RE: Michael Saylor's Financial Advice To Turkey
You are viewing a single comment's thread:
So a few thoughts I have on this topic. I've studied Turkey's economy and currency for much of the past 13 years or so. Turkey's fiat currency has hyperinflated against the USD, selling their gold will not strengthen the Lira, it will only increase liquidity in the global gold market - temporarily. All that gold has to have a buyer, and Russia, China, and the US, would be happy to buy up a mere $50B in gold. That's small potatoes in the global economy, and Turkey's fiat currency has been losing purchasing power in Dollar-denominated terms for most of the past decade.
Bitcoin wouldn't improve the Lira's position in Dollar terms. Bitcoin is not a hedge against hyperinflation in the US Dollar, as proven in Venezuela and Iran, where their annual inflation rates are ungodly. This isn't to say I think Bitcoin has no use case, but, in this situation, Michael Saylor is pumping his bags. This is the same man who committed the largest accounting fraud in Wall Street history, up to the Dotcom crash, and this is the same man who went on tell-you-vision and preached to the viewing audience that they should all get a second mortgage on their houses to buy more Bitcoin.
It's straight up cult behavior, and no government would dare cross the IMF or the UN in going for Bitcoin rather than gold. Gold is a store-of-value, and Michael Saylor's opinion on it has always been negative, it's not like he was ever a fan of gold, and he is a small fish in a gigantic universal ocean. I would never take financial advice from someone who puts all his eggs in one basket.
I used to think this way, but the older I get and the more I study all of the people that are way richer than me, I see that many of them got that way by precisely putting all of their eggs in one basket.
It is a hard pill to swallow, but it seems more and more clear to me as time goes on that that might just be the way to do it ;-)
They focus on one thing and get really really good at it.
Thing is, at least in my view, Saylor is a cult leader, he says things that enrich his company and his personal Bitcoin holdings. Considering the reality that BlackRock is on a mission to corner the market and dry up the entire liquid supply, means price will most likely hyperinflate, before it becomes impossible to buy