In an 84-minute podcast interview, vocal executive chairman and co-founder of business intelligence firm MicroStrategy Michael Saylor recently extolled the virtues of Bitcoin, predicting that it will reach $10 million per coin and that China as a whole will embrace the digital currency. Bits of Saylor’s outrageous price prediction, “the cost of Bitcoin’s going to go up to ten million dollars a coin,” appear in the opening of the video above, coupled with statements made in the entrepreneur’s trademark bombast: What distinguishes perfect money from imperfect money? Economic immortality is equal to perfect money. A life without money is a harsh and brief existence for each of us.
Aside from Saylor’s seeming conviction that Bitcoin is the money of the future, the key lesson is that it functions as a kind of corporate immortality machine for society. Saylor asked, “What if I told you I could make your company live forever?” to introduce this concept. He claims that since the arrival of Bitcoin, everything that came before it has been economically obsolete: Prior to Satoshi, economics was pseudoscientific. It’s a liberal art form that borders on religion, and it’s rife with biases and preconceptions. Prior to Satoshi, all economists were attempting to decipher the principles of economics using items such as glass beads, seashells, bits of paper, and credit instruments.
Saylor’s major argument ultimately centered on the notion that businesses who use Bitcoin are better positioned to survive than those that are still caught up in the traditional corporate malaise. According to Saylor: “A corporation’s typical life expectancy is approximately ten years. We are talking about eradicating corporate death and easily extending economic vitality by a factor of ten, perhaps even a hundred, perhaps even a million.”Saylor seems to have a good idea of how exactly this would function as well. In addition to openly declaring that he thought the Chinese people and government would accept Bitcoin, he made the forecast that one Bitcoin will be worth $10 million at some point in the future.