Bitcoin: A New Perspective as Property Rather Than Currency by Michael Saylor
In a novel perspective on the classic understanding of Bitcoin, Michael Saylor, the CEO of MicroStrategy, reveals that it might benefit us to view this popular digital asset as property instead of a currency. This concept may sound somewhat unconventional and contradictory to the essence of Bitcoins; however, Saylor has a compelling rationale behind this fresh viewpoint.
Why Property and Not Currency?
Saylor opines that the notion of Bitcoin as currency veils its true virtue and potential because it is often compared to traditional, common-place currencies, like the Dollar or the Euro, thereby limiting its perceived value. As Saylor eloquently says, “People pitch it as a currency thing, but it’s not quite the right way to view it.”
Instead, he advocates that we approach Bitcoin as ‘property,’ putting it on the same pedestal as tangible assets like real estate. In an enlightening statement, he states, “It’s technically a property. You buy it, and you hold it like property. It’s more relatable to ownership of land.”
The Repercussions of Viewing Bitcoin as Property
If we accept this new model and envision Bitcoin as property, it will impose a ripple effect on our current handling of Bitcoins, which will, of course, according to Saylor, not be a bad thing at all.
Firstly, accepting Bitcoin as a property asset would mean revisiting its taxation. Currency transactions must adhere to taxation laws that are different from property assets. Therefore, this shift would call for revised taxation policies for Bitcoin.
Moreover, this perspective overhaul could enhance Bitcoin’s wide-scale acceptance by providing opportunities, like collateral for loans typically conventionally associated with property assets.
Viewing Bitcoin as a property asset may also address some negative presumptions. For instance, critics often flag Bitcoin’s high volatility, connecting it to the uncertainty associated with currencies in economic crises. By reimagining Bitcoin as property, we could remove these limitations and negative perceptions, offering a fresh outlook on Bitcoin’s value stability.
In conclusion, Michael Saylor’s idea of viewing Bitcoin as property instead of currency is an insightful concept that could revolutionize how we perceive and handle Bitcoins. It strengthens Bitcoin’s position in the modern economy and could resolve its criticisms.
