The US dollar is deemed one of the strongest currencies to exist in the present age. The American currency is crowned as the world’s global reserve currency, giving it more power and prestige over global proceedings. However, the US dollar’s prestige is now under pressure as the multipolar currency world is changing the current financial dynamics. In this wake, Michael Saylor, MicroStrategy’s chief reiterated his earlier stance, adding how the US dollar is bound to lose its value one way or the other.
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Buffet and Munger Knows This, USD Is Losing Its Power: Saylor
Saylor has taken the internet by storm this week. The Microstrategy chief attended a PBD Podcast hosted by Patrick B David. The podcast session was quite interesting with Saylor spilling tea on how the US dollar continues to shed its value with each passing day.
Comparing the USD with the Argentinian Peso, Saylor shared that the USD is on the verge of losing 99% of its value, adding how the greenback is edging towards its demise.
“The only difference [between] the U.S. dollar and the [Argentine] peso is, whereas it takes 20 years to lose your family’s fortune in the peso, it takes about 90 years to lose your family’s fortune in the dollar,” Saylor shared
Speaking about the inevitable fall of the US dollar, Saylor said that the greenback’s depreciated reality is something that even ace investors like Warren Buffett and Charlie Munger are also aware of.
“My house in Miami Beach was $100,000 in 1930. It was appraised at $46 million a few years ago,” he said. “Do the calculation. It’s on a path to be worth $100 million, which means that the U.S. dollar will have lost 99.9% of its value over 100 years. Warren Buffett knows this. Charlie Munger knows this.”
Currency Musings: Bitcoin Is The Stronger Than US Dollar- Saylor
Detailing the USD’s future path, Saylor further shared how the US dollar is constantly declining in value. Emphasizing the aforementioned point, Microstrategy’s CEO shared how storing your money in banks, especially when denominated in USD, is similar to losing 15% of your wealth in one year.
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“The bottom line there is, your money in the bank isn’t money. Okay, so the answer is, you shouldn’t have any money in a bank,” he said. “You’re basically losing 7% of all your wealth every year in a good year if it’s the dollar; you’re losing 15% of your wealth in a not-good year if it’s the dollar.”
Adapting a pro-Bitcoin stance, Saylor reiterated how Bitcoin is the key to solving all currency woes. Elaborating more on Bitcoin’s free movement and accessibility, Saylor shared how BTC is the new future of money.
“It is global money. You could take a billion dollars of bitcoin across the border. You can transfer it to a counterparty, and no government can interdict that, and nobody can inflate that,” Saylor said.
MicroStrategy, a notable analytics firm, which is headed by Michael Saylor, is actively involved in promoting Bitcoin. The firm at present holds nearly 226,331 Bitcoins as of now, a number that the firm intends to diversify even more.