July 2, 2022
  • July 2, 2022
  • Home
  • Central Banks
  • As long as Bitcoin has been seen this way, “ governments and central banks will not eliminate or ban it ”

As long as Bitcoin has been seen this way, “ governments and central banks will not eliminate or ban it ”

By on May 7, 2021 0

Most crypto communities believe that Bitcoin and other digital assets pose a threat to central banks, governments, and treasuries to some extent. However, in a recent interview, Michael Saylor, founder and CEO of Microstrategy expressed his opposite notion on the same.

He stated,

“I think the most common misconception in the world is that ‘cryptocurrency‘ is the right word. No, that’s not the right word. “

He further stated:

“They are not really cryptocurrencies. These are crypto assets. Bitcoin is a crypto-asset. It is not a cryptocurrency. “

Interestingly, the IRS in the United States judge Bitcoin will be “owned” in 2014 and pointing out that, Saylor said,

“Bitcoin has not been legal tender in the United States since 2014.”

Saylor claimed that the Turkish government, likewise, did not prevent people from owning the asset, but simply did not want them to use it as currency.

In fact, policymakers, straight from Gary Gensler (chairman of the US Securities and Exchange Commission), Christine Lagarde (chairman of the European Central Bank) and Jerome Powell (chairman of the Federal Reserve) have commented on Bitcoin as digital gold, digital asset and speculative asset and not digital currency. Saylor added,

“Analyzing every statement from all the regulators around the world, I saw no indication that they see it as anything other than an asset.”

Commenting on the similar view of Treasury Secretary Janet Yellen, he added,

“You will see that she is a very progressive and knowledgeable regulator who understands that ‘crypto assets or digital assets’ like Bitcoin are a cornerstone and a force for good for a 21st century economy.”

As long as Bitcoin was viewed as an asset and not a currency, Saylor was convinced that neither governments nor central banks would intervene, clamp down on it, eliminate it or ban it. He said,

“Once you understand that this is a crypto asset, you will understand that it is not in competition with the dollar and the euro, but it competes with gold, silver. , ETFs, stocks, GameStop and perhaps savings accounts that are used as a long-term store of value. “

Saylor further divided the crypto space into crypto assets and crypto applications and claimed that Bitcoin was the leader in legacy crypto assets, while Ethereum was the leader in crypto applications.

Saylor was of the opinion that no asset could compare to Bitcoin. He added that Ethereum was in a completely different category.

He concluded,

“I don’t think there is any [existential threat to Bitcoin]. It will be an emerging and solid asset of value in the 21st century. I think it’s pretty clear that he won this space.

Subscribe to our Bulletin