Bitcoin Advocate Michael Saylor Compares the Coin to Physical Properties

Michael Saylor, an American entrepreneur and former Chief Executive Officer of business strategy firm MicroStrategy has upscaled his Bitcoin (BTC) advocacy and has issued a statement comparing the largest cryptocurrency by trade volume to physical property.

In his argument, BTC is better than physical properties for commoners. He issued this statement at the Australia Crypto Convention.

Saylor analyzed the issues involved in transferring the value of physical properties like gold, stock or equity, and real estate. Also, he mentioned that these physical properties are hard to move across geographical locations, especially in large quantities.

“If you have a property in Africa, no one’s gonna want to rent it from you if they live in London. But if you have a billion dollars of Bitcoin, you can loan it or […] rent to anybody in the world,” he said.

Also, he highlighted the fact that BTC is uniquely designed, in that it can be transferred across locations and across generations; from father to children, to grandchildren and the trend continues.

This is unlike many other assets that are affected by geographical tension which stops them from entering a particular territory. Saylor maintained that ownership of this cryptocurrency can span for a very long period more than 250 years.

Saylor said “Bitcoin represents a property that you can acquire in small pieces that you can carry with you anywhere you go. You can give to your children’s children’s children’s children. And in 250 years, maybe your family still owns the property.”

In the case of physical properties, high costs of maintenance and taxes are incurred over the years and this is not the same for BTC. Michael Saylor refused to take cognizance of this underlying factor.

Bitcoin and Ethereum’s PoS Consensus Mechanism

Bitcoin is currently utilizing the proof-of-work (PoW) consensus mechanism unlike Ethereum (ETH) which transitioned to the proof-of-stake (PoS) consensus mechanism after the Merge.

PoW-backed mining is known to consume a large amount of energy and needs heavy hardware among other things. According to Saylor, presently BTC mining is achievable via the infusion of proprietary mining hardware worth billions of dollars and energy worth the same amount.

Likewise, ETH which recently transited to the PoS consensus has been raising concern amongst crypto players per its comparison to BTC. Bitfinex and Tether CTO Paolo Ardoino have said that ETH cannot compete with BTC as a form of money.