Bitcoin remains the leading cryptocurrency, but some people feel that it is not a great payment option.
Michael Saylor, the billionaire CEO and founder of business intelligence firm MicroStrategy, believes Bitcoin is the best asset pool in the world. However, he does not believe it is an excellent means of payment for goods and services.
He stated this during a recent interview with CoinDesk TV . There has been an intense debate about the best use case for Bitcoin. Many have argued that its best function is as a store of value, while others believe it is to be a currency. Saylor belongs to the first group. He said:
“You don't want to pay for your coffee with your bitcoin, you want to pay for your coffee with a coin. There will be volatility, but it seems to me that we now have universal recognition that the world needs inflation protection. So if you have bitcoin, don't sell.”
According to MicroStrategy's CEO, Bitcoin is the world's reserve asset, while the US dollar is the world's best reserve currency. Saylor said that seeing Bitcoin as an asset rather than a currency makes things easier for financial regulators. He added this :/
“All of these regulations… are actually regulations that restrict the use of a digital asset as a currency rather than a property.”
MicroStrategy is perhaps the most optimistic cryptocurrency company in the world. The company has bought bitcoins worth more than $3.5 billion in recent months. MicroStrategy's Bitcoin holdings are now close to $7 billion, but the company doesn't plan to sell its BTC stock anytime soon.
Bitcoin has been performing poorly for the past few weeks. The price of the leading cryptocurrency has dropped more than 20% from the high it reached earlier last month. So far, the BTC is trading just above the $55k mark.
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