Micro Strategy CEO Michael Saylor said yesterday that, since Bitcoin is not a currency, it will not be banned, and therefore government intervention does not represent a threat to Bitcoin, which will allow the currency to continue to rise, and will lead to the dominance of the first cryptocurrency in the 21st century. .
In an interview on Kitco News yesterday, Michael Saylor offered his thoughts on why there are no existential threats to Bitcoin and why this will allow it to dominate the stored-value asset sector in the coming years and decades.
Speaking to Kitco News Editor-in-Chief, Michelle McCurry, Saylor stated:
I believe Bitcoin will be the emerging strong financial storehouse of valuable assets in the 21st century.
There are about 8 billion people who need strong cash or cash assets.
If they are to lead a decent life, these assets have to be digital.
According to Saylor, the word “cryptocurrency” might be a problem.
He says that Bitcoin and other cryptocurrencies should be considered “crypto assets” rather than “currencies”, as he went on to explain:
Money can be divided into currency and asset.
Bitcoin is not really a currency, it is a crypto asset.
I think if you look at the comments, probably the comment of “Jerome Powell,” “Christina Legard,” and “Gary Gensler,” they all commented that this is a digital asset.
It is not a digital currency.
Saylor goes on to use the modern example of Turkey and how, although the Turkish authorities have banned the cryptocurrency as a form of payment, they have not restricted its use as an investment, commenting in this regard as to what it means:
In the example of Turkey, they did not want people to use Bitcoin as a currency.
This is not unlike what the IRS said in 2014 in the US when they actually taxed, stating that Bitcoin could not be used as currency.
So, to say that we do not want to use something as currency because it threatens our currency does not mean depriving people of it as assets.
Even the Turkish central bank did not prohibit or limit the ownership of Bitcoins by Turkish citizens.
Finally, Saylor noted that stable digital currencies may be of most concern to governments, given that they allow the transfer of large amounts of money, and he told by saying:
They would be concerned about stable digital currencies, such as the ability to transfer billions of Euros to cryptocurrencies, or the ability to transfer billions of US dollars to cryptocurrencies.
This will attract the interest of the banks as the currency is the source of the bankers and the government.
And they will be concerned about controlling their currency.