MicroStrategy’s Michael Saylor Claims Bitcoin Superior to CBDC

Nigeria Restricted ATM Withdrawals to Promote CBDC Adoption
  • Michael Saylor thinks Bitcoin is also superior than gold and real estate.
  • MicroStrategy and its subsidiaries now have almost 130,000 BTC in their possession.

Michael Saylor, the founder of MicroStrategy and Bitcoin maximalist, stated that CBDCs are unstable and doomed to fail. Bitcoin is superior, he says, because of its connection to scarcity, time, and energy. Saylor decided to include Bitcoin in MicroStrategy’s assets because of the currency’s utility as a hedge against inflation and a safe haven for wealth.

The chairman of MicroStrategy, says Bitcoin is better than central bank-issued virtual currencies (CBDCs). Bitcoin is superior to all other forms of digital money because of its use of scarcity, time, and energy.

Similarly, Michael Saylor thinks Bitcoin is superior than gold and real estate due to the scarcity it provides. The article that Michael Saylor refers to explains why Bitcoin is superior than CBDC due to digital scarcity.

Central Banks Focuses on CBDC

Proof-of-work (PoW) in Bitcoin makes information accessible to digital and physical labor since the information only exists because of specific things occurring in the actual world. When knowledge gets solidified into a block, it is because actual individuals have spent time and effort doing it.

Centralization, the capacity to print on demand and authorization, and susceptibility to insolvency, intervention, or collapse all contribute to the inevitable eventual failure of CBDCs. It’s possible that others may discover low-cost methods to duplicate it.

CBDCs like the digital dollar, euro, eAUD, and renminbi have been the subject of study and experimentation by central banks thus far.

Michael Saylor and MicroStrategy’s new CEO Phong Lee want to keep purchasing Bitcoin despite the drop. MicroStrategy said this month that between August 2 and September 19, it had bought almost 301 BTCs. With this acquisition, MicroStrategy and its subsidiaries now have almost 130,000 BTC in their possession.

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An engineering graduate who is passionate about writing and loves the very existence of crypto. Trading forex currency keeps me busy when I am not writing and analysing the crypto world.