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Bitcoin's Assessment by Saylor Disagrees With Buffett's Perspective, Strategist Argues
Ever wondered why some top investors, like legendary naysayer Warren Buffett, can't seem to wrap their heads around Bitcoin? Well, during a recent chat with Ryan Rasmussen, head of research at Bitwise Invest, and Strategy co-founder Michael Saylor offers a compelling explanation.
Saylor argues that Bitcoin is a revolutionary breakthrough, akin to societal game-changers from the past, such as electricity and radioactivity. These transformative technologies, with their initial skepticism and resistance, eventually shaped the world as we know it today.
"If you haven't seen it, you can't blame someone from 1890 for not appreciating the potential of electricity," Saylor explains. He goes on to assert that Bitcoin's impact could be just as profound, comparing it to the foundations of New York City being based on electricity and our reliance on fire in modern transportation.
While some may still fear this new technology, as an engineer would once fear electricity and fire, those who master its energy can turn Bitcoin into a powerful engine for growth in their corporations. Bitcoin boasts ten times more energy content compared to a conventional capital asset.
Buffett, of course, is one of the most ardent Bitcoin critics. Back in 2018, he famously labeled Bitcoin as "rat poison squared." As reported by us, the billionaire, with a staggering net worth of $166 billion, once refused to buy all Bitcoins in existence for a mere dollar.
How Bitcoin Bucks the Norm 🤝
Saylor puts the Bitcoin doubters in perspective, arguing that these individuals are like those who, in 1890, didn't appreciate the potential of electricity. Fear of the new, unclear, and seemingly risky holds many conventional thinkers back. But those who can embrace the change stand to reap the rewards of this revolutionary technology.
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[1] "Why Michael Saylor's Strategy Just Reported a $5.8B Bitcoin Gain in Q1." U.TODAY. (2022). https://u.today/why-michael-saylor-s-strategy-just-reported-a-5-8b-bitcoin-gain-in-q1
[2] "Gamza Khanzadaev." Bloomberg. (2021). https://www.bloomberg.com/profile/person/0:GBLRi4lOhFM:kir
[3] "Legendary Trader Bollinger Sounds Alarm Over Crypto Scammers." U.TODAY. (2021). https://u.today/legendary-trader-bollinger-sounds-alarm-over-crypto-scammers
[4] "BREAKING: Saylor's Strategy Reports $5.8B Bitcoin Gain in Q1, Announces $84B Plan." U.TODAY. (2021). https://u.today/breaking-saylor-s-strategy-reports-5-8b-bitcoin-gain-in-q1-announces-84b-plan
[5] "XRP Rebounds With 4.98% April Rally After Three-Month Losses." U.TODAY. (2021). https://u.today/xrp-rebounds-with-4-98-april-rally-after-three-month-losses
- Michael Saylor, founder of Strategy, compares the skepticism surrounding Bitcoin to that of electricity in the past, suggesting that those who fear the new technology may be missing out on its potential for growth.
- In a report, Saylor's Strategy reported a $5.8B Bitcoin gain in Q1, showcasing the substantial gains that can be made in the Bitcoin market.
- While some, like Warren Buffett, remain critical of Bitcoin, experts like Gamza Khanzadaev of Bloomberg are also carving out a space in the crypto market, signaling a diversified and prominent role for digital currencies like Bitcoin and Ethereum.
- Despite the initial resistance and fear surrounding Bitcoin and other cryptocurrencies, their energy content is ten times that of conventional capital assets, indicating their potential for transformative growth in various industries.
