MicroStrategy CEO Michael Saylor remains one of bitcoin’s most vocal proponents. Saylor has praised the benefits of digital assets countless times in the past, which he believes is the best investment. His beliefs are shared by his company, which remains the publicly traded company with the largest bitcoin holding companies in the world. Now Saylor has once again spoken out in favor of the cryptocurrency, effectively dismissing its competitors while at it.
Bitcoin is the only scarce asset
Bitcoin’s scarcity has often been one of the strongest arguments for the cryptocurrency’s value. According to the code, only 21 million bitcoins can be mined, meaning that once this stock is mined, no more bitcoins will come into circulation. No more BTC can be created, making it one of the scarcest assets in the world.
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With the growth of bitcoin, it has quickly become a rival to other top investment assets in the space. One of those assets is gold. Bitcoin, also known as digital gold, has outperformed its physical rival in recent years, putting them in fierce competition with each other. According to Saylor, however, only one of these assets is really scarce and that is bitcoin.
Speaking on the PBD podcastSaylor explained that for all other assets, more can be made. He called bitcoin the only scarcity known to mankind. The CEO called gold a commodity, alongside other assets such as real estate and luxury watches.
“I can create more real estate in New York City. I can make more cars. I can make more luxury watches. I can make more gold. I can create more shares of a stock. I can create more ties,” Saylor explains.
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His reasoning was that since he can make more of them, they are in fact a commodity. While bitcoin is “magical” as there will only be 21 million tokens and no one else will be able to make more BTC once they are all mined.
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“I can make any product; they are commodities by definition. If I have enough money and time, I can make endless things out of it,” Saylor continued.
Saylor’s advocacy of bitcoin is both personal and professional. Saylor is known for using his personal bitcoin investment as an argument as to why MicroStrategy should invest in the digital asset. At the time of this writing, MicroStrategy Owns Over 120K BTC Worth Nearly $5 Billionputting the company in profit territory.
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