Michael Saylor blasts CBDCs and says they are doomed to failure

Michael Saylor believes that bitcoin is better because of its relationship with scarcity, time and energy. In fact, bitcoin’s inflation hedging and store of value benefits led Michael Saylor to add it to MicroStrategy’s balance sheet.

Michael Saylor says bitcoin is superior to any CBDC

Michael Saylor, president of MicroStrategy, says that Bitcoin is superior to virtual currencies issued by authorities such as central banks. Bitcoin’s link to scarcity, time and energy makes it superior to any central bank digital currency (CBDC).

Michael Saylor also believes that Bitcoin is better than gold and real estate because scarcity is better than commodities or securities. Michael Saylor cites an article explaining how digital scarcity makes Bitcoin better than CBDC.

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Bitcoin’s proof of work (PoW) makes information available to digital and physical work because information only exists because of certain things that happen in the real world. A block is formed after real people have invested time and energy to make information a reality.

“Proof of work adjusted to the difficulty of bitcoin is what makes bitcoin a real phenomenon, something to struggle with. It is what makes it non-virtual, non-imaginary.”

On the other hand, virtual currencies such as gambling currencies and fiat currencies are not uncommon. Moreover, their creation requires neither energy nor time.

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CBDCs are likely to fail in the future for reasons such as centralization, power to print on demand and authority, and vulnerability to bankruptcy, intervention or collapse. In addition, others may find cheap ways to create them.

To date, central banks have conducted research and testing of CBDCs, including the digital dollar, digital euro, eAUD, and digital renminbi.

MicroStrategy to Continue Buying Bitcoin (BTC)

Michael Saylor and MicroStrategy’s new CEO Phong Lee have pledged to continue buying bitcoin despite the drop in the BTC price. Last month, MicroStrategy revealed that it acquired nearly 301 BTC between August 2 and September 19. As a result, MicroStrategy and its subsidiaries now hold nearly 130,000 BTC.

Meanwhile, the price of bitcoin (BTC) continues to struggle to break the $20,000 level. The price of BTC is currently trading at $19,429.

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