MicroStrategy CEO Michael Saylor, a Bitcoin (BTC), advocate, doubled down his support of Bitcoin. He explained the issues involved in transferring the value physical properties like gold and company stock or equity during the Australia Crypto Convention.
Saylor spoke out about the underlying proof of work (PoW), pointing out that Bitcoin is supported by $20 billion in proprietary mining hardware and $20 trillion worth of energy.
He added that it was almost impossible to transfer traditional assets like land and gold across geographic boundaries.
“No one will rent your property if you own it in Africa if you live in London. If you have a billion USD of Bitcoin, you can lend it or […] let it to anyone in the world.
Saylor also highlighted the high taxes and maintenance costs associated with inheriting or owning long-term physical property, which, in the case Bitcoin, is not the case. The type of assets that can be carried forward between jurisdictions is also determined by geopolitical tensions around the globe. He explained:
“Bitcoin is a property you can purchase in small amounts that you can take with you wherever you go. You can give it to your children’s kids’ children. You might even own the property in 250 years.
Saylor says that only royalties like King Charles III are allowed to leave their wealth to their descendants without being subject to taxation, “unless it’s Bitcoin.” According to Saylor, the Bitcoin network is “the most secure network in existence” and has not been hacked in over 13 years.
Saylor concluded by highlighting the ongoing upgrades to the Bitcoin network that make it faster, more secure, and innovations around layer-2, and layer-3 applications.
Related: Despite the ban, Bitcoin possession is still legal in China, says a lawyer
Bloomberg analyst Mike McGlone stated recently that Bitcoin is a “wildcard” that can outperform stocks in a time when traditional finance is heading towards a recession.
McGlone used social media platforms like Twitter and LinkedIn to make it official:
“Bitcoin can be a wild card. It’s more likely to outperform stocks when they bottom, but it will transition to more like gold or bonds.”
Cointelegraph reported that Bitcoin would follow a similar trend as gold and treasury bonds, but Ether (ETH), “may have a stronger correlation with stocks.”
Eileen Wilson –Technology and Energy
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