According to Cointelegraph, after discussing the issues surrounding the transfer of value for physical assets like gold, company stocks or equity, and real estate at the Australian Crypto Convention, Michael Saylor, CEO of MicroStrategy and a proponent of Bitcoin (BTC), reportedly expressed greater support for the digital currency.
According to Cointelegraph, Saylor emphasized that Bitcoin is supported by $20 billion in specialized mining equipment and $20 billion in energy while discussing the underlying proof-of-work (PoW) consensus process.
Michael Saylor Believes That Bitcoin Is Better Physical Property
The proponent of Bitcoin further argued that conventional assets like gold and land cannot be transported over international borders, citing the long-term maintenance expenses and taxes associated with owning and passing down physical property, which is absent in the case of bitcoin. Saylor said that the Bitcoin network is the most secure in the world because it hasn’t been hacked in more than 13 years, according to information provided by Cointelegraph.
Saylor also discussed the modifications done to the BTC network’s protocols, such as layer-2 and layer-3 applications, to make it faster and more secure. According to Mike McGlone, an analyst at Bloomberg, “BTC is a wild card that is ready to outperform when markets drop, but transitioning to be more like gold and bonds.”
According to the Cointelegraph website, a digital media outlet that covers news on blockchain technology, cryptocurrency assets, and emerging financial technology (fintech) developments, it was launched in 2013. News from both the centralized and decentralized realms will be distributed by their team. Their journalistic output focuses on providing news, analytics, price charts for cryptocurrencies, opinion articles, and reporting on the changes that digital currencies bring to the world.