Bitcoin is better than physical property for ordinary people, says Michael Saylor. The maintenance costs and taxes associated with owning and inheriting physical property over the long term are onerous, while in the case of owning Bitcoin, these worries do not exist.
MicroStrategy CEO Michael Saylor, a major supporter of Bitcoin (BTC), explained some of the challenges associated with transferring the value of physical properties such as gold, company stocks or equity and real estate during his Australian Crypto Convention keynote. Saylor explained that traditional assets such as gold (in large quantities) and land are nearly impossible to move across geographic boundaries, according to Cointelegraph. He said that this creates a number of related problems that need to be addressed.
“If you have a property in Africa, no one's gonna want to rent it from you if they live in London. But if you have a billion dollars of Bitcoin, you can loan it or [...] rent to anybody in the world.”
Saylor also highlighted the high maintenance costs and taxes associated with owning and inheriting physical property over the long term, which does not exist in the case of Bitcoin. Geopolitical tensions around the world also determine the type of assets that can be moved between jurisdictions, and here Bitcoin has a very big advantage. He explained:
“Bitcoin represents a property that you can acquire in small pieces that you can carry with you anywhere you go. You can give to your children's children's children's children. And in 250 years, maybe your family still owns the property.”
The CEO of MicroStrategy once again pointed out that the Bitcoin network has not been hacked for over 13 years and is currently “the most secure network in the world.” He said that the Bitcoin network is regularly updated to make it faster and more secure, along with innovations around layer-2 and layer-3 applications.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.