Michael Saylor has come up with a new essay titled “What is Money?” in which he has made an argument that Bitcoin [BTC] is a better form of money than gold and fiat money.
Saylor contends that money is an economic value that has been stored as a result of people’s labor, time, and intelligence. Since inflation, taxes, fees, restrictions, and confiscation produce what he refers to as “monetary entropy,” good money should maintain its value over time and be able to travel across borders.
Then he contrasts fiat money with gold. Although gold is durable, difficult to make artificially, and scarce, its physical characteristics make it challenging to move and store. While digital payments make fiat money easier to transfer, governments and central banks have the power to alter monetary policy, freeze accounts, prevent transfers, or lower purchasing power through inflation.
Saylor vouches for Bitcoin despite volatility
Saylor argues that Bitcoin combines the strengths of gold and fiat while reducing their weaknesses. It is digital, making it easier to store and transfer than gold, while its supply is governed by a public protocol rather than a government or central bank.
