Thursday, January 21, 2021

Bitcoin (BTC) Will Be Bigger Than Apple, Amazon, and Facebook –MicroStrategy CEO Michael Saylor

The chief executive officer of MicroStrategy, Michael Saylor, has highlighted the reason why his company decided to purchase hundreds of millions of dollars worth of the leading digital asset Bitcoin (BTC).

Saylor explained why he believes Bitcoin is significantly superior to gold in a new interview on CNBC’s Fast Money. According to the CEO of MicroStrategy, the first and largest crypto asset is currently the world’s best safe-haven treasury reserve asset. Saylor added that the volatility of Bitcoin that is of major concern will drastically reduce with time.

He, however, thinks that it’s taking time for investors to understand the value proposition of BTC, but believes that the crypto asset will be larger than the biggest companies in the world, such as Apple, Amazon, Netflix, Facebook, and Google.

Read Also: Grayscale Buys $185M Worth of Bitcoin in One Week, Now Has $3.6 Billion of BTC in Its Custody

Michael Saylor says:

“The story here is due to the rapid expansion of the monetary supply by the central banks, the cost to capital has tripled from 5% to 15% over the past year. And if we look out over the next four years, bond coupons and APS growth rates are going to need to exceed that hurdle in order to preserve wealth.

“We had $500 million worth of cash, but we knew we were going to generate another $500 million worth of cash, and we realized if we held it in cash it was going to debase by 10%, 15% a year and I didn’t want to lose half of it. So what isn’t so well understood is that BTC, Bitcoin, is the best safe-haven treasury reserve asset in the world right now and it’s engineered to be superior to gold in all aspects.

“So that being the case, a lot of people understand the asset story of Bitcoin. It’s up 100% annually each year for the past decade, more or less. What they don’t understand is that Bitcoin is a monetary network and as a monetary network it’s capable of storing and channeling energy over time without power loss. So we got really excited about this idea and we saw it as a solution for the store of value problem. Not just for the $300 trillion of capital in the world, but for the 7.5 billion people on the planet.”

“The traditional concerns about Bitcoin are that it might be hacked. It might be copied. It might be banned. And after a decade, it hasn’t been hacked. No one’s managed to copy it. It’s not going to be banned. So although people look at it as being volatile, it’s volatile maybe in the first decade.

“The next decade going forward, it doesn’t look like it’s going to be that volatile. It actually looks like it’s emerging as the primary treasury reserve asset for people that are looking for some way to avoid the great monetary inflation…

“I think that as investors start to understand the Bitcoin story, they’re going to migrate their capital onto the Bitcoin network and that’s going to create a virtuous cycle of adoption followed by price appreciation, followed by value accretion, followed by technology innovation. You see Square and PayPal. It’ll be Apple and Google shortly. That’s going to drive more adoption and that means that you really want to plug your company into the Bitcoin monetary network. It’s probably the biggest thing that’s happened over the last decade

Read Also: $1 Million for Bitcoin (BTC) In 3 Years’ Time – Former Goldman Sachs Hedge Fund Manager

“It’s going to be bigger than the FAANG (Facebook, Amazon, Apple, Netflix, Google) stocks. It’s going to be bigger than Apple, Amazon, Facebook, the social networks. And it’s the ideal time to plug into it because 99% of investors don’t understand what I just said and with $350 billion of monetary energy in the Bitcoin network it’s all but unstoppable at this point.”

Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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