Bitcoin BTC Is Better Than Physical Assets for Ordinary People, According to Michael Saylor
MicroStrategy CEO and Bitcoin BTC advocate Michael Saylor doubled down on his support for Bitcoin as he explained the issues related to transferring the value of physical properties such as gold, company stocks or equity, and real estate during the Australia Crypto Convention. Talking about the underlying proof-of-work (PoW) consensus mechanism, Saylor pointed out that Bitcoin is backed by $20 billion worth of proprietary mining hardware and $20 billion worth of energy.
He then pointed out that traditional assets like gold (in large quantities) and land are almost impossible to transport beyond geographic borders. If you have a property in Africa and live in London, no one will want to rent from you. But if you have $1 billion worth of bitcoin, you can loan it to anybody in the world, Michael Saylor added. Saylor further emphasized the high maintenance costs and taxes associated with owning physical assets and long-term inheritance, which are non-existent in the case of Bitcoin.
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