Bitcoin Critique by Strategy's Saylor Contradicts Warren Buffett's Views
Check Out U.TODAY on Google News In a recent chat with Ryan Rasmussen, Bitwise Invest's head of research, Michael Saylor, Strategy's co-founder, throws some serious shade at the skeptics, stating that Bitcoin is a "groundbreaking innovation" amid doubt from heavyweight naysayers like Warren Buffett [1][2].
Saylor dropped a bombshell, comparing Bitcoin to trailblazing discoveries like electricity, radioactivity, and radio waves, hinting at its potential to revolutionize the world on par with these transformative inventions.
"If you've never witnessed it, you can't blame someone from 1890 for not seeing the potential of electricity," he reasoned.
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Saylor argues that the traditionalist cognoscenti are resistant to being "jolted" or "burned."
"But, let's face it, New York City runs on electricity, and all your planes, trains, and automobiles use fire. So, an engineer always learns to harness electricity and fire, but many still cower in fear," Saylor stated [1].
Bitcoin boasts ten times more energy content compared to traditional capital assets. With the ability to capitalize on this energy, companies can transform Bitcoin into an "engine of growth" for their corporations [3].
Old-school investor Buffett, of course, is no fan of Bitcoin, famously dubbing it "rat poison squared" in 2018. As reported by U.TODAY, Buffett declared he'd turn down the chance to acquire all existing Bitcoins for mere dollars [4].
#Bitcoin Buzz | #Michael Saylor
Source & Additional Insights:
- Saylor argues Bitcoin represents a paradigm shift because it enables companies to store value in an asset that is "indestructible, invisible, and immortal," contrasting with traditional capital assets, which are prone to decay, obsolescence, and control by centralized authorities[1][2].
- Saylor views Bitcoin not just as a financial asset but as an "antidote to corporate entropy," offering smaller firms a way to break free from digital monopolies dominated by tech giants like Apple and Google[1].
- Bitcoin, with its ten times more energy content than traditional assets, could be used as an "engine of growth" by those who can effectively harness its unique properties[3]. This comparison highlights Bitcoin’s potential to create a new economic paradigm, thereby positioning it akin to how electricity and radioactivity opened new industries and fields of science [3].
Saylor advocates Bitcoin as a groundbreaking innovation, likening it to transformative discoveries such as electricity and radioactivity, suggesting it could revolutionize the world and serve as an "engine of growth" for corporations. Conversely, traditional investment experts, like Buffett, are resistant to embracing Bitcoin as a financial asset, due to its unique properties and the disruption it poses.
