Michael Silver, the founder of Microstrategy, announced that the death of money has come.
Silver said monetary inflation was even higher in weaker currencies, ranging from 20% to 100%, such as in Argentina. He added that global governments are now facing a crisis of confidence in banks, which is causing consumers to lose confidence in fiat money.
Therefore, he believes that money is dying and this issue is clear and obvious in Venezuela and Argentina. He claims that this situation has even occurred in the United States and Western Europe.
He then pointed out the challenges that people face when moving commodities such as gold, oil, real estate, securities and even a painting, and often have to pay significant fees. To exchange $10 million in cash for a painting would cost at least $500,000 to $2 million in auction fees, Silver says.
According to this billionaire, this is why Bitcoin is the “king of commodities”; Because it is digital and limited. He explained that Bitcoin allows merchants to transfer millions of dollars of money around the world, while other forms of commodity money are too slow, costly, fragile or non-tradable.
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