Tuesday, July 27, 2021

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    Michael Saylor doesn’t think Bitcoin “is going to be a currency in America”

    The CEO of MicroStrategy, Michael Saylor, believes that Bitcoin (BTC) looks more like a digital property than a digital currency.

    He said this on the July 15 edition of the Coin Stories podcast with host Natalie Brunell. when asked if he believed Bitcoin was a threat to the US dollar, Saylor replied:

    “I would call it a digital property; it is a threat to property; it is particularly a threat to other forms of property. Gold is a property; real estate is a property. I don’t think the U.S. government is threatened by real estate, buildings, businesses or gold.”

    Comments come after the Claims from Saylor earlier this week on the podcast Wolf Of All Streets by Scott Melker, in which stated that “I don’t really believe that Bitcoin is ever going to be a currency in America. I don’t think it should be.”.

    “AND what it’s doing is demonetizing other forms of ownership,” he added as he outlined that people are now weighing whether to buy Bitcoin rather than opt for traditional investments., such as real estate, stocks, starting a business or buying gold.

    MicroStrategy has been gradually accumulating Bitcoin since August 2020, and the firm now owns 105,085 BTC, valued at about $3,300 million at current prices.

    Saylor told Brunell that even if Bitcoin crashes in the short term, MicroStrategy has no intention of selling and is prepared for the volatility that will occur in the future.

    He stressed that the key is to endure the periods of market decline and the FUD, and singled out tech giants like former Microsoft CEO Steve Balmer, who didn’t sell his shares when the price plummeted in the past:

    “What was it that Steve Balmer did to get to quote $100,000 million? It didn’t sell Microsoft.”

    Saylor also referenced a quote from Warren Buffett who states that “if you’re not willing to own a stock for 10 years, don’t even think about owning it for 10 minutes.”, and cited that even Amazon’s stock has recovered from 80% declines in the past.

    An iPhone 12 a hundred years from now won’t be worth anything, so the product Apple is selling isn’t going to last 1,000 years. The product that sells Bitcoin is 1/21 millionth of all the money in the world. That doesn’t have to change, just… it doesn’t have to break,” he said.

    MicroStrategy’s CEO noted, however, that if the price of Bitcoin is lower than it is today in four years, you will have to reconsider your strategy.


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