Michael Saylor doesn’t think Bitcoin is ‘going to be currency in the US ever’

Michael Saylor, CEO of MicroStrategy, believes that Bitcoin is more like a digital property than a digital currency.

He spoke on the July 15 editions of the “Coin Stories” podcast with host Natalie Brunell. Saylor was asked if Bitcoin was a threat for the U.S. Dollar.

“I would consider it a digital asset, it’s an attack on property, and it’s especially a threat against other forms of property. Gold is property, real property is property. The United States government is not threatened by real property, buildings or companies, or gold.

These comments follow Saylor’s assertions from earlier this week’s Scott Melker’s Wolf of All Streets Podcast, where he said that ‘I don’t think that Bitcoin’s going to become currency in the US. It is not what I believe it should be.

He said, “And what it’s doing it’s demonetizing others forms of property,” and he explained that many people are now considering whether to buy Bitcoin rather than traditional investments like stocks, real estate, starting businesses, or gold.

MicroStrategy began slowly accumulating Bitcoin in August 2020. The firm currently holds 105,085 BTC, which is worth approximately $3.3 billion today.

Brunell was informed by Saylor that MicroStrategy is not planning to sell Bitcoin, even if it crashes in the near term.

He stressed the importance of HODLing through market downturns and FUD and pointed out tech giants like Steve Balmer, former CEO of Microsoft, who didn’t sell his stock when the price crashed.

“What was the most brilliant thing Steve Balmer did to make $100 billion in his business? You know what? He didn’t sell Microsoft.

Saylor also cited Warren Buffet’s quote, “If you don’t want to own a company for ten years, then don’t even consider owning it for ten seconds.” He also cited the fact that Amazon stock has been able to recover from 80% crash in the past.

“One iPhone 12 in 100 years will be worthless, so the product Apple sells isn’t going to last 1000 years. Bitcoin’s product is worth 1/21 millionth of the total world money. He said that this doesn’t need to change. It just has to continue to work.

However, the MicroStrategy CEO noted that if Bitcoin’s price drops below what it is now in four years, he would need to reconsider his strategy.