Bitcoin is better than physical goods for ordinary people, says Michael Saylor

Bitcoin is better than physical goods for ordinary people, says Michael Saylor

At the Australian Crypto Convention, Michael Saylor, CEO of MicroStrategy and advocate of bitcoin (BTC), reiterated his support for bitcoin by revealing issues in transferring the value of physical assets such as gold, stocks, or company shares and real estate.

In his talk on the proof-of-work (PoW) consensus mechanism, Saylor pointed out that bitcoin is backed by $20 billion in proprietary mining hardware and $20 billion in energy.

He then pointed out that it is almost impossible to transfer traditional assets such as gold (in large quantities) and land across geographical borders, before adding the following:

“If you have a property in Africa, no one will want to rent it to you if they live in London. On the other hand, if you have a billion dollars in bitcoins, you can lend it or […] rent it to anyone in the world. »

Mr. Saylor drew attention to the fact that owning and inheriting physical assets for the long term has high maintenance costs and taxes, which is not the case with bitcoin. He also clarified that geopolitical tensions around the world affect the type of assets people are able to move from one jurisdiction to another. He explains:

“Bitcoin is a commodity that you can get in small pieces that you can carry with you wherever you go. You can gift it to your children children children children. And in 250 years, your family may still have this property. »

According to Saylor, only members of the royal family, such as King Charles III, have the freedom to pass on their wealth without fear of being taxed, “unless it is bitcoin.” The entrepreneur reiterated that the Bitcoin network has not been hacked for over 13 years and is currently “the most secure network in the world”.

Finally, Mr. Saylor highlighted the regular improvements made to the Bitcoin network with the aim of making it faster and more reliable, as well as innovations related to layer 2 and layer 3 applications.

Also read: Owning bitcoins is still legal in China despite the ban, a lawyer says

Bloomberg analyst Mike McGlone recently deemed bitcoin a “wild card” and is well positioned to impact equities amid the downturn in traditional financial markets.

McGlone took to social media, including LinkedIn and Twitter, to say:

“Bitcoin is a wild card that is ripe to outperform when stocks are declining, but transitioning to be more similar to gold and bonds. »

As Cointelegraph reports, the analysis clarifies that while bitcoin may trend similarly to Treasuries and gold, Ether (ETH) may have a higher correlation with stocks.”

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