Veteran Bitcoin advocate and evangelist, Michael Saylor has weighed in on the current strain on the market and its impact on investors by advising they should invest in scarce and portable assets. Taking to his official Twitter handle, Saylor noted that the best move anyone can make amidst fears of inflation and increase in taxation is to invest in assets with proven resilience against the negative market influences.
“The rational strategy in the face of escalating inflation & taxation risk is to construct a portfolio of scarce, desirable, portable assets that you can hold forever,” He revealed in the short tweet.
The rational strategy in the face of escalating inflation & taxation risk is to construct a portfolio of scarce, desirable, portable assets that you can hold forever.
— Michael Saylor (@michael_saylor) April 23, 2021
In the past hours, media reports have it that United States President Joe Biden is all geared to make a new Capital gains tax proposal which will see an increment to the current rate from 20% to 39.6%. Investors are reacting negatively to this news, evident by the tumbling of the stock market.
The cryptocurrency markets are not also spared as Bitcoin leads an encompassing market dip with over $3 billion lost from the global crypto market cap according to CoinMarketCap. Bitcoin is down 9.05% to $49,640.65 while Ethereum has parred off its gains over the past few days and is trading at $2,297.86 after suffering a loss of 10.72% in the past 24 hours. The proposed tax increment is impacting the crypto market as crypto investors are also subject to similar tax provisions as other mainstream market investors.
Saylor’s Precedents Shows His Advocacy is for Bitcoin
Based on Michael Saylor’s precedents with his prominent role in leading his firm to add over 90,000 BTC to its balance sheet, Michael Saylor in his tweet is indirectly advocating for the buyup of more Bitcoin.
Prior to this time, Saylor has often tagged Bitcoin as the most reliable store of value and the worthy hedge against inflation. Through his staunch belief in Bitcoin, Saylor has succeeded in convincing Elon Musk, to bet big on Bitcoin by sharing his BTC Playbook with the latter back in