According to the Executive Chairman of MicroStrategy, Michael Saylor, one of the reasons people own Bitcoin is because it is an ethical imperative and essential to the world. In a virtual interview uploaded on YouTube, Saylor told the host, David Lin, that Bitcoin is a tool that can give hope and property rights to the eight billion people around the world. According to him, Bitcoin’s ability to offer digital property or digital scarcity to the global population on a mobile phone is a paradigm shift.
Saylor described Bitcoin as an essential commodity, comparing it with traditional utilities like water and electricity. He believes the flagship cryptocurrency is as crucial to humanity as other natural commodities needed for functional existence.
According to Saylor, traditional money, as we know it, is “dying.” He noted an avalanche of banking failures, with extreme examples specifying Africa, South America, and Asia. Saylor also observed the failing fiat currencies around the globe, citing Venezuela, Argentina, and Nigeria as examples. Apart from those, Saylor noted that even renowned fiat currencies are also experiencing dwindling fortunes. He thinks the rising inflation is causing a crisis of confidence in fiat currencies, banks, and the governments that control the banks. Hence, there is a consensus of a loss of support in the traditional financial system by the global population.
With the people losing confidence in traditional fiat, Saylor thinks they are turning towards commodity monies. Among the available options, Saylor thinks commodities like Gold, Oil, and Property are not flexible enough for regular transactions. Hence, Bitcoin as a commodity represents an essential tool for all kinds of transactions and stands as the solution to the growing monetary challenges of the world.