Saylor stands firm on Bitcoin amid market volatility, champions strategic reserve bill Saylor stands firm on Bitcoin amid market volatility, champions strategic reserve bill
The MicroStrategy founder said the firm's recent success is directly driven by Bitcoin's vast potential to solve the world's problems.
2 min read
Updated: Aug. 9, 2024 at 12:07 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
MicroStrategy executive chair Michael Saylor reiterated his unwavering belief in Bitcoin despite its notorious volatility, likening its fluctuations to natural phenomena that possess immense, harnessable energy.
Saylor’s latest comments came during a Fox News interview, during which the host asked him to elaborate on how MicroStrategy has “crushed everything” after adopting Bitcoin.
The MicroStrategy founder said the firm’s success is directly driven by Bitcoin’s vast potential to solve the world’s problems. He added that the firm is simply “levering the most powerful idea in the world right now” to drive its remarkable success.
Solving problems
Despite criticisms and skepticism from various quarters, he remains steadfast in his conviction that Bitcoin is the ultimate solution to numerous economic problems.
According to Saylor:
“[Bitcoin] is creating tens of billions of dollars of credit and liquidity at all times for everybody everywhere in the world, and it’s attracting massive amounts of capital.”
He highlighted the dynamic nature of Bitcoin, likening its volatility to high-energy natural phenomena such as rivers and windstorms, which contain immense energy that can be “harnessed.”
Saylor also pushed back against recent claims that Bitcoin has not fulfilled its “store of value” use case. He said:
“Those who understand Bitcoin buy Bitcoin. Those who don’t, criticize Bitcoin.”
Saylor argued that Bitcoin offers a hedge against inflation for individuals, an outperforming investment for investors, a competitive edge for corporations, and an economic revitalization tool for countries.
He also stressed that Bitcoin’s ability to provide digital capital can significantly bolster national economies and currencies. According to Saylor:
“With Bitcoin, individuals can outrun the inflation. Investors can beat the market. Corporations can outgrow the competition. And countries can revitalize their economies and boost their currencies by tapping into digital capital.”
The Bitcoin Act
Saylor also endorsed Senator Cynthia Lummis’ legislation to create a strategic Bitcoin reserve for the US. He said the Bitcoin Act bill represents a “forward-thinking” approach to “leveraging digital assets.”
Saylor believes that such a reserve could provide significant economic benefits, helping to bolster the national economy and enhance the stability of the US dollar. He emphasized that Bitcoin is not merely a financial asset but a critical component of the digital transformation sweeping across the global economy.
He also expressed optimism about former President Donald Trump’s support for Bitcoin, which has provided a significant boost to the industry’s legitimacy. He noted that his previous fears are somewhat assuaged now.
Saylor said:
“One of the things I’ve always been afraid of is that D.C., at some point, would push back, just like all these countries that are dependent on fiat currency.”
Saylor pointed out that Bitcoin’s integration into the cyber world is driving the evolution of DeFi and blockchain technology, thereby creating new economic opportunities and fostering innovation.
He stressed that this digital asset is a cornerstone of the cyber economy, providing a secure and efficient means of transferring value and enabling financial sovereignty.
Mentioned in this article
Author 
Assad Jafri
AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
MicroStrategy
MicroStrategy (Nasdaq: MSTR) is a worldwide leader in enterprise analytics and mobility software.
Michael Saylor is the Executive Chairman, founder, and principal shareholder of MicroStrategy.
Donald John Trump was born on June 14, 1946, in Queens, New York City.
Cynthia Lummis, known for her pro-crypto views, is a United States Senator from the great State of Wyoming.
