Bitcoin: MicroStrategy president Michael Saylor weighed in on the future of cryptocurrencies after industry leaders filed lawsuits for digital assets before Congress this week.
Michael Saylor: Bitcoin Proves Itself As An Asset
In an interview with Yahoo, Michael Saylor said it’s clear that Bitcoin (BTC) has proven itself as an asset, not a security.
Michael Saylor made the following statements during the interview;
You can become a member of Binance from this link to trade with more than 300 cryptocurrencies, to earn from lending and staking.
“I think the biggest winner of the congressional sessions is Bitcoin. It’s pretty clear that there is consensus at the congressional level to support crypto. It’s pretty clear that investors want to invest in the new digital economy.
Bitcoin is universally considered a common property, not a security, so there is no regulation over Bitcoin.
If you want digital property as a long-term store of value, then every nation in the world – China, Europe, the United States – all agrees that Bitcoin is digital property. This is not a security.”
MicroStrategy CEO Michael Saylor: “Bitcoin Has Proven Itself, Altcoins Face This Threat”
Saylor Addresses Altcoins
Saylor acknowledges that the rest of the digital asset space is still awaiting scrutiny to reach comparable levels of clarity, but thinks that will pass.
“There are many questions about how to solve other security tokens, crypto exchanges and DeFi [decentralized finance].
Obviously, there’s a lot of enthusiasm for this. There is too much pressure to move forward with regulatory clarity.
I think that will happen, but in the meantime, the only takeaway any reasonable investor can have is that Bitcoin is here to stay…
There really isn’t any regulatory uncertainty about Bitcoin’s status as property, commodities, and store of value.”
There is a Difference Between Crypto Assets and Price Coins
The MicroStrategy CEO explains the divide he sees first to exist between cryptoassets and currencies, citing the possibility that stablecoins could dethrone national currencies.
“I think it is a mistake to qualify any of the cryptos as a currency.
They should really be considered crypto assets. Bitcoin is a crypto asset. This is a property. Not a currency…
The dollar is a currency. The digital dollar is a digital currency.”
Saylor envisions central bank digital currencies (CBDCs) have the dual potential of keeping the US dollar alive while eliminating other weaker currencies around the world.
“I think the digital dollar is destined to crash the hundred weakest currencies in the world.
And the US dollar, currently the world’s reserve currency on the 20th century banking rails, will become the world’s reserve digital currency on the 21st century crypto rails.
The US needs a digital dollar. We need stablecoins to spread.”
The macro investor concludes his analysis by making a pessimistic decision about gold’s safe-haven status.
“The only thing threatened by Bitcoin is gold. People are exchanging weak currencies for strong ones… Gold is a weak commodity… What you want to do is to have a strong property that will appreciate at least at the rate of monetary inflation.”