Michael Saylor’s Free Advice: National Currencies Backed By Bitcoin
In a recent video, MicroStrategy CEO Michael Saylor came with a solution for Nigeria and Zimbabwe to fixing their economies. The Bitcoin bull said that converting to the Bitcoin standard will end their economic concerns and allow the people to live good lives.
In the video where Saylor also addresses claims that the Bitcoin network cannot scale, he said:
“You wanna fix your country like Nigeria, or Zimbabwe? The way you fix your country is you buy $2 billion, $3 billion worth of bitcoin and you issue currency backed by the bitcoin. That is the bitcoin standard. And every one of your citizens stops starving to death. And they live a decent life.”
— Michael Saylor (@saylor) October 16, 2021
In the video Saylor, whose company has today made $4 billion in profits on its Bitcoin investments, calls the top cryptocurrency “the kingmaker” and names out Turkey as another country that could benefit from adopting Bitcoin. By following the example of El Salvador, if Turkey would purchase $5 billion in Bitcoin and hold for five years, the Turkish lira would strengthen, Saylor says.
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Author: Peter Siu