Michael Saylor, CEO of MicroStrategy, says Bitcoin will dominate the next century as its network grows rapidly.
In an interview with Kitco News, Saylor addresses the future place of Bitcoin in the global economic landscape, claiming that the Bitcoin standard “solves the 21st value out of cash flow.”
“I think Bitcoin will be in the 21st. I think it’s pretty clear that it won that place. There are 8 billion people who need strong money or financial assets to lead a decent life. This asset has to be digital and flow into 8 billion mobile wallets. “
The well-known bitcoin bull, whose company now has $ 4.5 billion worth of bitcoin on its own balance sheet, says bitcoin is a disruptive force unlike any other major tech company or innovation of the last century.
“Bitcoin is currently the fastest growing and most disruptive force in the world, objectively speaking. It went from $ 0 trillion to $ 1 trillion in 12 years. That makes it the most disruptive technology in your life, in my life – more disruptive than Amazon, Apple, Facebook and Google, more disruptive than anything else in our life. “
The CEO also says there is a common misconception that Bitcoin should be viewed as a currency and therefore could compete with national currencies. Saylor notes that it is more accurately described as a crypto asset and, as such, poses a much lesser threat to fiat currencies than stablecoins.
“When you get it [that Bitcoin is] a crypto asset then understand that it does not compete with that [US] Dollars and euros. [Bitcoin is] Competing with gold and silver and ETFs (Exchange Traded Funds) and stocks … Jerome Powell (Federal Reserve Chair) said two weeks ago, yes, it’s digital gold …
[Large governments are] will take care of stablecoins, such as the ability to move billions of euros on a crypto rail or the ability to move billions of US dollars on a crypto rail. That will pique the interest of the banks, because the currency is the origin of the bankers and the government. And they will worry about controlling their currency. “
When asked directly what he thinks is the greatest threat to Bitcoin’s success, Saylor simply says, “I don’t think there is.”
Contrary to Saylor’s opinion, quantum computing expert Andrew Fursman believes that Bitcoin could one day be exposed to quantum attacks as computers become more powerful.
“It has been mathematically proven that if you have a device that looks like the kind of quantum computer that people want to build, you can decipher this information much better than it would ever be possible with classical devices.”
In addition, Bitcoin has faced questions about the environmental impact of its mining process.
This week the New York Senate tabled a bill proposing to shut down bitcoin mining facilities in New York state until a full assessment of the negative impact of the mining process can be completed.
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