Michael Saylor, CEO Microstrategy expressed, “Bitcoin is a technical solution to give 8,000,000,000 people property rights when their relatives remit money back to El Salvador they lose 10% through money transfer agents”

Talking to Fox News:  Michael Saylor stated, Say you wanted to save a 1000 dollars and you wanted to have it beyond the reach of a company or CEO or government, a bank.  And, you want to have personal custody of it, you would have that with Bitcoin.  Bitcoin is a technical solution to give a billion people property rights. I can own a 100 dollars in my hand – I can own a billion dollars, we have never had that in the history of the human race.

In El Salvador, you have a bunch of people that don’t go to the bank and they don’t have assets and they don’t have access to Wall Street. So, when their relatives remit money back to El Salvador, they lose 10% of their money through money transfer agents. Once they get the money, they lose 10 to 20% of value a year, because they are storing it in the currency not in an asset.

The turning thing about Bitcoin is that the Bitcoin lets you save money in an asset that goes up in value and it lets you move that asset at the speed of light all around the planet. And, what the person at El Salvador realizes using the Bitcoin network, they would cut a billion dollars of cost in remittances every year to their people.  They could put themselves first on the world’s first digital monitoring network and instead of their people losing 10 to 20% of their value a year and 10% when they move it, they are going to actually make money and they are going to be able to move that value around for free.

When asked on how Michael was always talking about history of sound money and the history of currency, it is Bitcoin?  Do you think Bitcoin is a breakout for a reason – why over say Ethereum – or any other one.

Bitcoin is the dominant crypto asset now. It is the oldest.  It is the strongest. It is the most secure and it was engineered to do one thing well, which is to keep track of 21 million virtual coins in cyber space.  The other cryptos are applications. The application networks are focused upon functionality or performance. Bitcoin is optimized for durability, integrity, and security.