Billionaire Michael Saylor Says He Plans To Give Away His Bitcoin Fortune, Following In Satoshis Footsteps
Michael Saylor, the Executive Chairman of Nasdaq-listed Bitcoin development company MicroStrategy, has disclosed that, like the enigmatic Bitcoin inventor Satoshi Nakamoto, he intends to leave his Bitcoin wealth for the betterment of civilization after he is gone.
Saylors Vision Of Bitcoin As The Future Of Economics
During a recent appearance at The New Zealand Herald, Saylor revealed his legacy goes well beyond material wealth, sans a family and children.
Im a single guy, I have no children when Im gone, Im gone. Just like Satoshi left a million Bitcoin to the universe, so Im leaving whatever Ive got to the civilization, Saylor postulated.
Saylor voiced his plan to leave his Bitcoin stash to civilization, comparing his actions to those of Satoshi Nakamoto, who left roughly 1.1 million Bitcoin to the world.
The MicroStrategy founder characterized Bitcoin as the future of economics, likening the benchmark crypto to steel and electricity.
You take away steel and electricity those are two big ones take away the electricity, you have no elevator, he opined. Take away steel, the building falls over.
Saylor thinks Bitcoin gives a similarly strong foundation for the economy, calling it a clean, silent, programmable, immortal money.
The tech magnate also underscored Bitcoins resilience compared to traditional fiat currencies, which tend to devalue because of inflation.
If you want your company, family, or endowment to last forever, you need to capitalize it with an asset that doesnt degrade, Saylor opined. The rate of the dollar is 7% a year for 100 years. When you lose 7% of your energy for 100 years, you lose 99.9% of whatever you are.
The BTC billionaire further shared that he deems the OG cryptocurrency as a profound step forward for the human race because, for the first time, economics crosses from being an art to being a science.
Saylor commented on Bitcoins potential role in revolutionizing the future: With 8 billion people with crypto steel or economic steel, we can build something much grander in the 21st century than all the 20th-century economists struggling with clay and cotton candy.
MicroStrategys Grand Bitcoin Strategy
Under the leadership of Michael Saylor, MicroStrategy started buying Bitcoin with cash from its balance sheet in August 2020. Since then, it has aggressively leveraged the capital markets to raise billions to continuously add to its stockpile.
The company now holds a total of 252,200 BTC in its coffers, or roughly 1.2% of the total supply which is capped at 21 million. The stack today would be worth approximately $16.9 billion.
While Saylor admitted that Bitcoin is not a solution for every problem, he emphasized its significance as a source of economic energy.
It wont fly you, it wont cure your cancer, it wont make you happy, it wont solve your mental issue, and it wont make your children love you. However, Saylor stated, Its economic energy itll solve half the worlds problems.
Bitcoin bulls are attempting to build upward momentum following its latest push above $69,000. BTC was changing hands for $67,485 as of press time, according to data tracked by CoinGecko.
Text source: ZyCrypto
