Bitcoin: A 'Billion Dollar Digital Real Estate', not Just a Currency, Says MicroStrategy Chairman
Summary:
MicroStrategy chairman Michael Saylor recommends viewing Bitcoin as a multi-billion dollar digital real estate rather than just a currency. In a recent CNBC interview, Saylor argued that Bitcoin is more about preserving capital for centuries and less about daily transactions. He believes the controversial issues surrounding cryptocurrencies predominantly emerge from their use as a medium of exchange. Furthermore, the BlackRock CEO echoed similar sentiments earlier this year. Saylor also predicted that Bitcoin, which currently stands at $72,400, has the potential to 'devour' gold and become the globally recognized and trusted investment asset.
Bitcoin should not be viewed as a mere currency, but rather as a 'multi-billion dollar digital real estate' that should be held onto for a century, as Michael Saylor, MicroStrategy's chairman, puts it. In a discussion with CNBC on March 11, Saylor suggested that a major miscomprehension exists among those who perceive Bitcoin as a traditional currency. He mentions that Bitcoin's most remarkable feature is its ability to safeguard assets for hundreds of years. "We need to start seeing it as digital real estate worth billions, not just a currency," Saylor advised. “Nobody is paying for their morning coffee with a fraction of their skyscraper located in an upscale neighborhood. Wealthy individuals across the globe invest in tangible properties such as in London or New York, and they never moan about having to sacrifice part of their property as a method of payment.” Saylor explained that the majority of the heated debates concerning cryptos emerge from its usage as a means for transactions. The United States, Europe, and China would be much more willing to accept it as a digitized property. Bitcoin is distinguished from investments like Gold, Equity, or Real Estate because it's digitized, universally accessible, morally acceptable and helpful to an array of companies and billions of individuals. Saylor went on to say, "The platforms for exchange are only worth 1 trillion dollars, but the value reservoir is worth 100 trillion dollars." That's why Bitcoin has a higher value potential as a property compared to being a currency. In an interview with CNBC on January 11, BlackRock CEO Larry Fink also said Bitcoin was more of an asset for storing wealth and not a replacement for national currencies. Regarding the consequence of spot Bitcoin exchange-traded funds, Saylor thinks Bitcoin is going to 'devour' gold, as it has all the positive aspects of gold minus the drawbacks. "Globally recognized and trusted, it is the most sought-after investment asset. It's ethical as there is no controlling company or issuer. It’s the king of commodities." He also mentioned how unaffected he was when Bitcoin dropped below $20,000, firmly believing in its strong rebound. “In my opinion, it's the ultimate asset. There isn't a close second, so I had no doubt about it," Saylor stated. “We’re just waiting for the rest of the world to see the potential in it.” As of now, Bitcoin is priced at $72,400 — up 9.3% over the last week and 44.7% over the last month.
Published At
3/12/2024 8:12:00 AM
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