Should We Trust Michael Saylor's Bitcoin Vision?

in LeoFinance4 months ago

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When we were discussing about Michael Saylor and his vision about bitcoin in discord chat rooms, some of my friends showed distrust in Michael Saylor as a businessman and a CEO of a public company. They shared articles describing past issues with SEC, fines, criticisms by stakeholders, etc. Some even called him a scammer. Having watched many of interviews with Michael Saylor, I couldn't understand this. I still can't. Or perhaps, I don't want to. I didn't even know who he was until he became an investor in Bitcoin and a loud speaker for Bitcoin.

Maybe as some say he hasn't been a good CEO, but the fact remains that he is still a CEO of a company he founded and he has been in this role for a long time. It seems he might even be the CEO who held this position for the longest among the tech companies.

I am not really interested in MicroStrategy as a company, its history, and what it has to offer. But I am interested in Bitcoin, I am interested to hear why investors make such decisions, I am interested to hear the ideas that make companies go into Bitcoin with their cash. Obviously, I would be interested to know what made Michael Saylor and MicroStrategy bet everything on bitcoin.

Michael Saylor's bitcoin vision can be summarized in his following quote:

Bitcoin is a bank in cyberspace, run by incorruptible software, offering a global, affordable, simple, & secure savings account to billions of people that don’t have the option or desire to run their own hedge fund.

~ Michael J. Saylor

Having watched many interview with Michael Saylor, I haven't seen a single evidence that would suggest he is not genuine about his thoughts about bitcoin. I haven't seen a single evidence that he may have ulterior motives that may end up hurting other bitcoin investors and hodlers. I find his thoughts, vision and action to be the quite opposite. His views and explanations seem to bring more clarity about bitcoin and its future.

In crypto space we have many who have voice of influence. Unfortunately, we also see scammers, hypocrites, and selfishness having loud and influential voice. Many bring forward and share good ideas, but some end up contradicting their ideas with their actions. I could name people who try to be promoting decentralization, while in action actively try to sabotage it. I could name people who preach decentralization, but when showed options they go back to centralized solutions for various reasons. There are also those who will only embrace decentralized solutions and innovation only if their names are attached to them as founders, co-founders or if they have other interests in them.

With Michael Saylor, I see none of these. I see a brilliant businessman who discovered the innovation that may change the world. That's why I am happy to see something like him in this space who continues to share his thoughts with public and other companies. When I listen to him, I hear someone well educated not only in aeronautics, astronautics, science, and technology but also who has a solid understanding of money, its history, and how bitcoin compares to the traditional forms of money.

He believes that with Bitcoin we have discovered the best money for our times, and over time not only it will surpass gold as store of value but also stocks, bonds, real estate, sovereign debt, etc. That is a big vision. That would make bitcoin the standard store of value in this $500 trillion monetary planet.

Currently, Bitcoin's market cap is around $1 trillion dollars. By comparison gold's market cap is at $10 trillion dollars. For most hodlers of Bitcoin Bitcoin going over gold's market cap is inevitable. For someone like Michael Saylor, that will just be the beginning.

In explaining his position about Bitcoin, in my opinion, he brilliantly shows comparisons between bitcoin and other asset classes. He uses analogy of energy and describes money as energy to make his point.

When comparing to fiat, he points out that holding fiat vs bitcoin, energy is lost due to the central banks printing unlimited amount of money. Those who hold fiat currency, lose a lot of its value over short period of time. Scarcity of bitcoin makes superior to fiat and other class assets.

When comparing with gold, he points out how bitcoin is not only more scarce but also doesn't have costs associated with storing and transferring gold from one place to another. While gold is more scarce than fiat, it also has inflation rate based on the mining new gold and finding new gold mines.

When comparing with real estate, he points out how such investments would also lose energy in the form of property taxes among other reasons.

He also explains importance of recognizing new technology and networks. He uses examples of Apple as network of mobile devices, Amazon as network of online shopping, Facebook as network of social media, Google as a network of data, etc. In his view, Bitcoin is the ultimate network of money and the winner as such.

My understanding of his Bitcoin vision is that Bitcoin is the next stage of money, of the money that can retain its value through space and time.

I should also mention that, he is not someone who is interested in other cryptocurrencies and crypto projects. Unlike others though he is clear and open about his position. He found the winner and went all in.

We on Hive, may disagree that Bitcoin is the only winner in the space. We believe Hive has a special place in this movement of decentralizing web. However, we also recognize that we have more work to do to become the undisputed winner in the competition to become a network of decentralized web.

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He's totally nuts! He just showed up late to the party and now acts like he is in charge! Whatever he sounds too clingy to btc and like he id desperate! Can't he shave that old goat beard! Something suspicious about him. Hope he is right, I want btc up! Nope, I don't trust him for a sec, I really don't think anything he says matters, btc is btc not Saylor! BTC will do fine.

lol, you sound like my friends who think critical of him too. :)
You are right, BTC will do just fine without Saylor or anybody else.

Personally I think he is a trust worthy person and I have no reason to doubt he is truthful. I think Microstrategy has been great in promoting the crypto space as well. With all the BTC bulls, I think it will definitely at least have the market cap of gold in the future.

I don't think BTC will be the main currency. There are just too many downsides to the economy since it incentivizes savings due to the diminishing supply every halving. As a store of value though, BTC is great and it is a very liquid asset when they need money.

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Yes, I agree it is a great store of value. Perhaps other coins can be used as a currency for daily small transactions.

2nd

BOOM1.jpg

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wow! Thank You!!!

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This was really a surprise. I think, you didn't expect either this would be the result of the first BOOM's statement.

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I like that he was able to change the narrative about Bitcoin at a crucial point in time.

What narrative is that?

Bitcoin as a tool to transfer large amounts of value comparatively cheaply and fast, instead of paying every day items like a latte.

That will just be the beginning

That is what I think also

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I don't think many currencies can compete or compare with BTC. Maybe what we need is not a 100% decentralized system but a transparent system where everyone can make decisions quickly and in consensus.

Some even called him a scammer.

😏

For good or bad he is also bringing other companies and wealthy people into crypto. For that alone I think it is well worth it. You have to wonder if Elon had went all in like he did if it hadn't been for Saylor. Even if he does have some anterior motives, I think the overall impact will be positive.

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That's a great point. Company executives kinda talk their own language and understand each other better than some outsider trying to sell them an idea. Convincing Elon Musk and making a social media thing out of it was really interesting.

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he reminds me of John Mcafee and his crazy statements. we need one of these mad dudes each bull run lolol

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lol. No, I haven't seen Saylor making too crazy of things. He is obsessed with Bitcoin, but also gives logical explanation to why.

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I would say, BTC is the first step in a longer revolution of Money and Value.

Because the acceptance of Social media in today's world is so big, I would imagine, Hive can become a major player in the next evolution on the Internet and money.

If we look back, digital money is also not that old. Things become faster and faster.

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In fact, I think you deserve a double "BOOM" for this post.


BOOM1.jpg

toruk_washere_bonus.jpg

Read how this all have started with Toruk

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What ever he is, he speaks what he believes in. Time will tell but to me he sounds good and have good reasons why he is doing it. and why others should do it. Rest Haters, gonna hate and scammers gonna scam. Trust yourself, read everyone and make your own decisions.

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I have followed Saylor closely since he announced to the world that his company invested part of its profits in dollars into bitcoin, an action that generated a lot of impact in the world. Regarding what you think about gold is a reality, I still do not understand how some believe that it is possible to consider making direct payments with this metal? ...

I don't think it's very safe to walk through the streets of an unsafe city with a bag of gold in your hands, those who believe that this is modern and optimal with our times should rethink their presence in this social network.

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Once upon a time gold was really a currency, but you are right in your concerns, it is not possible in this unsafe era.

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  • The truth is that I don't see how physical gold can surpass BTC as a safe haven in the digital age, considering that in a few years even our household appliances will generate income in cryptocurrencies.

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That's a great point. We live in a combination of a real and digital worlds now. It just makes sense to have a native digital money more than ever. I haven't thought about that.

Very solid points and understandable, these are the things that we develop our trust based on, which is the normal human process for building the trust in anything or anyone. Other than that, no one knows what's really running in anyone's brain.

IMHO, so far, Bitcoin have been getting only benefits from Michael Saylor's promotion type actions et cetera.

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Yes, I agree. Thank You @mobi72.

Bitcoin doesn't care about Michael Saylor.

I agree. I just like his ideas and explaining things.

He just articulates what a lot of us are thinking. And because he has a big company behind him, his words just carry a lot more weight. That executive conference he did may be the single biggest thing that's happened to bitcoin since the dude bought 2 pizzas with it. The pizzas showed bitcoin could be legit as being valuable. The conference introduced bitcoin to a vast network of decision-makers who could bypass banks and Wall Street to see the value for themselves. They may still end up using Wall Street to place their orders, but now they're scrambling to be relevant instead of shilling it to their customers from a position of dominance. Big difference in how the future plays out in my opinion.

The banks and the governments want to control it and this one move made it a lot more difficult for them to do that.

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You almost sound like him :) Your points are solid and logical.

The banks and the governments want to control it and this one move made it a lot more difficult for them to do that.

Well said.

Thanks. That's pretty high praise in my opinion. :-)

The more big companies that get in, the less the politicians can afford to try to curtail it. These are the guys who get them elected and if they piss off the big money, they're done.

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I dig the stuff his done but his taking this gigachad thing too far and it’s kind of annoying me now! Like happy Yoh found BTC but it’s like his jumping on every interview he can to make himself relevant and constantly posting about BTC

While I think it’s awesome what he did but I think he looks like a genius because he did it as we moved into bull market times and his buying with leverage! His never experienced a draw down and his average buy in is around 37k so what happens if we draw down? Then his under water on the trade and we’ll see of his got diamond hands

Banks are already saying they going to devalue company balance sheets with Bitcoin and offer them higher credit term so his leverage trade may not be something others can do In the future

I have mad respect for the guy but geez man calm down it’s like he wants to be satoshi so bad

It's definitely smart to play devil's advocate when it comes to... well.. everything.

However, there's actually no reason for me to trust/distrust his intentions, what matters tho is what he brings to the table - and he has been pretty consistent in promoting BTC to big players. Claiming he's incompetent based on missplays from the past is simply dumb, aka we all make mistakes and that's the only path towards the upgrade.

People are just salty, that's all.

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I am second to that.

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This guy has been living in the future since the 90-ties. Glad to see he's doing his best to bring more exposure to crypto and blockchain technology.

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I dug about Microstrategy when the company started
to acquire BTC and Michael Saylor was just another person
pushing for crypto.
The name of the company means a lot more cause he could have invest
the funds elsewhere and maybe get a similar return.
Going Bitcoin route is a great PR that serve him and #Microstrategy.
In the long run it serves us all if you hold bitcoin even more.

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I think the tech is going to fit different use casses for different people in different times. It just seems like is the fair way to go about things.

Interesting perspective though.

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I wouldn't trust that guy, to be honest. He looks like a ... you know what i mean ;) Jokes aside i have no idea

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I don't know? But for sure that BTC will rise to its pick of 80K Dollar 1 pcs.

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