August 12, 2022

CEO of MicroStrategy Michael Saylor stays one of the vocal supporters of bitcoin. Numerous instances up to now, Saylor has all the time lauded the advantages of the digital asset, which he says is the perfect funding. His convictions are shared by his agency which stays the publicly traded firm with the biggest bitcoin holdings on the earth. Now, as soon as once more, Saylor has spoken out in favor of the cryptocurrency, successfully snubbing its rivals whereas he’s at it.

Bitcoin Is The Solely Scarce Asset

Bitcoin’s shortage has typically been one of many strongest arguments for the worth of the cryptocurrency. In response to the code, there can solely be 21 million bitcoins mined, which means that when this provide is mined, there are not any extra bitcoins coming into circulation. Extra BTC can’t be created, making it one of the scarce belongings in your entire globe.

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With bitcoin’s development, it has quick develop into a rival for different high funding belongings within the house. A kind of belongings is gold. Bitcoin which is known as digital gold has outperformed its bodily rival over the course of the previous couple of years, placing them in fierce competitors with one another. Nevertheless, based on Saylor, solely considered one of these belongings is really scarce and that’s bitcoin.

Talking on the PBD Podcast, Saylor defined that every one different belongings can have extra of them created. He referred to as bitcoin the one shortage recognized to humanity. The CEO referred to gold as a commodity, alongside different belongings like actual property and luxurious watches.

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“I can create extra actual property in New York Metropolis. I can create extra automobiles. I can create extra luxurious watches. I can create extra gold. I can create extra shares of a inventory. I can create extra bonds,” Saylor defined.

BTC declines under $40,000 | Supply: BTCUSD on TradingView.com

His reasoning was that since he can create extra of those, then they’re principally commodities. Whereas, bitcoin is “magical” on condition that there’ll solely ever be 21 million tokens and nobody else can create extra BTC as soon as they’re all mined.

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“I can create any commodity; they’re commodities by definition. Given sufficient time and cash, I can create infinite of any of them,” Saylor continued.

Saylor’s advocacy for bitcoin runs each private {and professional}. Saylor is understood for utilizing his private bitcoin funding as an argument for why MicroStrategy ought to spend money on the digital asset. As of the time of this writing, MicroStrategy owns over 120K BTC value nearly $5 billion, placing the agency in revenue territory.

Featured picture from Coingape, chart from TradingView.com