During a recent interview with CNBC, MicroStrategy chairman Michael Saylor emphasized that Bitcoin investors should view the cryptocurrency less as a currency and more as a long-term investment akin to a “billion-dollar building in cyberspace.” Here are the key points from his statements:
Saylor argued that there is a “fundamental misunderstanding” among those who view Bitcoin primarily as a currency. He encouraged investors to see Bitcoin as digital property, emphasizing its potential to preserve capital for centuries.
Referring to Bitcoin as a “billion-dollar property in cyberspace,” Saylor highlighted its capacity to serve as a store of value over extended periods.
Saylor emphasized that Bitcoin’s “killer application” lies in its ability to store value rather than its utility as a medium of exchange. He suggested that major economies like the United States, Europe, and China would be more inclined to embrace Bitcoin if it were perceived as digital property rather than currency.
Saylor pointed out that Bitcoin’s value as a store of value far surpasses its value as a medium of exchange, with the store of value aspect representing a $100 trillion market compared to the $1 trillion medium of exchange market.
Saylor predicted that Bitcoin will increasingly compete with gold as a store of value, stating that it possesses all the positive attributes of gold without its drawbacks. He described Bitcoin as the most widely recognized and trusted investment asset globally.
According to Saylor, Bitcoin’s decentralized nature and lack of an issuer or controlling authority make it an ethical alternative to traditional commodities like gold.
Despite Bitcoin’s price fluctuations, Saylor expressed unwavering confidence in its long-term potential, stating that he had no doubts about its ability to rebound strongly from market downturns.
Saylor asserted that Bitcoin is the premier asset class, with no comparable alternative, and expressed optimism about its broader recognition and adoption worldwide.
At the time of publication, Bitcoin’s price stands at $72,400, reflecting a 9.3% increase over the past week and a 44.7% increase over the past month.
Michael Saylor advocates for viewing Bitcoin as digital property rather than a currency, emphasizing its role as a store of value over the long term. He predicts Bitcoin will increasingly compete with gold and expresses confidence in its ability to outperform other asset classes in the future.
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