Michael J. Saylor resides in the U.S. He is both, an intelligent entrepreneur, and a shrewd business executive. MicroStrategy is fortunate to have him as a co-founder, and executive chairperson. He has also been the company’s CEO, from 1989, until 2022. MicroStrategy offers services linked to cloud-based applications, business intelligence, and mobile software.
According to him, inheriting or ownership of physical property, entails paying taxes, and expenses for maintenance. The costs tend to be high, especially over the long term. This is not the case with ownership of a virtual currency, Bitcoin. Moreover, if you are planning to start your bitcoin trading journey, you may visit the official Home Page of the trading platform.
Sayer’s Immense Support for Bitcoin (BTC)
Of course, it is always possible to discover Bitcoin’s greatness. After all, it is a famous platform for garnering knowledge about cryptocurrencies, as well as, investing and trading in them. Nonetheless, it would be worthwhile to pay attention to Sayer’s opinions, too.
Sayer was vociferous about his double-dosed support for Bitcoin, at the Australia Crypto Convention. He also emphasized the problems arising out of transferring the value of physical properties, from one hand to another. These properties, included real estate, company stocks, gold, and equity.
He also stressed the usefulness of the proof-of-work (PoW) consensus mechanism. Bitcoin had the backing of energy, worth $20 billion. It also had the backing of proprietary mining hardware, worth another $20 billion.
Thus, Bitcoin was the kind of property that was acquirable in small amounts. The owner could carry it wherever he/she went. It was also possible to pass it on to future generations. Even after a few hundred years, the same ‘family’ would retain ownership.
Sayer’s Focus on Issues with Traditional Assets
Transferring of Traditional Assets
Sayer has very focused ideas about ownership of traditional assets, too. For instance, it was nigh impossible to transfer traditional assets, like gold, land, etc., across local/international boundaries. In other words, geographical locations would prove to be terrible hindrances, in the matter of transfers.
To illustrate, suppose, an individual owned a property in the U.S. It would not be possible to rent it out to someone living in London. It could only be leased/rented out, to someone residing in the same place that housed the concerned property.
In contrast, the owner of Bitcoin, worth millions/billions of dollars, could lend it at interest, to any interested borrower.
Expenses Concerned with Traditional Assets
The costs of maintenance and taxes have already been mentioned earlier. Another factor interfering with the gathering of profits from traditional assets was geopolitical tensions. Governments, in conflict, would not permit the carrying forward of a cryptocurrency across jurisdictions.
Royal persona, or the rich and famous, would confront no issues, regarding the transfer of their wealth from one generation to another. They would not mind paying high taxes. However, the not-so-rich, or the middle- and lower-income groups, would mind increasing taxation.
Safety and Security of Transactions
Another aspect in favor of Bitcoin is security. There has been no hacking of the Bitcoin network for 13+ years. World over, crypto investors and traders consider the platform to be the safest, and most secure.
It also helps that the Bitcoin network goes in for regular upgrading. Developers strive to speed up transactions on the blockchain. They also try to have better security measures in place. All new innovations are in alignment with Web layer-2, and Web layer-3 applications.
What Others Say about Bitcoin
It is not just Michael Sayer, who has such tremendous admiration for Bitcoin (BTC). Even Mike McGlone has great respect for it. He is an analyst from the Bloomberg organization. He likened the coin to a wild card! It was in a great position to leave the stock market behind, too! After all, the traditional financial system seems to be moving toward a recession. He also felt that it would acquire similar importance to treasury bonds, and gold.
Cointelegraph had something to say about McGlone’s analysis. Its report agreed that Bitcoin might adhere to the path taken by these assets. However, its follower, ETH (Ethereum) might prove to have a closer bonding with the stock market.
True, surveyors, analysts, reporters, etc., have diverse opinions about Bitcoin. However, they all agree that it is the King of digital currencies, and it would be wise to invest in it!