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November 29, 2022
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Bitcoin

There is no reason not to breed Bitcoin for 100 years

Michael Saylor, the CEO of MicroStrategy, has staunchly defended its long-term bullish position in Bitcoin (BTC) based on its unique potential to turn into the “future of property.”

IN interview for Bloomberg TV, Saylor argued that MicroStrategy’s large contribution to Bitcoin, which has targeted the debt markets to hold its position, is “the highest growth, lowest risk strategy” that the company can pursue.

Some people believe that diversification means buying other types of cryptocurrencies or other types of stocks. We think we are diversified while holding Bitcoin. Because we can see Bitcoin in the balance sheets of cities, states, governments, companies, small [i] large investors. Ultimately, Bitcoin will be the core of technological innovation at Apple, Amazon, and Facebook, so we want to breed Bitcoin.

In response to an interviewer’s question about how the interests of large, centralized behemoths like Twitter and Facebook can be reconciled with a decentralized network, Saylor stated that Bitcoin was the key to solving their endemic cybersecurity and spam problems. Integrating with Bitcoin – and, in particular, micro-payments supporting the Lightning Network – can solve these problems by enabling an ecosystem that can guarantee creditworthiness and trust:

If you want to improve the user experience [na tych platformach technologicznych]then you must have skin on the game. And Bitcoin provides a “skin in name” for all interactions in the cyber environment. Dorsey gets it. The deadly application is cybersecurity integrated with an international network of trust.

Saylor’s prediction for Bitcoin’s long-term potential appears to be balanced between the ability to support new functionalities on the network and evolve into future ownership.

The reason MicroStrategy has bet on Bitcoin – for which it has controversially borrowed $ 2.2 billion with a mixed interest rate of around 1.5% – is because the company predicts that Bitcoin, as an open ownership network, will be used by “billions of users.” . While the company is currently adopting a 10-year outlook, Saylor’s comments suggest that his outlook is long-term in a truly maximalist sense:

People joke that Bitcoin isn’t really a trading strategy, it’s an exit strategy. What we want to hold on to is a form of a non-sovereign store of value forever […] I conducted a survey: the average Twitter user thinks it will last 3,500 years. Nobody is in a rush with Bitcoin. We think this is the future of property.

Bitcoin – the king of risky cryptocurrencies

Meanwhile, the coin nevertheless also meets the needs of retail traders. Saylor noted that cryptocurrencies offer users of apps like Robinhood the unique opportunity to trade 24/7, 365 days a year. In his opinion, it “makes perfect sense” for Robinhood to work hard and increase his support for the new asset class. However, among digital assets, Bitcoin as the ‘king of risky cryptocurrencies’ is still, according to Saylor, ‘where all the traffic and excitement is’.

The number of cryptocurrency users worldwide has more than doubled from 100 million in January this year to 221 million in June, according to a recent study by Crypto.com. While Bitcoin retains the lion’s share of users, smaller altcoins are slowly eating up both the market share of veteran coins and the second most popular cryptocurrency on the market – Ether (ETH).

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