Michael Saylor, founder and chief executive officer of MicroStrategy, bitcoin He believes it is positive for (BTC).
Saylor, in a new interview with the David Lin Report, crypto- says its existence attracted “smart money” amid the currency and banking crisis.
“Banks meltdown and currency meltdowns are causing an influx of smart money into Bitcoin.”
According to the MicroStrategy chairman, the loss of confidence in the current monetary system is what makes “commodity coins” like gold and Bitcoin attractive.
“If you lose your trust in currency, in banks, you lose your trust in fiat money as money. And that’s why money dies. It is clear that he died in Venezuela, it is clear that he died in Argentina. But it is dying all over the world, even in the United States and Western Europe.
So when you lose your confidence in money, you start thinking about commodity currencies. If I can’t trust the bank, can’t move the money across the border, and the currency depreciates every year or every month, then I start thinking about commodity currencies.”
According to Saylor, Bitcoin is perfectly suited as a commodity currency compared to gold and other commodities.
“All other forms of commodity money are not fast, they are expensive to maintain, they are physical, they are fragile, they cannot be replaced, their fees are very high.
So if the world is trying to find a solution to commodity money, Bitcoin is the king of commodities. It is better than any other physical commodity because it is digital. Which means I can carry it in the palm of my hand. You cannot carry 125,000 barrels of oil in the palm of your hand.
It’s also better than any other commodity because it’s scarce. If the price of oil goes up 10 times, if the price of gold goes up 10 times, if the price of anything goes up 10 times, the collective intelligence of eight billion people will produce more than that. But Bitcoin is the one thing you can’t generate more of. So Bitcoin is top money.”