Michael Saylor and Bitcoin are Like Love and Marriage
MicroStrategy CEO and avid Bitcoin supporter Michael Saylor loves Bitcoin as much as usual – and he has a new set of arguments in favor of using it.
Speaking at the Australia Crypto Convention, Saylor doubled down on his support for Bitcoin, emphasizing that unlike most other assets, such as gold, company stocks, or equity and real estate, it is easily moveable all around the world.
If you have a property in Africa, no one's going to want to rent it from you if they live in London. But if you have a billion dollars of Bitcoin, you can loan it or [...] rent to anybody in the world.
According to Saylor, this is all the more important because of geopolitical tensions across the world that dictate which types of assets individuals will be allowed to carry worldwide.
“Bitcoin represents a property that you can acquire in small pieces that you can carry with you anywhere you go,” he noted, adding “You can give to your children's children's children's children. And in 250 years, maybe your family still owns the property.”
He also underscored that there are high maintenance costs and taxes related to owning and inheriting physical property over the long term. In Bitcoin’s case, they simply do not exist.
According to Saylor, only royalties such as King Charles III are free to pass down their wealth without worrying about high taxes. Meanwhile, mere mortals are less lucky.
He also emphasized that Bitcoin is a secure investment, saying that the Bitcoin network has not been hacked for over 13 years, and noted that regular upgrades are being made on it to enhance the speed and security, along with innovations around layer-2 and layer-3 applications.
Saylor added that the underlying proof-of-work consensus mechanism provides Bitcoin with a backing of proprietary mining hardware worth $20 billion and $20 billion worth of energy.
Previously, GNCrypto reported that Michael Saylor was charged with tax fraud.
