Financial Technology

MicroStrategy’s Michael Saylor on why Bitcoin is better for transfer of value

Michael Saylor, CEO, MicroStrategy, and Bitcoin (BTC) advocate, has reportedly expressed an increased support for Bitcoin after explaining the problems around transfer of value for physical properties such as gold, company stocks or equity and real estate at the time of Australian Crypto Convention, according to Cointelegraph.

As reported by Cointelegraph, speaking on the underlying proof-of-work (PoW) consensus mechanism, Saylor emphasised that Bitcoin receives the backing of $20 billion worth of proprietary mining hardware and $20 billion worth of energy. The Bitcoin advocate further pointed that traditional assets such as gold and land can’t be carried beyond geographical boundaries, with specifying around maintenance costs and taxes linked with owning and inheriting physical property over the long-term which is not present in case of Bitcoin. 

“Bitcoin represents a property that you can acquire in small pieces that you can carry with you anywhere you go. You can give to your children’s children’s children’s children. And in 250 years, maybe your family still owns the property,” Saylor mentioned.

On the basis of information by Cointelegraph, Saylor stated that the Bitcoin network hasn’t been hacked for more than 13 years, with claiming that it is the most secure network in the world. Furthermore, Saylor spoke on the upgrades which have been made on the Bitcoin network to increase its speed and make it secure along with protocols such as layer-2 and layer-3 applications.

“Bitcoin is a wild card that’s ripe to outperform when stocks bottom, but transitioning to be more like gold and bonds,” Mike McGlone, analyst, Bloomberg, mentioned.

Going by Cointelegraph’s website, founded in 2013, it is a digital media resource covering news on blockchain technology, cryptocurrency assets, and emerging financial technology (fintech) trends. Their team aims to deliver news from both the decentralised and centralised worlds. Their editorial content is based on delivering news, analytics, cryptocurrency price charts, opinion pieces, as well as reports on the transformation that digital currencies bring, on a global basis.

(With insights from Cointelegraph)

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