‘100 Hours of Study’ To Know How BTC Works, Says Microstrategy CEO
2022.06.22 17:31
‘100 Hours of Study’ To Know How BTC Works, Says Microstrategy CEO
- Michael Saylor of MicroStrategy said a reasonable person needs 100 hours of study to understand how the Bitcoin network works.
- The CEO has been accused of going too far in promoting BTC when he asked people to mortgage their homes and failing businesses for crypto.
- BTC briefly touched $19,900 in the last 24 hours and trades slightly above the $20k price point.
Michael Saylor, the CEO of MicroStrategy Inc., said the average person needs 100 hours of dedicated learning to deeply understand how the Bitcoin network works and why it’s unique. “It is 100 times bigger than the next substitute of the next competitor,” he added.
Saylor made the bold declaration while fielding questions from a Fox Business journalist on June 21, 2022.
When asked about the notion of crypto being decentralized and needing regulation, he said Bitcoin is an amateur asset class maturing. Any regulation is suitable, provided regulators get good guidance about Bitcoin.
Bitcoin study is essential, he said, because many people take advice from the government. He believes that if the government clarifies to the public the difference between a commodity, security, a currency, and how they may be used, it will open up a much easier path for institutional investors, mainstream investors, and corporations to get involved.
He went on to say Bitcoin (BTC) represents a high-risk, high volatility asset to the short-term investor, but not for a person with a ten-year term view.
The CEO has been accused of going too far in promoting BTC when he asked people to mortgage their homes and failing businesses to invest the proceeds in cryptocurrency. In response to the claim, he argued that telling someone to get a 30-year mortgage at a fraction of the current price is not bad financial advice. He added that BTC had been up on average by 52% for the past two years and 51% in the last five years, which is ten times better than Nasdaq.
BTC briefly touched $19,900 in the last 24 hours and trades slightly above the $20k price point.
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