- Michael Saylor says that trillions of dollars will flow into Bitcoin as the world transitions to an arms race to control cyberspace.
- Saylor added that “Bitcoin is the solution to everybody’s problems,” from individual investors to corporations and governments.
Michael Saylor, the eccentric yet controversial co-founder of Microstrategy, expects trillions of dollars to flow into the Bitcoin network in the next few years.
In an interview with FOX Business, Saylor discussed the future of BTC, the current volatility, looming regulations from both the sceptics and the supporters and his vast Bitcoin fortunes.
JUST IN: Michael Saylor on FOX Business spreading the sound money gospel of #Bitcoin
“Go buy the Bitcoin and wait because hundreds of trillions of dollars of capital from all around the world are going to flow into cyberspace to the Bitcoin network.” pic.twitter.com/IUH3NyjM3j
— Simply Bitcoin (@SimplyBitcoinTV) August 8, 2024
On the top crypto’s volatility, which critics often take aim at, Saylor says it’s a feature, not a bug.
Bitcoin is volatile, but volatility is a signal of high energy. Rivers, waterfalls, fires and windstorms are volatile. They just contain energy that we can harness.
The Friday interview came just two days after he had appeared on Bloomberg to discuss his vast personal Bitcoin fortune. As we reported, Saylor revealed that the 17,000+ BTC he revealed he owned four years ago is still in his possession and that he has been accumulating more since then. This translates to him having over $1 billion in BTC fortunes. This would mean that the only individuals who have been publicly revealed to own more BTC than him are Satoshi Nakamoto, Binance founder Changpeng “CZ” Zhao and the Winklevoss twins.
Saylor: Bitcoin Is the Solution to Everybody’s Problem
When Bitcoin recently dipped below $50,000 for the first time since February, critics quickly demonized its volatility, claiming that the dip proved it can’t be a safe haven. Saylor told FOX that despite the dip, BTC is the closest we have come to sound global money.
Bitcoin is the solution to everybody’s problem. Investors are worried about regulations and taxes. Anti-trust economists are worried about the deficit and the debt. Individuals are worried about inflation and [the lack of ]opportunities. Companies can’t compete with mega-corporations. Those who understand Bitcoin, but Bitcoin. Those who don’t, criticize it.
Saylor also delved into the politics of Bitcoin as the US election approaches. As we have reported, the Republican Party’s Donald Trump is very pro-crypto and has even promised to establish a strategic Bitcoin reserve fund for the US government and fire anti-crypto Gary Gensler.
Senator Cynthia Llumis has emerged as Trump’s Bitcoin evangelist if the former President wins in November. Llumis recently proposed a new bill requiring the US government to purchase 1 million BTC, almost 5% of the total BTC supply.
Saylor says this bill would be another “Louisiana Purchase moment” for America, drawing parallels with the landmark moment when former President Thomas Jefferson purchased 530,000 acres of land from the French government.
Saylor told CNBC in a separate interview:
Thomas Jefferson purchased the Louisiana Territory for $15 million in 1803 and nearly doubled the size of the United States. Bitcoin is a scarce, desirable digital property. It’s a great idea to trade a little bit of currency or paper for someplace that billions of people are gonna want to be in 100 years.
BTC trades at $60,650, trading sideways over the past day amid a 50% dip in its trading volume.
