a tight bitcoin In an interview with Stansberry Research today, bull bull Michael Saylor claimed that with the rise of BTC, gold may be “out of circulation”.
Will Not Be Considered a Gold Coin in the Future
However, Saylor also acknowledged that the path for BTC to replace gold will be full of ups and downs. Interestingly, Saylor noted that unlike gold, Bitcoin has a good chance of being accepted as a currency in more countries:
“Traditional critics and mainstream analysts cryptocurrency they don’t understand economics, they don’t understand BTC and they hate volatility. Bitcoin will gradually demonetize gold over time, gold will reach a value that is suitable for the intended use of gold, but it will not be accepted as money in the 21st century.”
Dealing With Bitcoin’s Volatility
Regarding concerns over Bitcoin’s volatility, Saylor said long-term investors should not be bothered considering that fluctuations in price are part of the asset’s maturation path.
He suggested that BTC has received criticism for volatility due to investors looking to make money in the short term.
In line with this, Saylor stated that the long-term strategy is guiding MicroStragey’s BTC investment plan.
Saylor, the key figure in this strategy, came under criticism after the company suffered losses. In Q2 2022, MicroStrategy reported quarterly revenue of $122.1 million, versus expectations of $126 million.
Also, the company posted a loss of $918.1 million, of which $917.8 million was attributed to BTC assets.
BTC Bottoms According To Saylor
On the other hand, Saylor suggested that the recent rises in the crypto market indicate that Bitcoin has bottomed out. At the time of this writing, BTC is trading at $24,500 and has gained almost 2% in the last 24 hours.
Saylor finally explained that the market has seen the bottom:
“The market appears to have bottomed out at the point where its core values have emerged as an institutionally investable asset, embraced by regulators, legislators and large-scale investors.”
*Not investment advice.
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