Michael Saylor at MicroStrategy World 2024: Bitcoin Is the Economic Solution for Everyone
Saylor highlighted that digital transformation is the best idea that can exist.
On the last day of MicroStrategy World 2024, the founder of that company, Michael Saylor, highlighted the importance of Bitcoin. During his Bitcoin: There’s No Second Best forum, the entrepreneur revealed some of the currency’s biggest advantages for businesses. In that sense, he mentioned some of his company’s experiences with the investment strategy in that token.
At the beginning of Saylor’s words, he highlighted the power that the 7 main technology companies have within the S&P500. He stressed that there is no possibility of success outside of digital.
Within the world of technology, the best transformation was the digitalization of capital, property and money, he added. Likewise, he explains that this path is just beginning, given that 1% of the world’s capital is in digital form.
MicroStrategy CEO Highlights Bitcoin as the Summit of Digital Transformation
During this MicroStrategy World 2024 forum, Saylor highlighted that Bitcoin now occupies a small portion of global capital. In fact, it has a share of just $1 billion. Meanwhile, non-digital assets have overwhelming space.
The real estate sector has $330 billion and the Treasury bond market has a similar figure. In total, there is $900 trillion in capital in the real world, while in Bitcoin there is only $1 trillion. At this point you can notice the imbalance between the best option and the existing capital. This is virgin territory and it won’t take long for those $900 billion to begin migrating to digitalization.
It is at this moment that the concept of reserve of value appears, he explains. “Investors buy homes not to live, but as a haven of value; they buy shares, not to improve balance sheets, but because they consider them a better reserve than cash,” he points out.
All of them demand a huge amount of investment to maintain logistics. Meanwhile, these investments reduce the return of investors. Something really different happens with the capital stored in Bitcoin, said the founder of MicroStrategy.
The Best Digital Capital Creator
Saylor highlights that Proof-of-Work (PoW) is the best way to create digital capital. The great advantage is that these capitals are decentralized, physical, egalitarian, sovereign, permissionless and global.
PoW is the consensus mechanism of some cryptocurrencies such as Bitcoin, Litecoin and many others. 97% of the value created through PoW is through the Bitcoin network, hence Saylor considers it the best option in the same way that he considers the S&P7 better than the S&P493. “After Bitcoin you have Dogecoin, literally a joke, as the second best idea,” he says.
Regarding institutional acceptance, the dominance passes 100% in favor of Bitcoin. In this area there is no second best option, Bitcoin is the best, he states bluntly. “No other token will achieve institutional acceptance this decade.” All currencies based on Proof-of-Stake (PoS) such as Ethereum, BNB or Solana are unregistered securities and, therefore, will not have product approval on the exchange, he warned.
During MicroStrategy World 2024, Saylor reaffirmed his preference for Bitcoin as the only capable asset, and highlighted that all of them fail except BTC. There is aggressive competition between different blockchains, in addition to regulators putting obstacles in their way, he emphasizes.
“Bitcoin is not only the best brand, but it is the best brand to invest in without a second best option,” he argues, after reviewing its qualities as a global currency with more than 400 million enthusiasts.
By Audy Castaneda