Michael Saylor says Bitcoin is better than physical possessions for the general public

CEO of MicroStrategy and Bitcoin (BTC) Almoayyed Michael Saylor He doubled down on his support for bitcoin as he clarified issues related to the transfer of the value of physical property such as gold, company stock, or stocks and real estate during the Australia Crypto Agreement.

Talk about the basic Proof of Work (PoW) consensus mechanismSaylor highlighted that Bitcoin is backed by $20 billion worth of owned mining hardware and $20 billion worth of energy.

He then noted that traditional assets such as gold (in large quantities) and land are nearly impossible to move across geographical boundaries, adding:

“If you have property in Africa, nobody will want to rent it from you if they live in London. But if you have $1 billion in Bitcoin, you can lend it or […] Rent to anyone in the world.”

Saylor also emphasized the high maintenance costs and taxes associated with owning and inheriting physical property over the long term, which do not exist in the case of Bitcoin. Geopolitical tensions around the world also determine the type of assets one is allowed to pursue across jurisdictions. It is to explain:

“Bitcoin is a property that you can have in small pieces that you can carry with you anywhere you go. You can give to your children’s children your children. And in 250 years, your family may still own the property.”

According to Saylor, only royalties like King Charles III are free to transfer their wealth without worrying about being taxed “unless it’s bitcoin.” The entrepreneur reiterated that the Bitcoin network has not been hacked for over 13 years and is currently “the most secure network in the world.”

In a closing note, Saylor emphasized the regular upgrades being made to the Bitcoin network to make it faster and more secure, along with innovations around Layer 2 and Layer 3 implementations.

Related: Lawyer Says Bitcoin Possession Is Still Legal in China Despite Ban

Bloomberg analyst Mike McGlone recently saw Bitcoin as a “wild card” that is well positioned to outperform stocks in a traditional financial performance toward a recession.

McGlone has taken to social media platforms, including LinkedIn and Twitter, to say:

“Bitcoin is a wild, more mature card to outperform when stocks go down, but turns out to be more like gold and bonds.”

As reported by Cointelegraph, the analysis indicates that while Bitcoin will follow a similar trend to Treasuries and gold, Ether (ETH) “may have a higher correlation with stocks.”