Bitcoin Is the kingmaker: Microstrategy’s Michael Saylor

CEO of Microstrategy Michael Saylor has advised Nigeria and Zimbabwe to issue currencies backed by Bitcoin (BTC) to help them address economic challenges.

Speaking in a video, where he also addressed claims that the Bitcoin network was too big to scale, Saylor suggested to the African nations to purchase $2 – 3 billion worth of BTC and peg their currency to it. He explained that:

“You wanna fix your country, like Nigeria, or Zimbabwe? The way you fix your country is you buy $2 billion, $3 billion worth of bitcoin, and you issue currency backed by the bitcoin. That is the bitcoin standard. And every one of your citizens stops starving to death. And they live a decent life.”

Before proposing suggestions to Nigeria and Zimbabwe, the CEO also highlighted Turkey as another country that needed the help of BTC to revitalize the lira. Saylor explained that if Turkey purchased $5 billion worth of BTC and held them for the next five years, it should strengthen the lira.

That said, only one country—El Salvador—has acted in line with Saylor’s suggestion. Other countries have instead decided to create their digital currencies, like Nigeria with the eNaira, which they hold should lessen the appeal of Bitcoin.

However, Saylor insisted in the same video that “this will happen and this will prove that bitcoin is ‘the kingmaker.’”

Key Bitcoin Levels to Watch — October 19

BTC continues to struggle to record a clean break above our ascending trending, although glued to it, indicating bullish persistence. That said, bulls could secure a break above the $63,000 critical resistance over the coming days if they maintain this persistence and could reclaim the $65,000 peak before the end of this week.

We expect the price of the benchmark cryptocurrency to continue posting higher lows along our supporting trendline to $65,000. However, failure to push above the $63,000 resistance in the coming hours and days could foil this bullish trajectory and trigger a massive correction.

Meanwhile, our resistance levels are at $63,000, $64,000, and $65,000, and our key support levels are at $61,785, $61,000, and $60,000.

Total Market Capitalization: $2.49 trillion

Bitcoin Market Capitalization: $1.17 trillion

Bitcoin Dominance: 47.1%

Market Rank: #1

 

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