2024-7-29 00:45 |
MicroStrategy executive chairman Michael Saylor said Bitcoin could help solve half the world’s economic problems, especially for countries struggling with challenges related to rising national debt.
Saylor made the statement during his presentation at the Bitcoin2024 conference, where he emphasized the transformative potential of Bitcoin and its role in reshaping the global economy with digital capital.
He said:
“The world, as we know it, is based on 20th-century ideas and technology. If we want to prosper in the 21st century, we need new ideas based on new technology.”
Saylor’s presentation included a discussion on the future value of Bitcoin. He projected that by 2045, Bitcoin could reach $13 million per coin, based on a conservative annual growth rate.
He encouraged individuals, corporations, and nations to adopt Bitcoin as a primary treasury asset and utilize it for long-term capital preservation.
Nations and BitcoinSaylor advocated reallocating treasury reserves from gold and bonds to Bitcoin, issuing currency and debt to buy Bitcoin, and enacting favorable laws to encourage Bitcoin ownership. He suggested that the first country to fully embrace Bitcoin could gain a significant economic advantage.
According to Saylor:
“The first country to buy Bitcoin by issuing its own currency wins.”
He explained how nations, especially those with significant debt, could use Bitcoin to solve their economic problems. He proposed a strategy where indebted countries could reallocate their treasury reserves from short-term assets like gold and bonds to Bitcoin, a long-term digital asset.
By doing so, these countries could leverage Bitcoin’s growth potential to pay off debt and even achieve economic prosperity. He outlined several strategies for nations to adopt Bitcoin, ranging from modest allocations to aggressive investments.
The “maxi” strategy involves putting a third of a nation’s treasury into Bitcoin, while the “double maxi” strategy suggests a 65% allocation. The most aggressive approach, the “triple maxi” strategy, recommends placing all treasury assets into Bitcoin and issuing debt to acquire even more.
Saylor succinctly explained:
“The normie strategy is you owe $3 trillion. You’re not getting anywhere. The maxi strategy pays off your debt. The double maxi strategy makes you rich. The triple maxi strategy makes you very rich. Why? Because you’re buying the property that everybody is running to in 100 years and you just go buy it now.”
Archaic systemsSaylor’s presentation highlighted the inefficiencies of the current financial system, which he described as slow and expensive. He pointed out that global wealth is estimated at $900 trillion, with Bitcoin representing a mere $1 trillion of that amount.
Saylor emphasized that the global economy’s reliance on outdated systems cripples capital preservation, saying:
“The global economy struggles because we’re relying upon imperfect assets and imperfect systems to store that capita. It’s crippling our capital preservation.”
He discussed the concept of “the physics of money,” likening energy to money or capital, and discussing the importance of money’s “lifespan.” He compared various assets, from currencies like the Turkish lira and the US dollar to physical assets like gold and real estate, highlighting their vulnerabilities to inflation, depreciation, and other factors.
In contrast, he portrayed Bitcoin as an “immortal, immutable, and immaterial” form of capital that offers a significantly longer lifespan and greater resilience.
According to Saylor:
“Bitcoin is digital capital. It’s got an infinite lifespan. It’s not being attacked by the forces of weather, entropy, and inflation. It solves the problem that we’re all facing.”
The post MicroStrategy’s Saylor says first country to buy Bitcoin by issuing currency ‘wins’ appeared first on CryptoSlate.
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