MicroStrategy’s Michael Saylor Predicts Bitcoin to “Eat Gold”
MicroStrategy executive chairman Michael Saylor boldly predicted Bitcoin dethroning gold as a store of value asset during a CNBC interview Monday. His comments came on the heels of the firm disclosing purchases of about 12,000 additional Bitcoin.
Key details:
- Sees Bitcoin’s ease of transport and other technical advantages boost its appeal compared to traditional gold.
- Forecasts the ongoing diversion of investment from stocks, gold, other assets into BTC.
- His company continues aggressive Bitcoin buying, utilizing debt offerings to fund purchases.
Read more: MicroStrategy Buys 12,000 Bitcoin For $821 Million As BTC Hits $72,000
Appearing on CNBC, longtime Bitcoin bull Saylor argued the cryptocurrency maintains a significant edge over gold in the digital era. As an example, he noted how effortlessly billions in Bitcoin can move across the world in minutes versus rigid limitations with physical gold transportation and storage.
Saylor predicts Bitcoin will overtake gold’s market value
Saylor also cited Bitcoin’s predetermined scarcity per its network programming as fostering more transparency and reliability than supply volatility in the precious metals industry. He believes such factors will power Bitcoin to overtake gold’s $14 trillion market valuation over time as investor preferences shift.
“Bitcoin is certainly at least digital gold, it’s going to eat gold.” “It’s got all of the great attributes of gold and it’s got none of the defects of gold,” Saylor said.
Read more: Tether Expands USDT To Celo Platform; CELO Surges 40%
MicroStrategy itself continues to put more money into Bitcoin as the coin hits new all-time highs. The company’s holdings now exceed 205,000 BTC acquired for $6.91 billion in aggregate.
Bitcoin’s recent surge above $72,000 also pushed its market cap above that of silver. According to the latest data, BTC surpassed silver’s market cap of $1.389 trillion to earn the place of the eighth largest asset by market cap.
