MicroStrategy CEO and Bitcoin (BTC) advocate, Michael Saylor, reaffirmed his support for Bitcoin while explaining the problems related to the transfer of the value of physical properties such as gold, stocks or the capital of companies and real estate. during the Australian Crypto Convention.
Speaking about the underlying proof-of-work (PoW) consensus mechanism, Saylor highlighted that Bitcoin is backed by $20 billion of proprietary mining hardware and $20 billion of energy.
He then pointed out that traditional assets, such as gold (in large quantities) and land, are almost impossible to transport across geographic bordersand added:
“If you have a property in Africa, nobody is going to want to rent it to you if you live in London. But if you have a billion dollars in Bitcoin, you can lend it or […] rent them to anyone in the world”.
Saylor further highlighted the high maintenance costs and taxes related to long-term ownership and inheritance of physical assets, which in the case of Bitcoin do not exist. Geopolitical tensions around the world also determine the type of assets that can be moved to other jurisdictions. He explained:
“Bitcoin represents property that you can acquire in small pieces that you can take with you anywhere. You can give it to your children’s children. And 250 years from now, your family may still own the property.”
According to Saylor, only royals like King Charles III are free to pass on their wealth without worrying about being taxed “unless it’s Bitcoin.” The businessman reiterated that the Bitcoin network has not been hacked for more than 13 years and that it is currently “the most secure network in the world.”
Lastly, Saylor highlighted the regular updates being made to the Bitcoin network to make it faster and more secure, along with innovations around Layer 2 and Layer 3 applications.
Bloomberg analyst Mike McGlone recently opined that Bitcoin is a “wild card” that is well positioned to outperform stocks as traditional finance approaches a recession.
McGlone took to social media platforms, including LinkedIn and Twitter, to claim:
“Bitcoin is a wild card that is more ripe to outperform when stocks bottom, but in transition to be more like gold and bonds.”
As Cointelegraph reported, the analysis notes that while Bitcoin would follow a similar trend to treasuries and gold, Ether (ETH) “could have a higher correlation with equities.”
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