MicroStrategy CEO and bitcoin (BTC) advocate Michael Saylor doubled down on his support for bitcoin by explaining the issues with transferring the value of physical properties such as gold, company stocks or stocks and the real estate at the Australian Crypto Convention.
Talking about the underlying proof-of-work (PoW) consensus mechanism, Saylor pointed out that Bitcoin is backed by $20 billion in proprietary mining hardware and $20 billion in energy.
He went on to point out that traditional assets such as gold (in large quantities) and land are almost impossible to transport across geographical borders, adding:
“If you have a property in Africa, nobody will want to rent it to you if they live in London. But if you have a billion dollars worth of Bitcoin, you can lend it or […] rent to anyone in the world.
Saylor further pointed to the high maintenance costs and taxes associated with owning and inheriting long-term physical assets, which in the case of Bitcoin, do not exist. Geopolitical tensions across the world also determine the type of assets that one would be allowed to carry over from one jurisdiction to another. He explained:
“Bitcoin represents property that you can acquire in small pieces that you can take with you wherever you go. You can give to your children’s children’s children’s children. And in 250 years, maybe your family will still own the property.
According to Saylor, only royalty such as King Charles III have the freedom to pass on their wealth without worrying about being taxed “unless it’s bitcoin.” The entrepreneur reiterated that the Bitcoin network has not been hacked in over 13 years and is currently “the most secure network in the world”.
In conclusion, Saylor highlighted the regular upgrades made to the Bitcoin network to make it faster and more secure, as well as innovations around Layer 2 and Layer 3 applications.
Related: Possession of Bitcoin still legal in China despite ban, lawyer says
Bloomberg analyst Mike McGlone recently opined that Bitcoin is a wildcard that is well positioned to outperform equities as traditional finance heads into a recession.
McGlone took to social media platforms, including LinkedIn and Twitter, to state:
“Bitcoin is a wildcard that’s more ripe to outperform when stocks are bottoming, but is moving to look more like gold and bonds.”
As Cointelegraph reported, the analysis notes that while Bitcoin would follow a similar trend to Treasuries and gold, Ether (ETH) “may have a higher correlation with equities.”