Michael Saylor: Bitcoin is a world reserve asset, but not a currency

The dollar is the worlds currency, while bitcoin is a global reserve asset, and that is their main difference. This view was voiced by MicroStrategy CEO Michael Saylor in an interview with CoinDesk.

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\”You dont want to pay for coffee with your bitcoin, and you prefer to settle in a currency,\” he noted.

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Saylor added that classifying digital gold as an asset \”makes life easier\” from a regulatory perspective.

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\”All these rules actually restrict your use of the digital asset as a currency, but not as property,\” said the head of MicroStrategy.

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According to him, if you recognise this, its easy to see a fairly bright future for the industry.

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MicroStrategy was the first among public companies to allocate part of its own capital to the first cryptocurrency. In August 2020, the business analytics software provider bought 21,454 BTC (roughly $250 million at the exchange rate at the time of the deal).

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The firm continued to build its reserves of digital gold in accordance with the board-approved strategy. After the purchase in late November of 7,002 BTC, the company brought its balance to 121,044 BTC, having spent about $3.6 billion.

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Saylor said that MicroStrategy would hold bitcoin \”forever\”.

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As of writing, the firms digital assets are worth more than $6.2 billion.

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The MicroStrategy CEO added that bitcoin will be the best inflation hedge, and price volatility wont get in the way.

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\”There will be volatility, but it seems there is broad consensus that the world needs an inflation hedge. If you have bitcoin, do not sell it,\” Saylor advised.

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Earlier, the head of MicroStrategy compared the first cryptocurrency to property and noted that it does not threaten the dollar.

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