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The CEO of MicroStrategy, Michael Saylor believes that Bitcoin will dominate the 21st century as a store of value. The flagship cryptocurrency has no existential threats even if authorities tried to ban it in the future, according to him.
Bitcoin Has No Existential Threat According to Michael Saylor
In an interview with Kitco News on May 6th, Bitcoin Titan, Michael Saylor says that Bitcoin if regulated or even outlawed would still not face any threats due to its primary use case being a store of value.
Unlike used as a form of currency, no existential threat should be considered from fiat currencies.
The narrative that Bitcoin’s use as a store of value and its role as a currency, and hence threat to governments, can be highlighted in Turkey’s recent decision to outlaw Bitcoin as a form of payment.
Saylor noted that even though Turkey has banned Bitcoin to be used as a currency, the government did not restrict its use as an investment.
“In the example of Turkey, they didn’t want people use it as a currency. So, basically stating that we don’t want something to be used as currency because it threatens our currency is not the same as depriving people of an asset. And even the Turkish central bank hasn’t deprived, or hasn’t limited Turkish citizens from owning the asset.”
Bitcoin Going to Dominate the 21st Century
Saylor says that the difference between a store of value and as a form of currency lies in the asset’s use cases. Bitcoin investors usually use to speculate with as a store of value, while only a fraction of it as form of payment method. In that sense, governments are unlikely to see it as a threat to fiat currencies.
Additionally, he specified that the competitors of the cryptocurrency are assets like gold and not the U.S. dollar.
He argues that the dominant store of value in the 21st century must be digital, and ideally, Bitcoin ticks the mark as an asset going to dominate the current century:
“I think that Bitcoin is going to be the emerging strong money store of value asset in the 21st century. There are 8 billion people that need a strong money or a monetary asset. If they’re going to live a decent life, that asset needs to be digital.”