Can stablecoin US dollars cause ‘every currency other than top dozen to collapse’

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Bil­lion­aire entre­pre­neur Michael Say­lor is known for his bom­bas­tic metaphors and high ambi­tions where Bit­coin is con­cerned. Dur­ing an episode of the What Bit­coin Did pod­cast, Say­lor spoke to host Peter McCor­ma­ck to explain why he viewed Bit­coin as a form of energy.

Show some energy, folks

Say­lor spent quite some time explor­ing dif­fer­ent forms of ener­gy and their trans­for­ma­tions. Point­ing out that prop­er­ty could be turned into mon­ey, Say­lor said,

“Twen­ty first cen­tu­ry, Bit­coin: you can con­vert the prop­er­ty into mon­ey in a few min­utes. The com­mis­sion is 0.1 per­cent, it’s liq­uid, you can move it any­where in the world, and it doesn’t lose its ener­gy, right?”

He fin­ished,

“So is Bit­coin dig­i­tal mon­ey? Yeah. Is it dig­i­tal prop­er­ty? Yeah. Is it dig­i­tal ener­gy? Yeah.”

Say­lor also claimed that oil and oil stan­dard­iza­tion helped Amer­i­ca win World War II. The exec used this exam­ple to sug­gest that Bit­coin could sim­i­lar­ly empow­er coun­tries in this day and age. 

Inflation is not my call

As expect­ed, ris­ing prices world­wide were a major part of the dis­cus­sion. How­ev­er, Say­lor claimed that large insti­tu­tions had the pow­er to pave the way for Bitcoin’s dom­i­nance. He mused,

“…do I  mind if JP Mor­gan starts cus­tody­ing 100 bil­lion dol­lars of Bit­coin? They’ll pick up the phone, call their clients, all their clients will start buy­ing Bit­coin, and the price of Bit­coin will go to the roof, and it will demon­e­tize 100 tril­lion dol­lars of oth­er assets.”

Well, in that con­text, the ques­tion is- what could Amer­i­ca do to avoid such an out­come? Say­lor pro­posed,

“I real­ly feel like the next step in the eco­nom­ic evo­lu­tion of the world is the Unit­ed States dol­lar is going to col­lapse all 100 weak cur­ren­cies, if it gets on a cryp­to rail. If we have sta­ble­coin US dol­lars, I think that every cur­ren­cy oth­er than the top dozen is going to col­lapse and all those coun­tries are going to dol­lar­ize and I think that Bit­coin is going to col­lapse all the weak assets.”

Buy low, Saylor high

Dur­ing a Fox News inter­view on 30 Novem­ber, Say­lor found him­self hav­ing to explain the prac­ti­cal pur­pose of Bit­coin to non-cryp­to investors. The entre­pre­neur dis­cussed how infla­tion and mon­e­tary poli­cies were weak­en­ing the econ­o­my. To dri­ve home his point, he used the exam­ple of a body being drained of blood and oxygen.

Say­lor con­clud­ed,

“The point of Bit­coin is to fix the money.”

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