MicroStrategy founder, Michael Saylor has supported the idea of burning Bitcoin keys upon a holder’s death, saying that the concept is a gift to the entire Bitcoin community. Saylor, a huge Bitcoin fan and advocate, made the remarks during an appearance in a video show.
Saylor’s suggestion of burning Bitcoins or destroying the private key will permanently remove access to the tokens, reducing the number of BTC in supply. It is like halving Bitcoin, but in this case, all the Bitcoins under the private keys disappear permanently.
Ultimately, it will ensure the value of Bitcoin goes up, which will benefit holders.
Bitcoin scarcity is critical for its value
Bitcoin’s value is mostly due to its scarcity as only 21 million Bitcoins can ever be mined. Saylor’s suggestion of destroying Bitcoin upon death fits with the narrative of scarcity as a driver of value. Burning Bitcoin is a “pro rata contribution to everyone in the world who owns Bitcoin.”
According to BiTBO, 19,924,481.25 Bitcoins exist, implying that 94.878% of the token’s lifetime supply has been issued. Only 1,075,518.8 Bitcoins remain to be mined. Currently, almost 450 Bitcoins are mined in a day.
Michael Saylor has been consistent in his Bitcoin advocacy. He has led his firm, MicroStrategy, to become the top Bitcoin holder among public corporations.
During the video show, Saylor said he wants to be known for “having taken the torch from Satoshi and went on to commercialize Bitcoin with corporations and governments decades after he passed.”
Saylor’s sentiments generate chatter and criticism in the crypto arena
Michael Saylor’s proposal has sparked significant debate in crypto circles, given his influential position in the Bitcoin community.
Looking at the suggestions critically, burning Bitcoin upon one’s death may look careless and wasteful. It goes against the spirit of financial inclusion and utility, which are major principles on which Bitcoin thrives. Another concern is that such action could distort the Bitcoin ecosystem if whales adopt it.
However, some X users feel positive about the push, with one Bark Ruffalo saying that burning Bitcoin keys after death is some “next-level diamond hands stuff.” Another comment mentioned that either way, it would be a “crazy ride for those holding the bag.”
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