September posted a net negative change in cryptocurrency ATM installations, marking a dip in the number of machines for the first time ever.
Michael Saylor, one of Bitcoin’s leading advocates in the institutional space, has reconfirmed his support for the cryptocurrency.
As MicroStrategy CEO, Saylor has expressed his proponency for Bitcoin as an alternative asset worth investment from both a retail and institutional point. Speaking at a recent cryptocurrency convention, Saylor commented on the benefits of Bitcoin as a cross-border asset. Comparing Bitcoin to other alternative assets such as gold, real estate and shares, Saylor pointed out Bitcoin’s global value as a unique element.
While Bitcoin does require a massive amount of energy to produce and for transactions, Saylor pointed out the sustainable value that Bitcoin has as a long-term held asset. For example, property and real estate require maintenance for it to be feasible as a long-term investment, otherwise, it will not only lose value but it can also become a liability to upkeep. Bitcoin on the other hand represents an investment that, once purchased, requires no maintenance. He noted:
“Bitcoin represents a property that you can acquire in small pieces that you can carry with you anywhere you go. You can give to your children’s children’s children’s children. And in 250 years, maybe your family still owns the property.”
Bitcoin and other commodities
While cryptocurrencies have a reputation for volatility, they’ve begun to mirror traditional equities more and more, following tech stocks especially. While there are associated trends that have formed in their movements in the market, however, Bitcoin and shares do still offer investors different opportunities.
Cryptocurrencies, as Saylor indicated, offer investors a global asset that does not have the same sort of red tape that stock has. This means there is greater access for both new and experienced investors to buy and hold tokens. It also means that anybody, from anywhere in the world (national regulation dependent) can buy Bitcoin and store it as an asset.
It is worth noting that there are countries where Bitcoin is banned (such as China) and storing the token is illegal. Regulation in the cryptocurrency space is still in progress across the world, with more and more countries looking to add crypto-regulated legal frameworks to their financial operations.