Michael Saylor Says Bitcoin is Hope For Canada

[Leviathan.007]

Bitcoin is "Canada's hope," said Michael Saylor, president, and CEO of MicroStrategy.
Michael Saylor, who has become a bull in the cryptocurrency with the purchase of bitcoin, posted a post from the official bitcoin page on Twitter on his page.
The tweet notes that Canada is able to use hydropower to power the entire Bitcoin network. The company announced that Canada has a capacity of 400 TWh of hydroelectric power. While the country's bitcoin network operates at only 129 TWh.



In addition, Michael Saylor and his company are known as true sponsors of Bitcoin. Saylor, who calls himself a crypto guru, believes that bitcoin is a one-time change in life. Is. He also advises everyone to convert their cash into bitcoins.
Saylor also expressed his other views on Bitcoin. Bitcoin is currently the most powerful technology in the 21st century, he said.
Canada has been at the forefront since the mass exodus of bitcoin miners from China. Recently, Bitcoin miners naturally turn to energy-efficient sources, said Brian Mosoff, CEO of Ether Capital, a Canadian and cryptocurrency-focused entrepreneur.
He described Alberta as a great place to go. Mosoff added that Quebec and Ontario are other areas where miners can set up bases.


Source: https://coinquora.com/michael-saylor-says-bitcoin-is-hope-for-canada/

[mk4]

I slightly dislike(I know, I can be petty) those Twitter people who seems to think that Bitcoin is the answer to literally whatever news-trending problem there is. But "wasted" renewable energy is one good use-case of Bitcoin mining. They contribute to the network, and at the same time they get value in exchange for the supposedly wasted energy. Win-win!

[blckhawk]

I slightly dislike(I know, I can be petty) those Twitter people who seems to think that Bitcoin is the answer to literally whatever news-trending problem there is. But "wasted" renewable energy is one good use-case of Bitcoin mining. They contribute to the network, and at the same time they get value in exchange for the supposedly wasted energy. Win-win!

They're trying to hype bitcoin, it's the fault of those ultra fanatics.of bitcoin that exaggerated it's uses and it's purpose to the point that it become the truth/norm for the many. And those Twitter people are all shills, they have somethinng to gain when the price goes up so they use the platform of Twitter to shill for bitcoin.

[electronicash]

I slightly dislike(I know, I can be petty) those Twitter people who seems to think that Bitcoin is the answer to literally whatever news-trending problem there is. But "wasted" renewable energy is one good use-case of Bitcoin mining. They contribute to the network, and at the same time they get value in exchange for the supposedly wasted energy. Win-win!

They're trying to hype bitcoin, it's the fault of those ultra fanatics.of bitcoin that exaggerated it's uses and it's purpose to the point that it become the truth/norm for the many. And those Twitter people are all shills, they have somethinng to gain when the price goes up so they use the platform of Twitter to shill for bitcoin.

hyping is always the key here and we love it!  BTC

big countries take loans and loan again to get out of debt. and if everything doesn't work, countries can go to war for money because money is power. if Canada has energy sources why not. but this might be too early for Canada to go into Bitcoin. there are poorer countries out there to convince than Canada. any stoner out there in Canada can think about mining BTC thru the fans of cannabis grower.

[Charles-Tim]

They're trying to hype bitcoin, it's the fault of those ultra fanatics.of bitcoin that exaggerated it's uses and it's purpose to the point that it become the truth/norm for the many. And those Twitter people are all shills, they have somethinng to gain when the price goes up so they use the platform of Twitter to shill for bitcoin.

You can say that but the fact is that Bitcoin is an appropriative asset, be it has it may, Bitcoin price will rise above $100000 one day. I have commented on a thread recently, the price of bitcoin is controlled by buying and selling, while the buying makes the price to appropriate, if people are holding it and advising others to do that, I do not see anything wrong in that. Fiat are not appreciative and can be devalued anytime by the government which is what the government love to do, rather than to appreciate it up, is that what we want? Over long time period, fiat is devalued. So, if advising people to go for Bitcoin which is deflationary, there is nothing wrong about that.

[fiulpro]

Well for real You cannot just convert 100% of your investment in Bitcoins that would be really risky because even though bitcoins is a high thing right now we do have a lot of volatility in the market, thus I do believe that you should always keep some cash aside for the emergencies at the same time even though Canada is capable of supplying more energy for the bitcoins, they have to realize that it's not that easy, manipulation in the market is too real and at that time people would be devastated if their strategies did not end well. But I do believe that during the COVID things might become much more lenient with Bitcoins and might end up making huge profits.

[dkbit98]

I would not like to see Canada taking over majority Bitcoin mining, because that would mean miners would have to switch from one communist country to other.
It's well known fact that Justin Trudeau admires China and he is trying to copy-paste their model to Canada, and since most politicians are corrupted crooks I would not be surprised if he was on Chinese payment list.
I am not against Bitcoin miners spreading worldwide, and Canada have natural potential, but If Chinese could ban mining that means that Canada with current government can do the same thing in near future.

[NeuroticFish]

While Canada can be an option for mining - if there's indeed so much unused electricity and because the cold climate helps too - I don't know at what price is the electricity actually sold there and I don't know if it's indeed the solution for out-of-China miners (business costs are most probably a lot different in/around China and in North America).

So while Canada can be an interesting option for US miners (unless they already have their own free power, obviously), I doubt it will do for Asian ones.

[Upgrade00]

Michael Saylor, who has become a bull in the cryptocurrency with the purchase of bitcoin, posted a post from the official bitcoin page on Twitter on his page.

There is no such thing as an official Bitcoin page on any social platform. Bitcoin is decentralized and no one can create an official account for it. The handle in question was created late last year and is simply an account that discusses Bitcoin and related topics.

hyping is always the key here and we love it!  BTC

No it isn't. Hype creates temporary price changes, but cannot sustain prolonged growth.

[BIT-BENDER]

I slightly dislike(I know, I can be petty) those Twitter people who seems to think that Bitcoin is the answer to literally whatever news-trending problem there is. But "wasted" renewable energy is one good use-case of Bitcoin mining. They contribute to the network, and at the same time they get value in exchange for the supposedly wasted energy. Win-win!

Not only twitter, I think I have an obsessed friend who can't say a word without digressing his to go Bitcoin, always up for anything, when Bitcoin drops he would be like I knew it was just another scam, if it rises he would be like do you best to get as many Bitcoin like him, have come to see him as another real life influencers I am experiencing, they won't to be their in the midst of it, want to be seen as knowledgeable.

[hatshepsut93]

He's saying "hope" as if Canada is on the verge of collapsing and is desperately looking for money. Also, the total mining revenue of Bitcoin network per year, assuming they sell at $46k per coinm is around $15 billion, while Canada's federal budget is $300 billion, so how can you talk about saving Canada if even in this scenario when Canada would go all-in on mining Bitcoin, it would still be a fraction of their spendings, and this is ignoring the cost of buying miners and costs of electricity.

[yazher]

They want to get a portion of miners to migrate to their country which is much more likely complicated than China. I would not gamble to migrate there since their economy is not good right now and they don't know if they can stay there for too long after establishing their mining camp. It's better to stay where they are and be like that since no one really cares about them wherever country they established their camp right now. If they want Canada can make their own bitcoin mining site if they really wanted some hope for their country and they can start it themselves before recruiting others to come to them.

[Slow death]

Saylor, who calls himself a crypto guru, believes that bitcoin is a one-time change in life.

calls himself a crypto guru

I don't understand what he means by bitcoin "one-time change in life"?

Is. He also advises everyone to convert their cash into bitcoins.

and after people convert their money into bitcoin what will they do? hodl to make 10X profit what if they buy and the price drops a lot? not all people have the patience and brains to deal with losses in a way that is not radical. I think he should be careful when giving this kind of advice.

[Tim-BTC]

Saylor, who calls himself a crypto guru, believes that bitcoin is a one-time change in life.

calls himself a crypto guru

I don't understand what he means by bitcoin "one-time change in life"?

Is. He also advises everyone to convert their cash into bitcoins.

and after people convert their money into bitcoin what will they do? hodl to make 10X profit what if they buy and the price drops a lot? not all people have the patience and brains to deal with losses in a way that is not radical. I think he should be careful when giving this kind of advice.

Yes, I have the same worry as you. Beginners may not be able to withstand short-term fluctuations, in case of a loss, it will have a negative impact.
Friends who are interested should be advised to learn more about Bitcoin, what is its charm and so on, instead of buying it.

[mk4]

They're trying to hype bitcoin, it's the fault of those ultra fanatics.of bitcoin that exaggerated it's uses and it's purpose to the point that it become the truth/norm for the many. And those Twitter people are all shills, they have somethinng to gain when the price goes up so they use the platform of Twitter to shill for bitcoin.

I'm not arguing with them hyping Bitcoin(because they definitely could be), but using Bitcoin in this case makes total sense to me.

As for the "shilling because they have something to gain" argument, I have mixed feelings. How do you differentiate someone that's just really genuinely bullish on Bitcoin, from someone that's just here for financial gain?

[Jating]

I slightly dislike(I know, I can be petty) those Twitter people who seems to think that Bitcoin is the answer to literally whatever news-trending problem there is. But "wasted" renewable energy is one good use-case of Bitcoin mining. They contribute to the network, and at the same time they get value in exchange for the supposedly wasted energy. Win-win!

They're trying to hype bitcoin, it's the fault of those ultra fanatics.of bitcoin that exaggerated it's uses and it's purpose to the point that it become the truth/norm for the many. And those Twitter people are all shills, they have somethinng to gain when the price goes up so they use the platform of Twitter to shill for bitcoin.

But have you seen Elon Musk hype Dogecoin?

I don't think it's exaggeration, well you can look it that way, however, in the first 5 years of bitcoin there was no hype but pure attack on it with massive FUD and yet it still stand today. Everyone here is to gain something, whether you like it or not. Youtube, Twitter shills and any other social media, nothing bad about in my opinion, at the end of the day, it's about you, whether you are going to be swayed by this people or not.

Regarding Quebec enormous supply of electricity, then why not? But saying that it is Canada's big hope, I disagree with Saylor. It could be a big help to bitcoin though as there will be power shift as far as bitcoin mining goes.

[Wexnident]

Well at the very least, this could make people shut up about how Bitcoin has damages to the environment due to the amount of electricity it uses. I reckon people of the internet wouldn't claim that it now destroys the environment now would it. Still, kinda doubtful since I've never heard of any issues Canada has. Unused energy is an issue? I don't think so tbh, it simply means they have more opportunities to use it somewhere or allocate it to make improvements throughout their place. It's a plus really, but most miners moving to Canada doesn't seem like a good thing. Letting them spread out all over the world seems the better choice.

[iTradeChips]

If you are going to think about it, you cannot just exchange all your monetary wealth into Bitcoins that easily, due to the fact that most investors wants to diversify their assets and properties and as much as possible would like to be sure that they can profit on all of their properties. Also many have their savings split to many needs, emergencies, bill payments, and others. Though it is good to know that Canada have all the hydro power in the world to be used to mining Bitcoin, they also have to consider that there are many other areas of the Canadian economy where the electricity can be used to. So I don't think that the government of Canada would be convinced to put everything they have on crypto mining.

[Kiley33]

This will help Canada's development. They may want to get rid of government control.
However, people consider the power supply in winter and worry about the governance of the green environment. Will resources be wasted.
Because one of Quebec’s main heat sources  afaik is electricity.

If resources are wasted, then this will be banned.

[Obito]

While Canada can be an option for mining - if there's indeed so much unused electricity and because the cold climate helps too - I don't know at what price is the electricity actually sold there and I don't know if it's indeed the solution for out-of-China miners (business costs are most probably a lot different in/around China and in North America).

So while Canada can be an interesting option for US miners (unless they already have their own free power, obviously), I doubt it will do for Asian ones.

I think they have a somewhat decent prices in electricity there, the consumption is just too big because they have winters there and electrical heating is the best option for many consumers there. It's actually a good solution for miners that was displaced, the heat from the rigs can be used to save on electricity heating during winter.