MicroStrategy CEO and Bitcoin (BTC) advocate Michael Saylor doubled down on his support for Bitcoin as he explained the issues related to transferring the value of physical properties such as gold, company stocks or equity and real estate during the Australia Crypto Convention.
Speaking about the underlying proof-of-work (PoW) consensus mechanism, Saylor highlighted that Bitcoin is backed by $20 billion worth of proprietary mining hardware and $20 billion worth of energy.
He then pointed out that traditional assets such as gold (in high quantity) and land are nearly impossible to carry forward across geographical boundaries, adding:
“If you have a property in Africa, no one’s gonna want to rent it from you if they live in London. But if you have a billion dollars of Bitcoin, you can