Bitcoin remains the leading cryptocurrency, but some people feel that it is not an excellent payment option.
Michael Saylor, the billionaire CEO and founder of business intelligence company MicroStrategy, believes that Bitcoin is the best reserve asset in the world. However, he doesn’t believe it is an excellent means of paying for goods and services.
He stated this during a recent interview with CoinDesk TV. There has been a raging debate about the best use case of Bitcoin. Many argued that its best function is as a store of value, while others believe it is a currency. Saylor belongs to the former group. He said;
“You don’t want to pay for your coffee with your bitcoin, you want to pay for your coffee with a currency. There’s going to be volatility, but it seems to me that now we have a universal acknowledgment that the world needs an inflation hedge. So if you have bitcoin, don’t sell it.”
According to the MicroStrategy CEO, Bitcoin is the world’s reserve asset, while the US Dollar is the world’s best reserve currency. Saylor stated that viewing Bitcoin as an asset and not a currency makes things easier for financial regulators. He added that;
“All of these regulations … they’re really regulations restraining your use of a digital asset as a currency rather than as a property.”
MicroStrategy is perhaps the most bullish cryptocurrency company in the world. The company has bought bitcoins worth more than $3.5 billion over the past few months. MicroStrategy’s Bitcoin holdings are now close to $7 billion, but the company doesn’t intend to sell its BTC stash anytime soon.
Bitcoin has been underperforming in recent weeks. The leading cryptocurrency’s price is down by more than 20% from the all-time high it reached early last month. At press time, BTC is trading just above the $55k mark.