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 the business intelligence company MicroStrategy, believes that Bitcoin is the best currency reserve in the world. However, he does not think that it is an excellent means of payment for goods and services.
He explained this in a recent interview with CoinDesk TV. There has been a fierce debate about the best use case of Bitcoin. Many argued that its best function is as a store of value, while others believe that it is a currency. Saylor belongs to the latter 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 will be volatility, but it seems to me that now we have a general recognition that the world needs inflation protection. So if you have Bitcoin, don’t sell it.“
According to the CEO of MicroStrategy, Bitcoin is the world’s reserve currency asset, while the US dollar is the best reserve currency in the world. Saylor explained that it is easier for financial regulators to consider Bitcoin as an asset rather than a currency. He added:
“All these regulations… they are really regulations that restrict your use of a digital asset as a currency and not as a property.“
MicroStrategy is perhaps the most optimistic cryptocurrency company in the world. The company has bought more than $3.5 billion worth of bitcoins in recent months. MicroStrategy’s Bitcoin holdings now total almost $7 billion, but the company does not intend to sell its BTC stockpile anytime soon.
Bitcoin has underperformed in recent weeks. The price of the leading cryptocurrency has fallen by more than 20% from the all-time high it reached at the beginning of last month. At the time of writing, BTC is trading just above the $55,000 mark.