Bitcoin Will Not and Should Not Be a Currency in the US, Says Michael Saylor
MicroStrategy CEO and Bitcoin bull Michael Saylor says there’s no chance Bitcoin will be used as currency in the US.
Saylor has been a prolific Bitcoin supporter ever since MicroStrategy added the top crypto asset to its balance sheet in August of 2020.
Despite his advocacy for Bitcoin, Saylor tells crypto analyst Scott Melker that he believes it’s better for BTC if it is viewed as property rather than as currency.
“I don’t really think that Bitcoin’s going to be currency in the US ever. Nor do I think it should be. I really think logically it should be treated as property. It’s like owning a building, or owning a bar of gold, or owning a share of stock. It’s property.
And what it’s doing is it’s demonetizing other forms of property. If you have a million dollars and you have to choose whether you buy collectibles or a house or a second house or an ETF or a share of Apple stock, or start a business, or buy art, or buy a bar of gold, or buy Bitcoin. That’s the fungible decision you have to make.”
Saylor compares Bitcoin to Apple, Amazon and Google, and says that betting against significant advances in technology has historically been a bad choice.
“If you buy and hold, that’s good, and at any point in the history of technology, if you had sold, you made a mistake, right? With the one caveat, you have to buy the winner. You have to buy the category killer. You have to buy Facebook, Google, Amazon, Apple, Microsoft.
So the question is – how long do you gotta watch them win before you decide they’re the winner? I think 30 years is a bit late. If you gotta wait 30 years before you pick the winner, you probably won’t get outsized returns. But you could’ve watched them win for 10 years and bought them and still made a lot of money.”