© Reuters Michael Saylor calls BTC a properly constructed currency system
- Michael Saylor recently posted a snippet of a video interview on Twitter.
- The CEO called BTC the first properly constructed monetary system.
- BTC is currently trading at $19,256.22.
MicroStrategy founder and CEO Michael Saylor tweeted a video yesterday in which he compares (BTC) to other systems of money and value such as commodities, the fiat financial system and stocks.
#Bitcoin is the first properly constructed monetary system. pic.twitter.com/bPv0I2G50E
— Michael Saylor (@saylor) October 16, 2022
Captioning the post, “Bitcoin Is the First Money System Properly Engineered,” Saylor spoke about how catastrophic leaks in a closed ecosystem can be. To further develop his point, he mentioned the thermodynamic law of conservation of energy, which states that energy can neither be created nor destroyed.
Faced with this law, Saylor argued that the traditional financial system, which is supposed to be a closed ecosystem, has multiple leaks. He compares money in the fiat money system to energy in the law of thermodynamics and believes that value should be conserved within the closed ecosystem, which is not the case – leading to today’s inflation.
Because of this, the CEO states that Bitcoin (BTC) is the first properly constructed monetary ecosystem as no additional BTC can be introduced onto the blockchain and no coins can be burned within the BTC ecosystem.
In related news, BTC’s price is trading at $19,256.22 as it starts the week with a slight gain of 0.64%, according to crypto market tracking website CoinMarketCap. Still ranked as the largest crypto project by market cap, BTC’s market cap is $369.26 billion at press time.
The 24-hour trading volume for BTC is also up 27.15%, bringing the total to $19,666,608,143.
The post Michael Saylor Calls BTC a Properly Engineered Monetary System appeared first on Coin Edition.
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