Can stablecoin US dollars cause ‘every currency other than top dozen to collapse’
Billionaire entrepreneur Michael Saylor is known for his bombastic metaphors and high ambitions where Bitcoin is concerned. During an episode of the What Bitcoin Did podcast, Saylor spoke to host Peter McCormack to explain why he viewed Bitcoin as a form of energy.
Show some energy, folks
Saylor spent quite some time exploring different forms of energy and their transformations. Pointing out that property could be turned into money, Saylor said,
“Twenty first century, Bitcoin: you can convert the property into money in a few minutes. The commission is 0.1 percent, it’s liquid, you can move it anywhere in the world, and it doesn’t lose its energy, right?”
“So is Bitcoin digital money? Yeah. Is it digital property? Yeah. Is it digital energy? Yeah.”
Saylor also claimed that oil and oil standardization helped America win World War II. The exec used this example to suggest that Bitcoin could similarly empower countries in this day and age.
Inflation is not my call
As expected, rising prices worldwide were a major part of the discussion. However, Saylor claimed that large institutions had the power to pave the way for Bitcoin’s dominance. He mused,
“…do I mind if JP Morgan starts custodying 100 billion dollars of Bitcoin? They’ll pick up the phone, call their clients, all their clients will start buying Bitcoin, and the price of Bitcoin will go to the roof, and it will demonetize 100 trillion dollars of other assets.”
Well, in that context, the question is- what could America do to avoid such an outcome? Saylor proposed,
“I really feel like the next step in the economic evolution of the world is the United States dollar is going to collapse all 100 weak currencies, if it gets on a crypto rail. If we have stablecoin US dollars, I think that every currency other than the top dozen is going to collapse and all those countries are going to dollarize and I think that Bitcoin is going to collapse all the weak assets.”
Buy low, Saylor high
During a Fox News interview on 30 November, Saylor found himself having to explain the practical purpose of Bitcoin to non-crypto investors. The entrepreneur discussed how inflation and monetary policies were weakening the economy. To drive home his point, he used the example of a body being drained of blood and oxygen.
“The point of Bitcoin is to fix the money.”