Michael Saylor Calls BTC Better Than Physical Property

Michael Saylor – the CEO of MicroStrategy as well as a proponent of Bitcoin – compared the process of purchasing and trading physical assets with Bitcoin while defending the primary crypto asset. By taking into account the aforementioned comparison, he declared that property possession and transfer are easier in the case of Bitcoin as compared to physical property.

Michael Saylor Defends BTC Ecosystem by Highlighting Decentralization and Security

He highlighted that possessing property in tangible form requires a lot of cost for preservation and the owner has to pay a huge amount of taxes. He reported this at Australia Crypto Convention. Saylor claimed, by revealing the results of consensus taken by PoW, that Bitcoin is supported by the coin-mining hardware of approximately $20B worth as well as energy resources of almost $20B.

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Moreover, he pointed out the limitation of conventional assets like land and gold. He stated that the idea of transferring traditional assets across borders is preposterous. Additionally, he said that if someone possesses any property in Africa, he cannot lend it to any person living away from Africa. While on the other hand, property in Bitcoin can be easily lent to anyone regardless of the person living in any corner of the world.

Furthermore, Saylor discussed another frailty of physical property. He mentioned that even the geo-political conditions of the country can restrict the kind and quantity of the property being carried to its jurisdiction. If someone wants to keep his physical assets for a longer duration (maybe for several years), he needs to recompense taxes for that.

MicroStrategy CEO Says Bitcoin Is Better than Traditional Finance

Bitcoin is the most flexible property in this respect, the holder can carry it for hundreds of years. He can even pass it on to his upcoming generations as a legacy without paying any tax. Saylor said that only sovereigns can endow huge amounts of property as inheritance to their descendants without bothering with taxes in the traditional system of finance.

The owner of Bitcoin restated that the security system of Bitcoin is so strong that it couldn’t get infringed in the recent 13 years. It has proved itself the safest system of this era. To sum up the discussion Saylor stated that Bitcoin has launched layer-2 and 3-based exclusive applications. It upgrades its system regularly to accelerate its working pace as well as to intensify its security system.

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