I think it's a strategic move. He is very clear about the continual debasement of the dollar, he knows it has a limited life although it could be decades yet. To come out & publicly as he does and promote bitcoin as a currency to replace the dollar would create an awful lot of pushback I believe. There's institutional adoption happening that is undeniably a result of his bitcoin moves & I suspect the ETF's might not have happened this year without him . I think we'll all come to appreciate Saylor in the years to come, he's positive for bitcoin even if we don't agree with him on everything
Michael Saylor thinks #bitcoin is #capital, not #currency, and would like to see the world adopt the digital U.S. dollar as #money instead.
I vehemently disagree with his perspective.
My latest for nostr:npub1t8a7uumfmam38kal4xaakzyjccht4y5jxfs4cmlj0p768pxtwu8skh56yu.
https://bitcoinmagazine.com/takes/michael-saylor-doesnt-understand-bitcoin
Discussion
I already appreciate Saylor’s conviction around bitcoin as capital.
Without in-kind redemptions, I don’t think the ETFs are a good thing.
It could be a strategic move, but I don’t think it is. I’d imagine it’s very much the US government’s plan to hook the world on digital dollars and I wouldn’t put it past him to help play a role in that plan.
Sure if that's what you think that's fine. I have my doubts Saylor is in cahoots with the government that makes zero sense especially over a currency he has said over & over again is losing it's value. Even if he was championing bitcoin as the new reserve currency of the world it won't happen until bitcoin can scale. Onchain transactions cannot be used for day to day use and Lightning is nowhere close to ready for the world to use instead of dollars or stablecoins.
What he says just makes sense, and stablecoins are far more practical at the moment for daily transacting that anything bitcoin currently has to offer which is why people in high inflation countries use them. The government can't "hook the world" onto something that is constantly losing its value particularly if that value starts to decrease at a faster rate but bitcoin currently isn't ready to replace the dollar for daily use by the world, it just isn't.
If the SEC had it's way we would still be without the ETF's. I imagine in the next 12 months in-kind redemption will be allowed.