- Michael Saylor believes Bitcoin is a better option than physical property.
- Bitcoin is backed by $20 billion valued proprietary mining Hardware.
Michael Saylor, Ex CEO of Microstrategy and Bitcoin enthusiast, doubled his support for Bitcoin because, during Australia Crypto Convention, he talked and explained about physical properties like gold, company stocks or equity, and real estate.
While talking about the proof-of-work(PoW) consensus mechanism, Saylor quoted that Bitcoin(BTC) is backed by $20 billion worth of proprietary mining hardware and $20 billion worth of energy.
Saylor talked about traditional assets like massive quantities of gold and land that are impossible to carry from one place to another or from one country to another. He said, “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.”
Saylor elaborated more and highlighted that physical assets are quite hard to handle. They need regular maintenance, and heavy taxes and duties are imposed, but in the case of holding bitcoin, taxes and maintenance are needed to hold the same.
However, geopolitical tension is also determined as a type of asset one would be allowed to carry forward across jurisdictions. He clarified, “Bitcoin represents a property that you can acquire in small pieces that you can carry with you anywhere you go. You can give to your children’s children’s children’s children. And in 250 years, maybe your family still owns the property.”
An analyst at Bloomberg, Mike McGlone, recently stated that Bitcoin is a “wild card” that is well-positioned to outperform stocks as traditional finance inches towards a recession.
Saylor is accused of skipping out on paying more than 25 Million USD by the District of Columbia (D.C).
The lawsuit encircles Michael Saylor, the executive chairman and MicroStrategy. Microstrategy is the biggest holder of Bitcoin across the globe.
According to the data from CoinMarketCap, bitcoin is trading at $ 18,700.23.
Source: https://www.thecoinrepublic.com/2022/09/19/michael-saylor-said-bitcoin-better-than-physical-property-option-for-commoners/