2 years ago
CEO of MicroStrategy Michael Saylor remains 1 of the astir vocal supporters of bitcoin. Countless times successful the past, Saylor has ever lauded the benefits of the integer asset, which helium says is the champion investment. His convictions are shared by his steadfast which remains the publically traded institution with the largest bitcoin holdings successful the world. Now, erstwhile again, Saylor has spoken retired successful favour of the cryptocurrency, efficaciously snubbing its competitors portion he’s astatine it.
Bitcoin Is The Only Scarce Asset
Bitcoin’s scarcity has often been 1 of the strongest arguments for the worth of the cryptocurrency. According to the code, determination tin lone beryllium 21 cardinal bitcoins mined, meaning that erstwhile this proviso is mined, determination are nary much bitcoins coming into circulation. More BTC cannot beryllium created, making it 1 of the astir scarce assets successful the full globe.
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With bitcoin’s growth, it has accelerated go a rival for different apical concern assets successful the space. One of those assets is gold. Bitcoin which is referred to arsenic integer golden has outperformed its carnal rival implicit the people of the past fewer years, putting them successful fierce contention with each other. However, according to Saylor, lone 1 of these assets is genuinely scarce and that is bitcoin.
Speaking connected the PBD Podcast, Saylor explained that each different assets tin person much of them created. He called bitcoin the lone scarcity known to humanity. The CEO referred to golden arsenic a commodity, alongside different assets similar existent property and luxury watches.
“I tin make much existent property successful New York City. I tin make much cars. I tin make much luxury watches. I tin make much gold. I tin make much shares of a stock. I tin make much bonds,” Saylor explained.
His reasoning was that since helium tin make much of these, past they are fundamentally commodities. Whereas, bitcoin is “magical” fixed that determination volition lone ever beryllium 21 cardinal tokens and nary 1 other tin make much BTC erstwhile they are each mined.
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“I tin make immoderate commodity; they’re commodities by definition. Given capable wealth and time, I tin make infinite of immoderate of them,” Saylor continued.
Saylor’s advocacy for bitcoin runs some idiosyncratic and professional. Saylor is known for utilizing his idiosyncratic bitcoin concern arsenic an statement for wherefore MicroStrategy should put successful the integer asset. As of the clip of this writing, MicroStrategy owns implicit 120K BTC worthy astir $5 billion, putting the steadfast successful nett territory.
Featured representation from Coingape, illustration from TradingView.com
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