MicroStrategy founder Michael Saylor has believed in the potential of Bitcoin (BTC) for years. In 2020, his company became the first publicly traded company to invest heavily in the alpha cryptocurrency.
In an interview with Kitco, Saylor stated that in the future all banks will hold BTC. Because? According to him, this will be influenced by the implications of self-protection.
Self-custody may not be the solution
Self-custody is the own protection of cryptocurrencies. The best example of this is a hardware wallet.
This is usually the most secure way to store digital assets. But according to Saylor, that certainly it does not mean that banks will not have Bitcoin in the future.
On the contrary: Government institutions or agencies will almost certainly not have a CEO who “keeps a hardware wallet in his pocket”.
Banks are crucial to such institutions. Subsequently, exposed:
“Large institutions, churches, companies, etc. they will need an infrastructure of trustees and banks. That’s why I think there will come a time when all the major banks will own Bitcoin.”
Other examples are children inheriting BTC or elderly people who can no longer store cryptocurrency on their own. In such cases, a trusted institutional trustee is the logical solution.
Bitcoin and MicroStrategy
Saylor’s faith in Bitcoin is unparalleled. He believes that Bitcoin will “inevitably infiltrate all traditional institutions.”
Your company’s actions reflect this belief. To date, MicroStrategy has already purchased 140,000 BTC. This number it is approaching 1% of all BTC that will ever be mined.
Critics say the amount of BTC the company buys is absurd: “What’s the point of Bitcoin if one entity owns most of it?” is the question that skeptics ask.
However, MicroStrategy needs to buy a lot more if it wants to have a truly significant part of the total Bitcoin supply.
Disclaimer
Disclaimer: In compliance with Trust Project guidelines, BeInCrypto is committed to providing fair and transparent reporting. This news article is intended to provide accurate and timely information. However, readers are advised to independently verify the facts and consult a professional before making any decisions based on this content.
