Michael Saylor: Bitcoin is the best solution for devaluation

The former head of MicroStrategy, Michael Saylor, saw in the first cryptocurrency a solution for Turkey with a depreciating national currency.

#Bitcoin represents the best solution for those struggling to survive in an economy with a collapsing currency like the Lira.

— Michael Saylor (@saylor) June 9, 2023

Sailor responded to a tweet by economist Mohamed El-Erian about economic problems in Turkey. According to the latter, local authorities have less desire and less opportunity to interfere in what is happening in the markets.

According to the Turkish Bureau of Statistics, in May, annual inflation in the country amounted to 39.59%. The Inflation Study Group, made up of independent economists, put the figure at 109.01%.

In November 2022, Saylor saw bitcoin as “hope” for Lebanon, whose national currency had fallen 96% against the US dollar. Then CNBC wrote that locals see cryptocurrencies as a “lifeline”. For some of them, mining has replaced full-time work.

Michael Saylor is a well-known supporter of bitcoin. He calls the first cryptocurrency the most reliable thing in an unstable world and a global reserve asset.

In May 2023, Saylor stated that bitcoin would help eliminate AI-generated cybersecurity threats such as deepfakes.

Source: bitcoinlinux.com