Bitcoin bull Michael Saylor has shared some thoughts regarding how the digital asset intersects with the economy. Saylor has always been a big fan of bitcoin and has never been shy to share his thoughts on its future. MicroStrategy, the firm on which Saylor serves as CEO, possesses the largest bitcoin holdings of any publicly-traded company. Saylor himself has a personal stake in the asset and has been very vocal about it.
This week, the CEO was on the show on Fox News and talked about bitcoin with Carson. Saylor presented a broken-down explanation of bitcoin in an effort to help the average person understand its importance to the economy.
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Sucking Life Out Of The Economy
Saylor appeared on the show with host Tucker Carson to talk in-depth about pertinent issues that have arisen in regards to the economy. Particularly curious about cryptocurrencies, Carson asked the CEO for an explanation of Bitcoin, given his personal and professional stake in the digital asset. Saylor took the route of comparisons as he used the human body to explain its importance.
Firstly, Saylor explained that currency was to the economy was blood was to the human body. In other words, the economy would not be able to survive if there was no functioning currency in it. Going forward, he said that money was important to the currency the way oxygen was to the blood. Saylor then compared the printing of money to sucking the oxygen out of a room.
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Continuing to suck the oxygen out of the currency by way of printing money irresponsibly would collapse the economy, said the CEO, or worse, plunge it back into “Stone Age barter”, making the economy about 100 times less efficient. So what is the fix for this?
Bitcoin Is Life-Saving Oxygen
Saylor pointed out that so many countries in the world have collapsed currencies and the U.S. dollar is currently serving as the reserve currency of the world. This means that all of the other over 160 currencies in the world are weaker compared to the U.S. dollar. This has not been a problem in the past. However, the dollar itself is getting weaker due to the massive amount of it being printed – “the oxygen is getting sucked out of the room.”
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The CEO then gives an illustration of an oxygen mask dropping into a room with oxygen being sucked out. In any scenario, everyone in the room would head for the oxygen mask and Bitcoin is that oxygen mask, said Saylor.
“The point of Bitcoin is to fix the money, and money is energy, and energy is life. And if I keep sucking the energy out of the economy, I’m sucking the oxygen out of the system. Either, under the best case, you perform poorly. Under the worst case, I suffocate you to death or freeze you to death. That’s the problem.”
Featured image from BBC, chart from TradingView.com