Bitcoin better than physical property for ordinary people, says Michael Saylor

MicroStrategy CEO and Bitcoin (BTC) spokesperson Michael Saylor doubled down on his support for Bitcoin when he explained the problems associated with transferring the value of physical assets such as gold, company shares or equity and real estate under the Australia Crypto Convention.

Speaking about the underlying proof-of-work (PoW) consensus mechanism, Saylor highlighted that Bitcoin is backed by $20 billion worth of proprietary mining hardware and $20 billion worth of energy.

He then pointed out that traditional assets such as gold (in large quantities) and land are almost impossible to transfer across geographical borders, adding:

“If you have a property in Africa, nobody will rent it from you if they live in London. But if you have a billion dollars worth of Bitcoin, you can borrow it or […] rent to anyone in the world.”

Saylor further emphasized the high maintenance costs and taxes associated with owning and inheriting physical property over the long term, which in the case of Bitcoin do not exist. Geopolitical tensions around the world also determine the type of assets one is allowed to transfer across jurisdictions. He explained:

“Bitcoin represents real estate that you can buy in small pieces that you can carry with you wherever you go. You can give to your children’s children’s children’s children. And in 250 years, your family may still own the property.”

According to Saylor, only royalties like King Charles III have the freedom to give away their wealth without worrying about being taxed away “unless it’s Bitcoin.” The entrepreneur reiterated that the Bitcoin network has not been hacked in over 13 years and is currently “the most secure network in the world.”

As a final note, Saylor highlighted the regular upgrades being made to the Bitcoin network to make it faster and more secure, along with innovations around layer-2 and layer-3 applications.

Related: Possession of Bitcoin still legal in China despite ban, lawyer says

Bloomberg analyst Mike McGlone recently opined that Bitcoin is a “wild card” well-positioned to outperform stocks as traditional finance inches toward a recession.

McGlone took to social media platforms, including LinkedIn and Twitter, to state:

“Bitcoin is a wild card that is more ripe to outperform when stocks bottom out, but is transitioning to become more like gold and bonds.”

As Cointelegraph reported, the analysis notes that while Bitcoin would follow a similar trend to Treasuries and Gold, Ether (ETH) “may have a higher correlation with stocks.”