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Executives Saylor and Wood Sees a Strong Support for Bitcoin from the US Government

Photo: CoinDesk

In a chat at the Bitcoin 2022 conference on Thursday, Michael Saylor and Cathie Wood, chief executives at MicroStrategy and ARK, respectively, provided a whole list of reasons why they believe bitcoin will remain a popular investment body and rise in price. 

Talking to a fully loaded chamber of bitcoin flock, who made a standing ovation for the two at their introduction, Saylor and Wood told the crowd numerous political and technological grounds for their confidence in the biggest cryptocurrency in the world by market value. 

On the political aspect, Saylor stated that President Joe Biden’s latest executive order commanding several federal agencies to correlate their tactics to overseeing the sector emulated the “president of the United States giving a green light to bitcoin.”

To note, Saylor’s company holds $6 billion worth of bitcoin. 

“If I scan the last 100 years of history [and ask] when was the last time the president of the United States directed the government to embrace a new asset class, the answer is never,” added Saylor. 

According to him, the order is Biden telling various US agencies to “get educated on bitcoin and figure out how to get it incorporated into the government.” 

Wood supported the claim that there has been an increasing political backing for bitcoin in the US. 

“You’re seeing the politics around bitcoin changing radically because it has become the single issue that some people are voting on, and this is becoming bipartisan,” stated Wood, who sees bitcoin attaining $1 million worth by 2030. 

But Wood hinted at a political warning citing China’s supposed unwavering blockchain support a few years ago, only to later prohibit the trading across its borders to favor its own central bank digital currency (CBDC). 

“I don’t hear talk about that here and haven’t heard much talk about ‘hey, this is going to displace the dollar as the reserve currency of the world,’” stated Wood. “That’s very good we’re not hearing that kind of rhetoric here. But I’m sure as the elections evolve, someone will raise that as an issue.”

Opinions expressed by Coin Week contributors are their own.