Bitcoin Should Be Seen as a Long-Term Investment, Not Just a Currency, Says MicroStrategy Chairman
According to Michael Saylor, the chairman of MicroStrategy, Bitcoin investors should shift their perspective and view Bitcoin as a “billion dollar building in cyberspace” that should be held for a hundred years. Saylor believes that there is a “fundamental misunderstanding” among those who see Bitcoin solely as a currency. Instead, he argues that the true value of Bitcoin lies in its ability to preserve capital over long periods of time.
During an interview with CNBC on March 11, Saylor emphasized that it would be more beneficial for people to think of Bitcoin as digital property rather than a currency. He explained that the controversies surrounding cryptocurrencies largely stem from their use as a medium of exchange. Saylor believes that if Bitcoin were recognized as digital property, countries like the United States, Europe, and China would be more inclined to embrace it.
Saylor further supported his argument by highlighting the difference in value between a medium of exchange and a store of value. He stated that while a medium of exchange is worth around $1 trillion, a store of value is worth approximately $100 trillion. This is why Saylor believes Bitcoin has a higher potential as a property rather than a currency.
This perspective is not unique to Saylor. In a January 11 interview with CNBC, BlackRock CEO Larry Fink also expressed the view that Bitcoin is better suited as a form of wealth storage rather than a replacement for national currencies.
In addition, Saylor addressed the impact of spot Bitcoin exchange-traded funds (ETFs) on the market. He believes that Bitcoin will eventually outshine gold, stating that Bitcoin “is going to eat” into gold’s market share. According to Saylor, Bitcoin possesses all the positive attributes of gold without any of its drawbacks.
When asked about his reaction to Bitcoin’s recent price drop below $20,000, Saylor expressed confidence in its future performance. He stated that he had no doubts about Bitcoin rebounding strongly, emphasizing that it is the best asset in his opinion.
At the time of publication, Bitcoin is priced at $72,400, marking a 9.3% increase over the past week and a 44.7% increase over the past month.