Saylor highlighted the significant maintenance expenses and taxes associated with long-term ownership and inheritance of physical property, which do not present in the case of Bitcoin.
During the Australia Crypto Convention, MicroStrategy CEO and Bitcoin (BTC) proponent Michael Saylor reaffirmed his support for Bitcoin while discussing the difficulties associated with transferring the value of tangible assets such as gold, business stocks or equity, and real estate.
Saylor, referring to the proof-of-work (PoW) consensus method, underlined that Bitcoin is supported by $20 billion worth of proprietary mining gear and $20 billion worth of electricity.
Traditional assets such as gold (in large quantities) and land are practically hard to transport across geographical borders, he said.
“If you own property in Africa, no one in London will be interested in renting it from you. But if you have a billion dollars worth of Bitcoin, you can lend or rent it to anybody.”
Saylor highlighted the significant maintenance expenses and taxes associated with long-term ownership and inheritance of physical property, which do not present in the case of Bitcoin. Global geopolitical tensions also impact the kind of assets one is permitted to transport across states. He elaborated:
“Bitcoin is a property that can be acquired in little amounts and carried with you wherever you go. You may contribute to your grandchildren’s grandchildren’s grandchildren. And maybe your family will still possess the land after 250 years.”
Saylor asserts that only royalty, such as King Charles III, is free to pass on their money without fear of being taxed, “unless it’s Bitcoin.” The entrepreneur underlined that the Bitcoin network has not been compromised in over 13 years and is now “the world’s most secure network.”
Saylor concluded by highlighting the constant improvements made to the Bitcoin network to make it quicker and more secure, as well as the developments around layer-2 and layer-3 applications.
Mike McGlone, a Bloomberg analyst, has argued that Bitcoin is a “wild card” that is poised to beat markets as conventional finance approaches a recession.
McGlone said the following on social media networks, including LinkedIn and Twitter: Bitcoin is a wild card that is more likely to outperform when the stock market bottoms out, but it is transitioning to be more like gold and bonds.
As reported by Cointelegraph, the study indicates that although Bitcoin will follow a similar path to government bonds and gold, Ether (ETH) “may have a stronger link with equities.”
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