Michael Saylor doesn't think Bitcoin is ‘going to be currency in the US ever’

Michael Saylor doesn't think Bitcoin is ‘going to be currency in the US ever’

MicroStrategy CEO Michael Saylor thinks that Bitcoin is more like digital property than digital currency.

He was speaking on the July 15 edition of the “Coin Stories” podcast with host Natalie Brunell. Asked if he thought that Bitcoin was a threat to the U.S. dollar Saylor replied:

Our top trading bots

“I would call it a digital property, it's a threat to property, it's particularly a threat to other forms of property: gold is property, real estate is property. I don't think the United States government is threatened by real estate or buildings or companies or gold.”

The comments follow on from Saylor's assertions earlier this week on the Scott Melker’s Wolf of All Streets podcast, in which he stated that “I don’t really think that Bitcoin’s going to be currency in the US ever. Nor do I think it should be.”

“And what it’s doing is it’s demonetizing other forms of property,” he added as he outlined that people are now weighing up whether to purchase Bitcoin instead of opting for traditional investments such as real estate, stocks, starting a business, or buying gold.

MicroStrategy has been gradually accumulating Bitcoin since August 2020, and the firm now holds 105,085 BTC worth around $3.3 billion at today’s prices.

Saylor told Brunell that even if Bitcoin crashes in the short term, MicroStrategy has no intention to sell and is prepared for the volatility that will occur in the future.

He emphasized the key is to HODL through periods of market downturn and FUD, and pointed to giants in the tech space such as former Microsoft CEO Steve Balmer, who didn’t sell his stocks when the price crashed in the past:

“What was the brilliant thing that Steve Balmer did in order to be worth $100 billion? yYu know, he didn’t sell Microsoft.”

Related: Bitcoin volatility will always disappoint some investors: Michael Saylor

Saylor also referenced a quote from Warren Buffet which asserts that “If you aren't willing to own a stock for ten years, don't even think about owning it for ten minutes,” and cited that even Amazon stock has recovered from 80% crashes in the past.

“One iPhone 12 in a hundred years will be worth nothing, so the product that Apple is selling isn’t gonna last 1000 years. The product that Bitcoin is selling is 1/21 millionth of all the money in the world. That doesn’t have to change, it just kinda has to not break,” he said.

The MicroStrategy CEO did note, however, that if the price of Bitcoin was lower than what it is today four years from now, he would have to reconsider his strategy.

Continue reading upon Cointelegraph
Top 5 cryptocurrencies to watch this week: BTC, MATIC, THETA, CRO, LEO
Bitcoin (BTC) bulls have successfully defended the $30,000 level in the past few days but the failure to achieve a strong rebound has some traders worried...
Price analysis 7/9: BTC, ETH, BNB, ADA, DOGE, XRP, DOT, UNI, BCH, SOL
Earlier this week, Fan Yifei, the deputy governor of the People’s Bank of China has warned that stablecoins like Tether (USDT) pose “risks and challenges...
Strike to offer ‘no fee’ Bitcoin trading, taking aim at Coinbase and Square
Payments platform Strike has announced that it will allow U.S. customers to buy and sell Bitcoin with almost no trading fees from today.In an announcement...
Crypto market cap recovers $76B, altcoins rally after Bitcoin hits $34K
Cryptocurrency traders received a reprieve from bearish market conditions on June 23 as Bitcoin’s (BTC) brief recovery to $34,880 triggered a rally in altcoins...
Cardano Climbs 14% In Bullish Trade
Investing.com - Cardano was trading at $1.282176 by 04:17 (08:17 GMT) on the Investing.com Index on Wednesday, up 14.41% on the day. It was the largest...
The Graph Foundation taps protocol infrastructure developer for $60M grant
The Graph Foundation, the grants program behind the Ethereum (ETH) indexing protocol, has tapped StreamingFast to further the development of its so-called...
An NFT of the photo that inspired Dogecoin just sold for $4M
Dogecoin has seen significant attention in 2021 in tandem with its dramatic price rise. Capitalizing on this rise in attention, someone sold a non-fungible...
3 convincing signs the Bitcoin bears have stopped selling
The price of Bitcoin surged higher on May 26, breaching the $40,000 level for the first time in five days as traders brushed aside concerns about China's...
EOS Climbs 12% In Rally
Investing.com - EOS was trading at $5.4179 by 09:45 (13:45 GMT) on the Investing.com Index on Tuesday, up 11.70% on the day. It was the largest one-day...
Gemini reports 'degraded performance' in key systems as ETH falls under $4,000
Major U.S.-based cryptocurrency exchange Gemini has experienced two service disruptions today and is now reporting degraded performance in its mobile app,...
You don’t own me: XRP price surge defies SEC’s clamp-down on crypto
After the United States Securities and Exchange Commission initiated a lawsuit against Ripple alleging that the firm had been indulging in the sale of securities...
Brave browser to integrate dedicated Binance Smart Chain DeFi wallet
The privacy-centric web browser Brave will soon integrate a dedicated Binance Smart Chain, or BSC, wallet, according to a recent announcement. This allows...
PundiX (NPXS) surges 130% in two days: What's driving the rally?
NPXS, the native token of PundiX, a cryptocurrency point of sale (PoS) solution provider, has seen a massive surge in price over the past 48 hours.In merely...
YouTube Ads Have Mined Cryptocurrency
The next case of mining using malware was detected on YouTube last week. Anonymous hackers managed to integrate into the commercials on YouTube a program...
South Korea Ties Up Crypto Transactions as its Citizens Pile Into Digital Money
After the South Korean government released emergency measures for the regulation of cryptocurrency market in the market around two weeks ago, on December...