Michael Saylor: Bitcoin is not a threat to the US currency

The CEO of financial-focused firm MicroStrategy Michael Saylor believes that Bitcoin is not likely to pose a threat as a new currency in the United States. Instead, he sees Bitcoin more like digital property and might dismantle assets that act like property.

Bitcoin – more like digital property

In an interview on a podcast with Natalie Brunell, Saylor offered that he doesn’t think the United States government should feel threatened about Bitcoin, saying that Bitcoin is more of a threat to property:

“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.”

He added that Bitcoin is rather “demonetizing other forms of property” than unsettling the traditional fiat system. He rationalised this, saying that investors are now considering whether to buy Bitcoin to invest in as opposed to the traditional investment options like property (real estate), stocks and shares, buying other hedges like gold or using their funds as capital to start a business.

MicroStrategy investment in Bitcoin

MicroStrategy has been in the media as one of the firms to start buying Bitcoin and adding it to its balance sheets. As it stands, the firm now holds over 105,000 Bitcoin – looking at over $3 billion at the time of writing. Saylor has stated – and reconfirmed on several occasions – that if Bitcoin crashes in the short term, the firm is prepared to hold (HODL) to the token and anticipates that there will be volatility.

He noted that if Bitcoin should crash and remain at decreased prices (if the “bubble bursts”) and volatility doesn’t see the cryptocurrency rise again, the firm would then reconsider how to approach the digital market. For now, he highlighted how important it is to HODL and ignore fear and negative market news in bearish dips. Using key investors like Microsoft’s Steve Balmer and Warren Buffet’s determination to hold, he offered that Bitcoin doesn’t have to only see positive growth.

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.”