People own Bitcoin because it is essential, says Michael Saylor By CoinEdition

by James · May 12, 2023

Michael Saylor says owning Bitcoin is an ethical imperative and important to the world.
Saylor adds that Bitcoin is a tool that can bring hope and ownership to the world’s population.
Bitcoin stands as the solution to the growing monetary challenges in the world, according to Saylor.

According to the Executive Chairman of MicroStrategy, Michael Saylor, one of the reasons people own Bitcoin is because it is an ethical imperative and important to the world. Saylor puts these reasons on top of other more popular attributes of Bitcoin that make it attractive to users.

In a virtual interview uploaded to YouTube, Saylor told the host, David Lin, that Bitcoin is a tool that can bring hope and ownership to the eight billion people around the world. According to him, Bitcoin’s ability to offer digital property or digital scarcity to the global population on a mobile phone is a paradigm shift.

Saylor described Bitcoin as an essential commodity, comparing it to traditional utilities such as water and electricity. He believes the flagship cryptocurrency is as essential to humanity as other natural raw materials needed for a functional existence.

According to Saylor, traditional money as we know it is “dying”. He noted an avalanche of bank failures, with extreme examples specifying Africa, South America and Asia. Saylor also observed the failing fiat currencies around the world, citing Venezuela, Argentina and Nigeria as examples.

Aside from these, Saylor noted that even well-known fiat currencies are also experiencing declining fortunes. He believes the rising inflation is causing a crisis of confidence in fiat currencies, banks and the government that controls the banks. Therefore, there is a consensus about the loss of support in the traditional financial system from the global population.

As people lose faith in traditional fiat, Saylor believes they are turning to commodity money. Among the options available, Saylor believes that commodities such as gold, oil and real estate are not flexible enough for regular transactions. Therefore, Bitcoin as a commodity represents an important tool for all types of transactions and stands as the solution to the growing monetary challenges in the world.

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