Michael Saylor Brings The Thunder To Venezuelan Bitcoin-Only Podcast
July 23 2021 - 4:33AM
NEWSBTC
If someone is doing his part, that’s Michael Saylor. The
MicroStrategy CEO proved that he’s a stand-up guy by sharing the
knowledge on a medium-sized podcast that’s usually in Spanish.
Saylor went in on the topics du jour and revealed
never-before-heard secrets. What does he think about El Salvador?
What’s up with the infamous Mining Council? Is MicroStrategy in a
vulnerable position? Keep reading for those answers and more.
Related Reading | Michael Saylor Clarifies His Company’s Bitcoin
Strategy On US’s National TV One of Michael Saylor’s first lines
is, “I think that the next decade it’s going to be all about
digital transformation of propertry.” After that, it’s gem after
gem. What Does Michael Saylor Know About The Venezuela Situation?
The podcast is called “Satoshi En Venezuela.” The episode is titled
“Bitcoin is Hope for Venezuela.” Since that name derives from a
Michael Saylor quote, it figures that the first question was a why
disguised as a how. How is Bitcoin hope for Venezuela? “Now you can
put your property into a Bitcoin and put the Bitcoin on your mobile
device. And I think the reason that that represents hope to the
world is, eight billion people are going to be able to afford a
mobile device. And 8 billion people can have property on the mobile
device. Bitcoin is like a bank in cyberspace run by incorruptible
software.” That sounds amazing, but, specifically speaking,
why is Bitcoin good for Venezuela? “Well, every economy works
better if it has an incorruptible bank that allows everyone to
store their monetary energy. It helps return rationality and
long-term perspective. Hope is about believing that in a decade
your life will be better than it is now.” Beautiful. Michael Saylor
also believes that, for this to work, “We have to give people
property rights. And we’ve got to give them the ability to store
their economic energy in something that they have control of.” By
that, he means Bitcoin and only Bitcoin. BTC price chart on
Coinbase | Source: BTC/USD on TradingView.com Does Bitcoin’s
Volatility Affect MicroStrategy? How Does Their Playbook Look Like?
His company, MicroStrategy, famously was the first to put Bitcoin
on their balance sheet. And then, they kept buying and buying.
“We’re basically converting our working capital from the weakest
asset to the strongest asset,” Michale Saylor clarifies. Then, he
gives you his strategy’s play by play: The way that we manage
the volatility is, we make sure that we have enough Dollars to pay
all of our bills for the next 12 months, based upon whatever
volatility. So, we wouldn’t really ever need to liquidate any
Bitcoin unless we had like a one in a hundred event. Then, we might
sell a little bit in order to pay our bills, but that hasn’t
happened before.” He expects reasonable scenarios. Other currencies
will print and print. There will only be 21 million bitcoin. Lots
of businesses and people will integrate with the Bitcoin protocol.
So, it’s not that risky. In a long time frame, it’s a “responsible
business strategy.” It would be risky with a short time frame and a
short-dated debt strategy. In short, MicroStrategy’s
financial strategy protects them from volatility. If in 10 years
Bitcoin is down and not up, then and only then they’ll be in
trouble. A Mining Council In An Open Network The host, Bitcoin
philosopher Criptobastardo, questions Michael Saylor with the basic
objections that the Bitcoin community has with the Mining Council.
Saylor answers: “The council exists to gather information, to run
surveys, and to educate. It’s not a government body. I agree that a
governing council probably wouldn’t be the right thing. It’s really
just a voluntary and open asociation of Bitcoin miners to gather
information, share best practices and educate.” According to him,
someone has to respond to attacks. The Bitcoin community has to
take control of the narrative, produce data, give info to
decision-makers. “The people that need to know are Wallstreet
investors, mainstream media journalists, and politicians.” These
are powerful allies, and, “when they tell us that they’re under
pressure from their constituency to get an answer, we should do our
best to give them the answer.” Related Reading | Can Bears Force
Michael Saylor To Sell His Bitcoin? Analyst Shared Bullish Theory
Is Michael Saylor Going To El Salvador? According to the
MicroStrategy CEO, one would need 21st-century infrastructure to
solve a current problem. That’s what the Salvadoran government is
trying to do with The Bitcoin Law. What will they get out of all of
this? Well, according to Michael Saylor: “I think there are two
benefits you get when you adop the bitcoin standard if you’re a
country. One benefit is the macroeconomic benefit. You end up with
a treasury asset that is appreciating in value instead of
depreciating in value. You put your entire economy on stronger
bases.” The El Salvador experiment is crucial to mankind. If
everything goes as planned in there, the economic growth they’ll
have over the next few years will be unmatched. Michael Saylor
continues and closes: “The second benefit is a technology benefit.
It’s possible to use the Bitcoin protocol, or in this case
Lightning. The combination of Lightning and Bitcoin transactions in
order to provide digital currency to every citizen of the country.
So, two thirds of El Salvador dont have a bank. If I want to create
a bank, I want to give them a mobile phone and a digital wallet.
And a digital currency, which is the Dollar. On top of a digital
asset, which is Bitcoin.” That sounds like a tank to us. Featured
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