MicroStrategy CEO and founder Michael Saylor has criticized China’s continued action against Bitcoin (BTC), saying it will prove to be a “trillion-dollar mistake”.
“China had a 50% market share in bitcoin and they were making $10 billion a year in a business that grew 100% year over year,” entrepreneur Emily Change told Bloomberg Technology.
Saylor stressed that Chinese government pressure is “smuggling the Bitcoin industry out of China”
Saylor also said that this action is a tragedy for Chinese miners. In the past few weeks, pressure has forced miners to move their operations overseas, and the United States has proven to be a popular destination. More specifically, Texas is a strategic region due to cheap energy prices and its pro-crypto government. Reports indicate that there are rumors that Bitmain, Blockcap, Argo Blockchain and Great American Mining are moving their operations there.
In addition, Miami Mayor Francis Suarez said earlier in the month that his city will welcome displaced miners.
MicroStrategy increases BTC holdings
Emily Chang also devoted part of her interview with Saylor to discussing the current BTC drop. On June 21, MicroStrategy added another 13,005 BTC to its already significant holding, which is now over 100,000 BTC. Its value exceeds $3 billion.
Claiming that the CEO had “bought the dip”, Ms. Chang asked if she had considered the possibility that the plunge was actually “part of a prolonged plunge.”
Saylor said that China’s “rapid exit of capital and mining” is currently driving the crypto market dynamics.
He continued, describing his company’s own strategy as “long-term”, saying that BTC is to property what iPhone is to music.
“Bitcoin is the dematerialization of property,” he explained.
We absorb the value of gold, real estate and other property assets, as well as collectibles and art. We put it on a blockchain, we give it to people. This is a long-term trend; Millions of times more efficient than carrying your property on your back.
The CEO later wrote on Twitter to reiterate some of the main points from his interview:
If you want to bring joy to 5 billion people, you need digital music. If you want to inform 5 billion people, you need digital books. If you want to give wealth to 5 billion people, you need digital property.