Michael Saylor of Microstrategy warns that China could become a hegemon in the cryptocurrency ecosystem if the United States does not act on this topic.
Saylor: China may become a hegemon
In a new interview at the conference MIT Bitcoin Expo, the billionaire reported that it is now inevitable that Bitcoin will become a staple resource in the world that can help move around the globe on mobile payment rails while supporting a given fiat currency.
However, Saylor also says that if the United States takes no initiative to bring about this revolution, China will. He believes this scenario is very pessimistic for the US.
– The real question is, will the United States provide the technology to solve the monetary economy problem for the entire planet, or will we relinquish our leadership role? All of this means that capital will move overseas, technology will move overseas, and people may not use English and the dollar, but will use Chinese and Chinese yuan. I don’t think that’s good for the United States – He said.
The US must open up to BTC
The CEO of Microstrategy says that to avoid handing over the leader’s yellow jersey to China, U.S. entities must accept Bitcoin.
– A mobile wallet is something that goes to everyone on the planet, whether we like it or not. And if it does not rely on Bitcoin controlled and owned by US investors and US companies operating on US technology, spreading US value, spreading the US dollar, it will rely on Chinese yuan – says Saylor.
He added that a scenario could happen in which instead of US dollars, people “They will use Chinese yuan”, which in a way will be related to BTC.
Saylor’s remarks are most appropriate, as another installment of the US-China Cold War is taking place in the background. Experts suggest that so far there is a balance between the two powers. But technology can tip the balance one way or the other.