In the latest Fox Nation's "Tucker Carlson Today," MicroStrategy co-founder Michael Saylor discussed Bitcoin.
Saylor also highlighted why he feels cryptocurrencies might be a valuable asset. As governments become increasingly eager to inflate money and cause inflation as a more subtle alternative to raising taxes or cutting spending,
Bitcoin is the Solution - Michael Saylor the co-Founder of Microstrategy
In his discussion, he said, "Bitcoin is the solution. It is-- money is monetary energy, or it's the energy, the backhaul energy that we use to trade with. Money is socioeconomic energy," he continued.
After previous legal tenders were either exploited or proved defective, Saylor stated, the modern world settled on paper and precious metal currencies.
He used the example of an African country that used glass beads as currency, which might have been exploited by a European country that could manufacture glass beads, therefore hyperinflating the African currency.
Monetary System Established -Collapsed Because of Inflation
"It turns out that printing money is a lot easier than taxing people. As a result, it's either inflation or taxes," Saylor remarked. "Every single coining system – every monetary system ever formed – has failed due to inflation throughout the history of the globe, dating back to Roman emperors." Saylor continued.
"As a result, money is necessary for civilization. Inflation is the issue. And why does it happen in the first place? It's a normal part of being human," Saylor retorted. "Because you have monetary authority, the temptation to inflate the money supply is all-pervasive and unavoidable. It has afflicted every culture at some point in history."
"What exactly is Bitcoin? Bitcoin, on the other hand, is the world's first engineered monetary system... They developed the idea of an immutable ledger, or a bank in cyberspace, using those two technologies."
"We'd like to invest our funds there." Saylor made a point. "We have little faith in the government. We have no faith in any corporation. We don't trust any computer in particular. We don't trust each other, either. So we write a program to keep track of a ledger with 21 million coins or bank shares divisible by 100 million and called satoshis, or 2.1 quadrillion satoshis."
By building an essentially blind bank that routinely maintains a record with bitcoins or other cryptocurrencies, Bitcoin eliminates the human tendency to corrupt systems like currency.
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