Bitcoin (BTC) investors should shift their perspective and view Bitcoin as a long-term investment rather than a traditional currency, according to Michael Saylor, the chairman of MicroStrategy. In an interview with CNBC on March 11, Saylor argued that there is a widespread misunderstanding of Bitcoin’s true value, and its real strength lies in its ability to preserve wealth for centuries.
Saylor suggested that instead of considering Bitcoin as a currency, people should view it as a digital property worth billions of dollars in the virtual world. He believes that the controversy surrounding cryptocurrencies largely stems from their use as a medium of exchange. Saylor further stated that if Bitcoin were recognized as digital property, it would be more readily accepted by countries like the United States, Europe, and China.
Highlighting the potential of Bitcoin as a store of value, Saylor emphasized that its value as a property far surpasses its potential as a currency. While the medium of exchange is valued at $1 trillion, the store of value is estimated to be worth $100 trillion. This is the reason why Saylor believes that Bitcoin has a higher growth potential as a property rather than as a currency.
Saylor’s views align with those of BlackRock CEO Larry Fink, who also stated in a January interview with CNBC that Bitcoin is better suited as a form of wealth storage rather than a replacement for national currencies.
Saylor expressed confidence in Bitcoin’s future, stating that he did not have any doubts about its resilience even when its price fell below $20,000. He believes that Bitcoin is the best asset available and has no equal. As of now, Bitcoin’s price stands at $72,400, showing a 9.3% increase over the past week and a 44.7% increase over the past month.
In conclusion, Saylor believes that Bitcoin will continue to gain popularity and pose a threat to gold. He believes that Bitcoin possesses all the positive attributes of gold without its drawbacks.