On Recent episodes of the Galaxy Brains podcast, Michael Saylor made the case that bitcoin isn’t a currency and that it’s best to think of it as capital and capital only.
He Share this article Tether The USDT is the currency of United States Dollars Circle’s USD Coin (USDC) are the real digital currencies and unveiled his “evil genius strategy” (his own words) to get the world to adopt the U.S. dollar stablecoins as opposed to bitcoin.
In This is what you should do: Take, I’ll cite some of Saylor’s own words from the podcast before breaking down why many of the points he made are off base.
Capital, Not Currency
“It’s not a currency, it’s capital,” said Saylor The episode ends about half-way through.
“You just have to come to grips with it — it is not digital currency. It This is not bitcoin. It Is digital capital a good investment? It is crypto capital,” he added.
The search for the ‘I searched it Bitcoin Whitepaper to see how many times the word “capital” showed up.
It isn’t mentioned once.
However, in both the title and abstract of the text, bitcoin is referred to as “electronic cash.” While cash can of course also be capital, it’s not only capital. To think of bitcoin only as capital is to deny certain of its most essential properties — like the ability to use it to transact with anyone anywhere in the world permissionlessly.
To Denying bitcoin as currency would be to negate a significant part of the value proposition. Bitcoin’s roles as a Store You can also find out more about the following: Value (SoV and a Medium You can also find out more about the following: Exchange MoE and (MoE are) inextricably related. For more on this, I’d advise you (and Michael Saylor( to read Breez The following are some of the most effective ways to increase your ROI: Roy Sheinfeld’s piece “Bitcoin’s False Dichotomy You can find out more about this by clicking here. SoV and MoE”.
As The episode continued Saylor The argument (poorly made) that bitcoin was capital, not currency.
“There are a lot of maxis who are like ‘NoWe want to make it a real currency. We Want to be able pay with bitcoin for our coffee. Pay me in bitcoin,’” he said. “It’s like ‘Pay Me in Gold Pay Me in an building Pay I’ll give you a piece of your sports professional team. Pay I am a Picasso.’”
It’s actually not like that at all.
SureThe bitcoin currency is limited, just like gold. Manhattan Real estate, famous sports teams and paintings are all assets, but the ‘Silver Dollar’ is different.
To illustrate a dimension of that point, I’ll cite my colleague Alex Bergeron:
And Then, you can ask for help. Saylor cited — wait for it — Fed Chair Jerome Powell’s take on bitcoin in efforts to drive home his point that bitcoin is capital, not currency.
“The The reason Bitcoin rallied beyond $100,000 is that Jerome Powell on stage said to the world, bitcoin does not compete with the dollar, it competes with gold,” he said.
Oddly enough, Saylor He said that without acknowledging that this man is the chief of institution. Bitcoin Should theoretically replace.
USDT, Not BTC
In Interview with the author Saylor Also, he emphasized that stablecoins in US dollars are the true digital currencies.
“The Cryptocurrency, also known as digital currency or cryptocurrency, is Tether The USDT is the currency of United States Dollars Circle (USDC),” he said. “It’s a stablecoin US dollar — that’s the digital currency.”
This This is when I began to feel nauseous.
For those who don’t yet know this, Bitcoin The world was born in the aftermath of the Great Financial Crisis In 2008, the US government and the US Federal Reserve To bail out the failing banks the US Treasury decided to print US Dollars en masse, debasing the currency. However the cost of this was passed on to US tax payers as well US dollar owners worldwide.
Bitcoin It is an alternative fiat currency to the US Dollar and other currencies. Trying It is misleading at best and deeply manipulative to tell people that Bitcoin is not what they think it is.
But this isn’t even the worst of what Saylor What the audience had to say about this episode
He It was then suggested that the banks bailed in 2008 would issue stablecoins that could help stabilize the US bond market.
“They ought to just create a normal regime to issue digital currency backed by US treasuries,” said Saylor.
“The US should have a framework for Tether Relocations New York City. That’s what you want, right? And Then you should have an open-ended free-for all where JP Morgan The following are some examples of how to use Goldman Sachs can issue their own stablecoin,” he added.
No, Michael Saylor, that’s not what I want. In fact, it’s very far from what I want.
I don’t want Tether Anywhere near New York City (my hometown) The following are some examples of how to get started: I don’t want JP Morgan and Goldman Sachs The equivalent to CBDCs is the issuance of US-dollar stablecoins, which they own.
When What do you think? Goldman SachsWhen you think of award-winning writers, this is what comes to your mind. Matt Taibbi’s description of the institution from his New York Times bestseller Griftopia.
“The First thing you should know Goldman Sachs is that it's everywhere,” began Taibbi ” “The world's most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money.”
Goldman SachsThe US is a similar country. Federal ReserveThe institution of, which sucks life from the human race. Bitcoin It was intended to remove power from these institutions and not strengthen them.
Toward End of episode Saylor He outlined his plan to create bitcoins and stablecoins in US dollars.
Here It is:
“Everybody The bond market in the United States is a lucrative one. So, my strategy would be — and I really think it’s an evil genius strategy; it’s so good that our enemies would hate us, but our allies would complain, too. And The U.S. could make 100 trillion dollars in an instant.
Here’s the strategy: You Dump gold and demonetize your entire gold network You buy bitcoin — 5 million or 6 million bitcoin — and you monetize the bitcoin network. All The capital of the world is located in Siberian real estate or Chinese natural gas or every other currency derivative that’s held as a long-term store of value — Europeans, Africans, South Americans, AsiansAll of them dump their junky property and capital assets, and instead buy Bitcoin. The The price of Bitcoin is going to the moon.
The The United States is the biggest beneficiary. U.S.-based companies benefit the most. And while you’re doing that, you normalize and support digital currency, and you just define digital currency as the U.S. dollar backed by U.S. dollar equivalents in a regulated U.S. custodian that’s audited. What happens next?
Stablecoins worth $150 billion are exchanged for $1 trillion, 2 trillion, 4 trillion, 8 trillion and possibly between $8 to 16 trillion. This creates a demand of $10 to 20 trillion dollars in U.S. debt.
While you’re taking away a little bit of the demand because the capital asset of bitcoin grows, you’re adding back the demand to back the stablecoin. [The digital US dollar then] CNY replaces CNY. Rubble. It replaces every African currency. It replaces every South American currency. It Replaces the Euro.
If you really believe in U.S. world reserve currency and U.S. values, every single currency in the world will actually just merge into the U.S. dollar if it was freely available.”
At At this point I stopped listening and vomited everywhere. New York City The subway car I was in.
I didn’t come into the Bitcoin I am deeply disappointed that anyone in this country would want to use space in order to assist the U.S. with a plan that will allow them to obtain a substantial percentage of Bitcoin while also hooking other countries on their trash currency. Bitcoin Space Look Up To would think up such a clever plan.
Bitcoin Is Money
Bitcoin Money is a good thing. It’s a type of money that cannot be censored or debased that has spectacularly grown in value over the past decade, making it one of, if not the most, powerful tool ever created for individuals.
To It is a grave mistake to think that it’s anything other than what it really is, or even to suggest to others that the new version is better.
While bitcoin is capital, that’s not all it is, and please don’t let Michael Saylor You need not listen to anyone who tells you differently.
This The article is also known as Take. Opinions expressed are entirely the authThe following are some examples of how to use's and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
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