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Michael Saylor: Biden’s Recent Executive Order Effectively Legalized Bitcoin

On April 7, CEO and Co-founder of MicroStrategy Inc., Michael.J.Saylor, revealed why he’s more bullish about bitcoin. He commented in an interview with ARK Investment Management LLC  CEO Catherine Wood on the second day of the four-day Bitcoin 2022 conference. 

MicroStrategy had “bought 21,454 bitcoins at an aggregate purchase price of $250 million” as a “main treasury reserve asset” on August 11, 2020, and this is worth recalling. Michael said,

“Because of a confluence of key economic and business reasons, we decided to invest in Bitcoin at this time.” As a result of these issues, we believe our company’s treasury program is at risk. The time to deal with these threats is now. ‘ As the company continued to accumulate bitcoin, MicroStrategy’s CEO grew into a vocal proponent of the digital currency. MicroStrategy just purchased Bitcoin for $3.97 billion at $30,700 per coin, as revealed in a tweet by Micheal on April 5. 

When it comes to Wood, she was at an event hosted by Public (a rival to Robin Hood that enables users to invest in cryptocurrencies) on February 1, where she was able to answer questions from retail investors and traders, according to an Insider article. According to Wood, it’s impossible to compare the two cryptocurrencies, and she explains why in a blog post. In both cases, a high level of conviction is constant. She described Bitcoin as “the deepest public use of blockchains, the foundation of self-sovereign digital money.” For Ethereum, she stated that “it emerged as the leading platform for generating smart contracts last year.

As part of a panel discussion at the Bloomberg Crypto Summit on February 25, 2021, Wood spoke about Bitcoin. According to her, Bitcoin’s market capitalization has the potential to reach some particular levels. From her point of view :  

“We’re always on time.” The $950 billion market value demonstrates how early we are in terms of the network value. On top of what we’ve provided in terms of numerous examples of applications where risk and return parameters giving in various ways, some dimensions represent unhinged financial and monetary policy and outright confiscation of wealth in other countries, demonetization, and trade settlements.

According to the author, using careful allocation, “you get into billions of dollars in market value possibilities out there when you aggregate all of these use cases for Bitcoin,”  The MicroStrategy CEO began his conversation with President Biden on March 9 by discussing the Executive Order on “Ensuring Responsible Development of Digital Assets,” which he signed:

“These past few months have been a complete 180-degree turn for me. A year ago, So many individuals who had a lot of power and money said, “Bitcoin looks too good to be true, it’s so lucrative that someone’s going to prohibit it.”  

I believe the President of the United States gave his blessing to Bitcoin a few weeks ago via executive order.

Every government department must learn about Bitcoin and find a way to incorporate it into the government because 40 million Americans rely on this technology, which is an integral part of their future. When you look at the last 100 years of American history and ask, “When was the last time that the president of the United States commanded the government to embrace a new asset class?” the answer is never, in my opinion…

Bitcoin, in my opinion, deserves a victory lap for what happened here. A year ago, People feared that the government would outlaw Bitcoin because it was considered eastern technology and not western. And Bitcoin has gone west during the previous year. The government has given the go-ahead for Bitcoin, and both the House of Representatives and the Senate are eager to learn more about it. A little bickering is currently taking place about who can be the most pro-Bitcoin politician.”

After that, Wood and Saylor discussed the current regulatory environment. Some U.S. politicians would raise this as a top issue, Wood said, but she was pleased that she hadn’t heard too many individuals in the U.S. declare that Bitcoin would one day “displace the dollar as the world’s reserve currency. Saylor retorted:

“Bitcoin’s momentum is undeniable. Regulation worries many people, and they often ask me, “Aren’t you afraid? “. Furthermore, I am not concerned about government regulation. Several difficulties need to be sorted, including accounting issues with the FASB and FDIC, banking issues with the SEC, and security issues with the administration. ‘Yes, there’s a lot of work to do,’ I tell myself when I look at this.

It doesn’t matter how quickly or sharply that happens; I don’t see any consequence other than being good to Bitcoin. In my opinion, Bitcoin is a haven for any public person, a technological haven for any software company, and a financial haven for investors.

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