other Forms of Property

Earlier this week Saylor made similar comments on Scott Melker’s Wolf of Wallstreet podcast where he asserted that “I don’t really think that Bitcoin’s going to be a currency in the U.S. ever. Nor do I think it should be.”  He further added that BTC is demonetizing other forms of property because people are torn between purchasing Bitcoin rather than settling for traditional investments like buying gold, starting a business, or investing in real estate and stocks.

Since August 2020, Microstrategy has been accumulating their Bitcoin Holdings and as of today the firm holds approximately 105,085 BTC with an estimated price of $3.3 billion in today’s prices. Saylor commented on Brunell’s podcast saying that even if Bitcoin crashes in the short term, his firm is not intending to sell and is prepared for the volatility that might arise in the future.

Standing Firm in the Midst of Uncertainties

Saylor emphasized on getting through tough times by hodling regardless of market downturns and FUD. He used the example of tech giants such as Steve Balmer, the former Microsoft CEO who never sold his stock despite the price crashing in the past:

“What was the brilliant thing that Steve Balmer did in order to be worth $100 billion? You know, he didn’t sell Microsoft.”

According to Saylor, in a hundred years, one iPhone 12 will not be worth anything, which means that the product Apple is selling will not last 1,000 years. However, when one looks at Bitcoin, it is 1/21 millionth of all the money in the world. The key is not changing it but ensure it does not break.

However, he the Microstrategy CEO asserted that if four years from now the price of Bitcoin is lower than its current standing, then strategy reconsideration will take the centre stage.

Image courtesy of pixabay

Edward Nored

Edward Nored

Edward is a naturally curious BTC lover with a deep interest in blockchain, fin tech, fields which he dedicates his time to researching.


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