MicroStrategy’s Saylor Hails Bitcoin as an “Economic Engine” That Will Become a “Freedom Machine”
MicroStrategy Executive Chairman and former CEO Michael Saylor has extended his praise for Bitcoin’s (BTC) capabilities, labeling the flagship cryptocurrency a conduit to freedom.
According to Saylor, Bitcoin’s decentralized nature turns the asset into an economic machine built on truth while solving some of the inefficiencies of the traditional financial sector, he said during a speech at The Atlas Society on October 18.
Saylor, a well-known crypto advocate, also equated Bitcoin to a trade union that is bound to grow stronger due to projected capital inflows in the future.
“As the money moves into the network, the monetary union becomes stronger. Everyone who joins the network has that much more power. Your only hope against the oppressive power of the collective is to unite your own activities and organize your activities with like-minded people who believe as you believe, more money, more people, more power,” Saylor said.
He added:
“Bitcoin is an economic machine based on a truth machine that is ready to emerge as a freedom machine.”
Bitcoin’s unique features
Saylor, who led MicroStrategy to accumulate Bitcoin in August 2020, noted that despite the existence of many digital assets, the virgin cryptocurrency stands out due to its unique characteristics.
“There are 20,000 cryptos. There is one that is 95% dominant, that is ethically sound, technically sound and financially sound. Bitcoin is raised in metal. It’s the hardest substance in the universe. Most people don’t know. Most are afraid of it, he added.
For years, he noted, there had been calls to separate the economy from the state, but a technology to achieve the mandate was lacking. However, he pointed out that the rise of Bitcoin ushered in an opportunity to remove government involvement in transactions.
Bitcoin and “Economic Slavery”
The leader stated that the outbreak of the pandemic pushed more people to realize that they needed a solution to the existing “economic slavery.” According to Saylor:
“In March 2020, the world stopped. Suddenly, billions of people woke up to the prospect of an economic collapse, and lost faith in their institutions and governments.<...>We saw an escape from economic slavery in the form of what we thought was digital gold.”
It is worth noting that MicroStrategy is among the leading institutions that first bet on Bitcoin. Despite the ongoing market correction, the company is actively accumulating more Bitcoin.
The latest purchase came between August and September, with another 301 Bitcoins purchased at an average price of $19,851 per coin.
Watch the full speech below:
