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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Michael Saylor Says Bitcoin Is The Oxygen Mask That Will Save Investors

Best Owie
Best Owie
1 year ago
3 mins read
picture of a bitcoin

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Bitcoin bull Michael Saylor has shared some thoughts regarding how the digital asset intersects with the economy. Saylor has always been a big fan of bitcoin and has never been shy to share his thoughts on its future. MicroStrategy, the firm on which Saylor serves as CEO, possesses the largest bitcoin holdings of any publicly-traded company. Saylor himself has a personal stake in the asset and has been very vocal about it.

This week, the CEO was on the Tucker Carson Today show on Fox News and talked about bitcoin with Carson. Saylor presented a broken-down explanation of bitcoin in an effort to help the average person understand its importance to the economy.

Related Reading | Report Shows Institutional Investors Are Abandoning Bitcoin For Altcoins

Sucking Life Out Of The Economy

Saylor appeared on the show with host Tucker Carson to talk in-depth about pertinent issues that have arisen in regards to the economy. Particularly curious about cryptocurrencies, Carson asked the CEO for an explanation of Bitcoin, given his personal and professional stake in the digital asset. Saylor took the route of comparisons as he used the human body to explain its importance.

Firstly, Saylor explained that currency was to the economy was blood was to the human body. In other words, the economy would not be able to survive if there was no functioning currency in it. Going forward, he said that money was important to the currency the way oxygen was to the blood. Saylor then compared the printing of money to sucking the oxygen out of a room.

Bitcoin price chart from TradingView.com

BTC ushers in new month at $57K | Source: BTCUSD on TradingView.com

Continuing to suck the oxygen out of the currency by way of printing money irresponsibly would collapse the economy, said the CEO, or worse, plunge it back into “Stone Age barter”, making the economy about 100 times less efficient. So what is the fix for this?

Bitcoin Is Life-Saving Oxygen

Saylor pointed out that so many countries in the world have collapsed currencies and the U.S. dollar is currently serving as the reserve currency of the world. This means that all of the other over 160 currencies in the world are weaker compared to the U.S. dollar. This has not been a problem in the past. However, the dollar itself is getting weaker due to the massive amount of it being printed – “the oxygen is getting sucked out of the room.”

Related Reading | MicroStrategy Follows El Salvador’s Lead As It Buys Bitcoin Dip

The CEO then gives an illustration of an oxygen mask dropping into a room with oxygen being sucked out. In any scenario, everyone in the room would head for the oxygen mask and Bitcoin is that oxygen mask, said Saylor.

“The point of Bitcoin is to fix the money, and money is energy, and energy is life. And if I keep sucking the energy out of the economy, I’m sucking the oxygen out of the system. Either, under the best case, you perform poorly. Under the worst case, I suffocate you to death or freeze you to death. That’s the problem.”

Featured image from BBC, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

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Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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