The American currency is known as the global reserve currency, granting it superior power and prestige in global processes. However, the prestige of the dollar is now under pressure as the world of multipolar currencies is changing the current financial dynamics. In this context, Michael Saylor, head of MicroStrategy, reiterated his previous position, adding that the US dollar is destined to lose its value one way or another.
Michael Saylor captured the internet’s attention this week. The head of MicroStrategy participated in a PBD podcast hosted by Patrick B David. The podcast session was quite interesting, with Saylor revealing how the US dollar continues to lose value with each passing day.Comparing the dollar to the Argentine peso, Saylor shared that the dollar is on the brink of losing 99% of its value, adding that the greenback is heading towards its end.
“The only difference between the US dollar and the Argentine peso is that while it takes 20 years to lose your family’s fortune in the peso, it takes about 90 years to lose your family’s fortune in the dollar,” said Saylor.
Speaking about the inevitable fall of the US dollar, Saylor stated that the depreciated reality of the greenback is something even prominent investors like Warren Buffett and Charlie Munger are aware of.
“My house in Miami Beach was worth $100,000 in 1930. It was valued at $46 million a few years ago,” he said. “Do the math. It’s on its way to being worth $100 million, which means the US dollar will have lost 99.9% of its value in 100 years. Warren Buffett knows it. Charlie Munger knows it.”
Reflections on Currencies: Bitcoin Is Stronger Than the US Dollar – Saylor
Detailing the future path of the dollar, Saylor further shared how the US dollar is constantly declining in value. Highlighting the aforementioned point, the MicroStrategy CEO shared how keeping your money in the bank, especially if denominated in dollars, is akin to losing 15% of your wealth in a year.
“The fundamental point is that your money in the bank is not money. Okay, so the answer is you shouldn’t have money in a bank,” he said. “You’re essentially losing 7% of all your wealth every year in a good year if it’s the dollar; you’re losing 15% of your wealth in a bad year if it’s the dollar.”
Taking a pro-Bitcoin stance, Saylor reiterated how Bitcoin is the key to solving all currency problems. Elaborating further on the free movement and accessibility of Bitcoin, Saylor shared how BTC is the new future of money.
“It’s global money. You could carry a billion dollars in Bitcoin across the border. You can transfer it to a counterparty, and no government can stop it, and no one can inflate it,” said Saylor.
MicroStrategy, a well-known analytics company led by Michael Saylor, is actively involved in promoting Bitcoin. The company currently holds about 226,331 Bitcoins, a number it intends to diversify even further.
Join our community on Telegram!
Image from gettyImages