Bitcoin is an ideology, a protocol, an asset, and a commodity, Michael Saylor said. He added that Bitcoin is digital scarcity, digital gold, and digital money.
Saylor shared his thoughts while giving a presentation of “21 truths of Bitcoin” at the Digital Assets Summit in New York on March 20.
Saylor is the co-founder of MicroStrategy — now operating under the name “Strategy” (Nasdaq: MSTR/STRK) who is well-known for his bullish outlook on Bitcoin. He called the cryptocurrency immaculate, ethical, and legitimate at the summit. He added that Bitcoin is corporate, global, and immortal.
The Strategy co-founder did not stop there and went on to refer to Bitcoin as a digital energy network, a digital economic system, and a digital defence system. He attributed several innovative labels to the world’s largest cryptocurrency as the audience listened to his talk.
Saylor said that Bitcoin is “perfect money,” as nobody understood what perfect money was until “Satoshi (Nakamoto) gave it to us.” Earlier, it was impossible to create perfect money until the advent of modern semiconductors, modern internet, and modern cryptography, he claimed.
The Bitcoin enthusiast argued that the founding fathers of the country defined only gold and silver coins as legal money because of their status as a commodity. They designated gold and silver as “perfect money” in the Constitution, as they thought these commodities were the most liquid and fungible, Saylor said. He added that gold and silver, however, were never perfect because they couldn’t be used for every transaction, given their proclivity to inflation. Bitcoin solves this problem.
Saylor also expanded on the global nature of Bitcoin. Once you buy Bitcoin, you could enter into an economic relationship with a person in Nigeria or Singapore. While a warehouse or an artwork needs to be redone or restored, there is no such problem with Bitcoin.
Saylor also highlighted how Bitcoin has now been recognized by the U.S. government as a strategic asset, referencing President Donald Trump’s recent executive order establishing a Strategic Bitcoin Reserve.
Bitcoin will hit $13 billion in 20 years, Saylor doubled down on his earlier claim during the talk.
Saylor’s Strategy is the largest corporate holder of Bitcoin and has been hoarding the asset since 2020. As per BitcoinTreasuries, the company holds 499,226 BTC worth $41.96 billion as of March 21.
Strategy recently priced a new preferred stock offering that will raise $711.2 million, with most of the proceeds reserved for acquiring more Bitcoin. The offering is scheduled to close on March 25.
The MSTR stock was trading at $302.75 at press time.
As per Kraken’s price feeds, Bitcoin was exchanging hands at $84,033.93 at the time of writing.
