CEO of MicroStrategy and Bitcoin
Defense attorney Michael Saylor doubled down on support for bitcoin as he outlined the issues involved in transferring the value of physical property such as gold, company shares or shares and property under the Australian cryptocurrency deal.
Speaking about the Proof of Work (PoW) consensus mechanism, Sailor explained that Bitcoin is backed by $20 billion of proprietary mining hardware and $20 billion of energy.
He then noted that traditional assets such as gold (in large quantities) and land are almost impossible to move across geographical borders, adding:
“If you have property in Africa, nobody wants to rent it from you if they live in London. But if you have a billion dollars in bitcoin, you can borrow it or […] rent it out to anyone in the world.
Saylor also highlighted the high maintenance costs and taxes associated with long-term ownership and inheritance of physical property, which are not present in the case of Bitcoin. Geopolitical tensions around the world also determine the type of assets that are allowed to be pursued in different jurisdictions. This is to explain:
“Bitcoin is property that you can have in small pieces that you can carry with you anywhere. You can donate to your children’s children. And 250 years from now, your family can still own this property.”
According to Saylor, only members of the royal family, such as King Charles III, can freely transfer their wealth without worrying about taxes, “unless it’s bitcoin.” The entrepreneur reiterated that the Bitcoin network has not been hacked in over 13 years and is currently “the most secure network in the world.”
In a closing note, Saylor highlighted the regular updates to the Bitcoin network to make it faster and more secure, as well as the innovations related to Layer 2 and Layer 3 implementations.
RELATED: Bitcoin ownership still legal in China despite ban, lawyer says
Bloomberg analyst Mike McGlone recently called Bitcoin a “wild card” that has every chance of outperforming stocks in traditional economic performance in a recession.
McGlone took to social media platforms including LinkedIn and Twitter to say:
“Bitcoin is a wild, more mature card that can be hit when stocks are at their lowest, but it’s more like gold and bonds.”
As reported by Cointelegraph, the analysis shows that while Bitcoin will follow the same trend as government bonds and gold, Ethereum “may have a higher correlation with stocks.”
