Staying focused on the BCH mission

Friday, September 18th, 2020

I just finished watching Anthony Pompliano's interview of Michael Saylor, the CEO of Microstrategy, aka the company that just purchased $425M of Bitcoin.

I found it to be an interesting interview and one that was worth watching. Saylor lays out his company's rationale for taking almost all the cash sitting on their balance sheet and using it to buy BTC. Throughout the hour and 20 minute discussion you hear expected phrases like wealth preservation, inflation hedge, digital gold.

He also makes a compelling case for why his company chose Bitcoin (BTC) as opposed to other cryptocurrencies like Ethereum or Bitcoin Cash. The reasons given are BTC's overall network effect and proven track record, as well as the BTC community's resistance to hardforking in any changes to the protocol. He says he could care less about high transaction fees, or smart contracts, because all he wants is a network that maintains a constant store of value.

That's all well and good, but for me personally, wealth preservation and simply creating yet another asset to diversify one's portfolio aren't what interests me about crypto.

To me the value proposition of crypto is the ability to transact with people all over the world, securely, privately, instantly, practically for free, as well as being a store of value. This is why I support the Bitcoin Cash mission of becoming the greatest form of money in the history of the world. Money that can do things never done before. Money that opens up new markets and new opportunities. Money that can both be a store of value and a medium of exchange.

Sure, BTC offers something you can't get with physical gold, but by limiting innovation and being unwilling to evolve, I think BTC's value proposition is capped much like its block size, and the magic has been lost.

To me it's more concerning that someone bought $425M of BTC and the price didn't move. What happens when there are no more buyers interested in using BTC as a store of value? What happens when you run out of greater fools?

I think Bitcoin was an amazing innovation, but its goal was never intended to only be a digital store of value. I believe Satoshi Nakamoto's invention was meant to lead to a paradigm shift. To change the way we interact and do business.

I couldn't help but notice that during the entire interview they didn't once mention the potential benefits of cryptocurrencies increasing economic freedom in the world, or taking power away from the state, or banking the unbanked.

It's why the baton has been passed to Bitcoin Cash to fulfill the original mission of creating the best money the world has ever seen. Money that isn't just intended to sit on some company's balance sheet for the next hundred years.