Bitcoin (BTC) investors should treat Bitcoin less like a currency and more like a “billion-dollar building in cyberspace” — to be held for 100 years, according to MicroStrategy chairman Michael Saylor.
During a March 11 interview with CNBC, Saylor argued there is a “fundamental misunderstanding” among those who view Bitcoin as a currency and that Bitcoin’s “killer application” is its ability to preserve capital for hundreds of years.
“It’s going to be controversial if people think of it as a currency, so I would encourage people to think of it as digital currency, a billion-dollar property in cyberspace,” said Saylor.
“No one’s trying to buy a cup of coffee with a fraction of their building on Fifth Avenue. But every rich person I know owns property in London or New York City or somewhere, and none of them complain about having to spend their building as a medium of exchange.”
Saylor argued that many of the “controversial issues” surrounding cryptocurrencies have revolved around their use as a medium of exchange and that the United States, Europe and China would be much more likely to embrace them if it were seen as digital property.
#Bitcoin is Digital Property. It is superior to other investments such as Gold, Equity, or Real Estate because it is digital, available, global, ethical, & useful to millions of companies and billions of people. pic.twitter.com/738dblB0Zt
— Michael Saylor⚡️ (@saylor) March 11, 2024
“Medium of exchange is only worth $1 trillion; store of value is worth $100 trillion,” Saylor added in arguing why Bitcoin has a higher ceiling as a property than a currency.
Earlier this year, in a Jan. 11 interview with CNBC, BlackRock CEO Larry Fink similarly voiced that Bitcoin is better-suited as a form of wealth storage than a contender to replace national currencies.
Bitcoin “is going to eat gold”
Commenting on the impact of spot Bitcoin exchange-traded funds, Saylor said Bitcoin “is going to eat” into gold, adding, “It has all the great attributes of gold” and none of its defects.
“It’s global; it’s the most widely recognized and trusted investment asset in the world right now. It’s ethical because it’s the king of all commodities because there’s no issuer, [and] there’s no company controlling it.”
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Saylor also commented on whether he lost sleep when Bitcoin tumbled below $20,000, saying he didn’t have any “question” about it rebounding strongly.
“It’s the greatest of the assets in my opinion — there’s no second best — so I didn’t have any question about it,” said Saylor.
“We’re just waiting for the rest of the world to realize how good it is.”
Bitcoin’s price is currently $72,400 at the time of publication — up 9.3% over the last week and 44.7% over the last month.
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