MicroStrategy CEO and Bitcoin (BTC) advocate Michael Saylor doubled down on his support for Bitcoin as he explained the issues surrounding transferring the value of physical properties such as gold, company shares or equity and real estate during the Australian Crypto Convention.
Speaking about the underlying proof-of-work (PoW) consensus mechanism, Saylor highlighted that Bitcoin is backed by $20 billion of proprietary mining hardware and $20 billion of energy.
He went on to point out that traditional assets like gold (in large quantities) and land are nearly impossible to carry forward across geographic boundaries, adding:
“If you own a property in Africa, no one will want to rent it to you if you live in London. But if you have a billion dollars of Bitcoin, you can either lend it or […] rent to anyone in the world.”
Saylor further emphasized the high maintenance costs and taxes associated with long-term ownership and inheritance of physical property, which in the case of Bitcoin, do not exist. Geopolitical tensions around the world also determine the type of assets that would be allowed to be carried forward between jurisdictions. Explained:
“Bitcoin represents property that you can acquire in little pieces that you can take with you wherever you go. You can give it to your children’s children to your children’s children. And in 250 years, your family may still own it of the property”.
According to Saylor, only royalties like King Charles III have the freedom to pass on their wealth without worrying about being taxed “unless it’s Bitcoin.” The businessman reiterated that the Bitcoin network has not been hacked for more than 13 years and is currently “the most secure network in the world.”
On a final note, Saylor emphasized the regular updates being made to the Bitcoin network to make it faster and more secure, along with innovations around Layer 2 and Layer 3 applications.
Related: Bitcoin possession still legal in China despite ban, lawyer says
Bloomberg analyst Mike McGlone recently opined that Bitcoin is a “wild card” that is well-positioned to outperform stocks as traditional financials inch toward a recession.
McGlone took to social media platforms, including LinkedIn and Twitter, to claim:
“Bitcoin is a wildcard that’s ripe for outperforming when stocks are low, but it happens to be more like gold and bonds.”
As reported by Cointelegraph, the analysis notes that while Bitcoin would follow a similar trend to Treasuries and gold, Ether (ETH) “may have a higher correlation with stocks.”
