On February 9, Cointelegraph released a clip of Fox’s interview with Strategy Chairman Michael Saylor in January.
Many media outlets reprinted this report, with more explosive headlines than one another. Some media reported that Michael Saylor was going to burn his BTC keys when he was dying to ensure that these tokens would never be sold. These headlines are so eye-catching!
So let's take a look at what Saylor actually said, whether he really hinted at something, and what his real purpose was in proposing to burn the keys?
What exactly was said in the Saylor interview clip?
In the video, Saylor mentions that for those holding a large number of bitcoins, they could burn their private keys and then make a 'proportional contribution' to all bitcoin holders 'based on their contribution to bitcoin.'
In simple terms, it means permanently removing these bitcoins from circulation, which will make the remaining bitcoins more valuable. This is somewhat similar to Trump's previous call for everyone not to sell bitcoins and to hoard more bitcoins.
Among the many proposals for bitcoin reserves, there is a common consensus that prohibits the sale of BTC for a considerable period of time to ensure market stability and maintain ongoing demand growth.
In summary, Saylor proposes the idea of a long-term bitcoin reserve, believing it is worth considering, but he has not committed to implementing this strategy, nor has he indicated that he will lock up his held bitcoins indefinitely. He is merely participating in the discussion of this concept, and whether action will be taken in the future remains uncertain.
Saylor's views and philosophy on bitcoin
Saylor sees himself as a torchbearer of Satoshi Nakamoto's philosophy, dedicated to promoting the commercialization of bitcoin through cooperation with businesses and governments. His views resonate with Satoshi Nakamoto's original intent of enhancing the value of bitcoin through scarcity.
Saylor also reiterated that the limited supply of bitcoin is fundamental to its value. He even suggested that if governments invest in bitcoin, the dollar could become stronger as countries holding large amounts of bitcoin will have a more solid monetary foundation.
Saylor's views seem reasonable, but the reality is more complex. If someone were to actually destroy 450,000 BTC, it would be equivalent to canceling the mining output for the next three years, which could indeed lead to an increase in bitcoin prices.
However, differing opinions suggest that the total supply of bitcoin is not immutable. If miners reach a consensus to change the operational mechanisms of the bitcoin network, the cap of 21 million could change, which would affect the value of lost bitcoins.
Moreover, the threat of quantum computers cannot be ignored; they may decrypt or even steal 'lost' bitcoins. The community is working hard to address this challenge, but the outlook is uncertain.
Finally, do you think Saylor will really burn his private keys? If he really does that, what market effects will it have on bitcoin prices? See you in the comments!
