Michael Saylor makes the case for Bitcoin (BTC) with a history lesson. The Chairman of MicroStrategy shared with Rivers a study of 60 government funds since 1700. The point is simple. Paper money fails, and Bitcoin was built to fix it.
River, a Bitcoin Financial Services company, published a chart this week. It says that the average fiat currency lasts only 27 years.
326 Years of Fiat History Behind Saylor’s Bitcoin Pitch
The chart tells a sad story. Many currencies have died in hyperinflation, explained by economist Steve Hanke and Nicholas Krus as prices are rising by more than 50% per month.
The German Papiermark (or Paper Mark) went that way in 1923. The Hungarian Pengő followed in 1946, when prices doubled about every 15 hours. The Zimbabwe dollar collapsed in 2008.
The survivors did not fare much better. The US dollar has lost 97% of its purchasing power. The British pound has fallen by 99.7%, and the Japanese yen by 99.9%. Even the euro, the smallest and best performing currency, has lost 44% since 1999.
The stream is ahead of the chart’s limit. It calls the data a representative sample, not a census, and says that most currencies prior to 1971 were partially backed by gold. That year finds its lowest line, showing when the dollar broke its last tie to gold.
“Fiat money is the problem. The companies, institutions, security, and technologies that strengthen Bitcoin are part of the solution. We can argue ideas without making the mistake of allies and adversaries,” Saylor he replied.
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Specifically, Michael Saylor’s The shape of Bitcoin for the next decadecalls the pioneer crypto a digital economy whose power lies in its base bit has changed. They see Bitcoin as the world’s rarest capital for the final settlement, not least for daily payments.
His biggest bet is that Bitcoin supports a new financial system built on digital capital, credit, and cash.
Stream Says Most Cryptocurrencies Fail the Same Test
River Warning is not just about fiat. The company claims that the common cryptocurrency does not even expire in a year. Almost all of them fall to zero when bought in Bitcoin.
“All currencies suffer from the same problem: centralized power and unlimited liquidity. Bitcoin was created to surpass all fiat currencies,” the company said. he said in his post.
At this time, not everyone agrees that Bitcoin’s structure is stable. StarkWare CEO Eli Ben-Sasson recently opposed a fixed cap for BitcoinArguing a lost key will limit its usage forever.
Chainalysis comparison that up to 3.79 million BTC were already unrecoverable by 2017. Supporters refused his 4% Release processing, since 95.5% of all Bitcoins are now available.
The market adds a twist to Saylor’s pitch. Bitcoin trades around $63,252, down about 47% year-to-date.
MicroStrategy still has 843,775 BTC, the largest company, even after this. selling 3,588 BTC this month, its biggest sale since 2022.
History says that fiat money ends. The coming months will test whether investors still believe that Bitcoin is the escape.
A note MicroStrategy’s Saylor Pitches Bitcoin Bull Case And 300 Years Of Fiat History appeared for the first time BeInCrypto.
