Currency: Michael Saylor: US dollar on track to lose 99% of its value

The US dollar is considered one of the strongest currencies today. The American currency is considered the global reserve currency of the world, which gives it more power and prestige in global affairs. However, the prestige of the US dollar is now under pressure as the multipolar currency world is changing the current financial dynamics. In this regard, Michael Saylor, CEO of MicroStrategy, reiterated his previous stance and added that the US dollar is bound to lose value in one way or another.

Also read: US economy slows and shows signs of possible decline

Buffet and Munger know this: The USD is losing its power: Saylor

Saylor took the internet by storm this week. The Microstrategy CEO participated in a PBD podcast hosted by Patrick B. David. The podcast session was quite interesting as Saylor revealed how the US dollar continues to lose value with each passing day.

Saylor compared the US dollar to the Argentine peso and stated that the US dollar is about to lose 99 percent of its value. The greenback is also heading towards its demise.

“The only difference between the U.S. dollar and the (Argentine) peso is that it takes 20 years to lose your family’s wealth in pesos, while it takes about 90 years to lose your family’s wealth in dollars,” Saylor shared.

Regarding the inevitable fall of the U.S. dollar, Saylor said that even top investors like Warren Buffett and Charlie Munger are aware of the reality of the greenback’s devaluation.

“My house in Miami Beach was worth $100,000 in 1930. A few years ago it was valued at $46 million,” he said. “Do that. It’s on track to be worth $100 million, which means that in 100 years the U.S. dollar will have lost 99.9 percent of its value. Warren Buffett knows that. Charlie Munger knows that.”

Currency Thoughts: Bitcoin is Stronger Than the US Dollar – Saylor

Saylor explained the future direction of the USD and also explained how the value of the US dollar is continuously declining. The Microstrategy CEO underlined the above point and explained that storing your money in banks, especially if it is denominated in USD, is equivalent to losing 15% of your wealth in a year.

Read also: Currency: New country abandons the US dollar

“The bottom line is that your money in the bank is not money. So, the answer is you shouldn’t have money in the bank,” he said. “In a good year, you basically lose 7% of your total wealth when it comes to the dollar. In a bad year, you lose 15% of your wealth when it comes to the dollar.”

Saylor took a pro-Bitcoin stance, reiterating that Bitcoin is the key to solving all monetary problems. Saylor elaborated on the free movement and accessibility of Bitcoin, stating that BTC is the new future of money.

“It’s global money. You could bring a billion dollars worth of bitcoins across the border. You can transfer it to a counterparty, and no government can prohibit that, and no one can inflate it,” Saylor said.

MicroStrategy, a well-known analytics firm led by Michael Saylor, is actively involved in Bitcoin promotion. The company currently holds nearly 226,331 Bitcoins, a number that the company plans to diversify even further.