Sep 17, 2022 12:33 UTC
Sep 17, 2022 at 12:35 UTC
Michael Saylor Says Bitcoin is Better than Physical Property for Common People
Saylor underscored the high maintenance prices and taxes coupled with owning and inheritable property over the long run, that within the case of Bitcoin, doesn’t exist.
MicroStrategy CEO and Bitcoin (BTC) advocate Michael Saylor doubled down on his support for Bitcoin as he explained the problems associated with transferring the worth of physical properties like gold, company stocks or equity and realty throughout the Australia Crypto Convention.
Speaking regarding the underlying proof-of-work (PoW) agreement mechanism, Saylor highlighted that Bitcoin is backed by $20 billion value of proprietary mining hardware and $20 billion value of energy.
He then discovered that ancient assets like gold (in high quantity) and land area unit nearly not possible to hold forward across geographical boundaries, adding:
“If you have property in Africa, no one’s gonna need to rent it from you if they live in London. however if you’ve got a billion bucks of Bitcoin, you can loan it or […] rent to anybody in the world.”
Furthermore Saylor underscored the high maintenance prices and taxes coupled with owning and inheritable property over the long run, that within the case of Bitcoin, doesn’t exist. Politics tensions across the globe conjointly confirm the sort of assets one would be allowed to hold forward across jurisdictions. He explained:
“Bitcoin represents a property that you simply will acquire in small pieces that you can simply carry with you anywhere you go. you can give to your children’s children’s children. And in 250 years, perhaps your family still owns the property.”
According to Saylor, solely royalties like King Charles III have the freedom to pass down their wealth without concern regarding being taxed away “unless it’s Bitcoin.” The entrepreneur reiterated that the Bitcoin network has not been hacked for over 13 years and is presently “the most secure network within the world.”
On a finish note, Saylor stressed the regular upgrades being created on the Bitcoin network to form it quicker and safer, in conjunction with innovations around layer-2 and layer-3 applications.
Bloomberg analyst Mike McGlone recently opined that Bitcoin may be a “wild card” that’s well-positioned to outperform stocks as ancient finance inches toward a recession.
McGlone took it to social media platforms, together with LinkedIn and Twitter, to state:
“Bitcoin may be a wild card that’s a lot ripe to outform when stocks bottom, however transitioning to be a lot like gold and bonds.”
As Cointelegraph reported , the analysis notes that whereas Bitcoin would follow an analogous trend to treasury bonds and gold, Ether (ETH) “may have a better correlation with stocks.”