Michael Saylor Refers to Bitcoin as ‘The American Dream


Last week, Michael J. Saylor, Co-Founder, Chairman, and CEO of MicroStrategy Inc. outlined why he feels Bitcoin is the finest store of wealth.

MicroStrategy stated in a press statement on 11 August 2020 that it has “bought 21,454 bitcoins for an aggregate purchase price of $250 million” for use as a “main treasury reserve asset.”

At the time, Saylor stated: “Our choice to invest in Bitcoin at this time was influenced in part by a convergence of macroeconomic and business variables that we feel is posing long-term risks to our corporate treasury programme, risks that should be addressed proactively.”

MicroStrategy has continued to amass Bitcoin since then, and its CEO has become one of the most outspoken proponents of cryptocurrency. MicroStrategy’s recent $BTC acquisition, which Saylor announced on February 1, means the business now has around 125,051 bitcoins, which were “bought for $3.78 billion at an average price of $30,200 per bitcoin.”

Saylor addressed why Bitcoin should not be classified as a commodity during an appearance on episode 128 of the PBD Podcast — which was webcast live on March 1:

“Bitcoin is magical due to its limited supply of 21 million. I am capable of developing more real estate in New York City. I am capable of producing more automobiles. I am capable of producing more premium timepieces… I am capable of producing more gold. I may issue more shares of stock. I am capable of establishing further ties.

“I am capable of creating any commodity. By definition, they are commodities. I can construct an unlimited number of any of them if I have enough money and time. Bitcoin is a scarce resource. Okay, now think of another shortage that exists in the world. And, technically, there does not seem to be another shortage, correct? A scarcity is anything that is completely limited.

“If the price increases by a factor of 1,000 or a million, it is permanently limited. That is not true of gold, soybeans, silver, stocks, bonds, real estate, single-family dwellings, ships, aircraft, and trains. Everything else is a matter of production. And, of course, as the price increases, the motivation to produce more increases as well, which is why, you know, purchasing a home isn’t always a good store of value in an inflationary environment, since there will be incentives for someone else to dilute the value of your property.

“If you do decide to purchase a home, you are better off purchasing a house on land rather than a condo on the 57th level of a skyscraper. And if you do purchase it on land, you are better off purchasing riverfront property. Additionally, if you are purchasing waterfront property, you are better off purchasing it on the beach. And if you purchase it on the beach, you are better off purchasing it in the most coveted spot for rich clever people in the next 30 years…. And you can do that for ten, twenty, or thirty years — that’s Palm Beach, right? That’s the Hamptons, right? That is something you can deduce. Now, calculate for a hundred years.”

According to the report, Saylor discussed the benefits of Bitcoin over other prominent repositories of wealth last Monday (March 14) when speaking to members of the Economic Club of New York.

Saylor dislikes gold because, unlike real estate, it cannot be produced or rented: “Real estate is a wiser investment… If your grandmother or grandpa was prudent enough to invest in New York City real estate and it has remained in the family, you are definitely doing well.”

He does, however, remind out that real estate has certain inherent limits, including the fact that it is not always liquid (for example, in the case of a conflict) and is most definitely not portable:

“Where can you go if your property is not secure outside your nation and is not safe inside your country?” Cyberspace is the solution. Bitcoin is the embodiment of the American dream.”

Also Read: Co-Founder of Ethereum: Ukraine-Russia The War Is Clearing the Way for Widespread Crypto Adoption

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