BTC to replace gold?

Michael Saylor says bitcoin should replace gold as US strategic reserve. He is pursuing his vested interest while utterly clueless about the role of money and its relationship with credit.

Michael Saylor, chairman of MicroStrategy is a well-known promoter of bitcoin. What is not so widely appreciated is that MicroStrategy is aggressively issuing convertible debt denominated in fiat to buy yet more bitcoin — it is leveraging its balance sheet to do so. According to a Financial Times Alphaville column, MicroStrategy has issued its fifth convertible this year: