Bitcoin maximalist and CEO of MicroStrategy, Michael Saylor, came up with some very ambitious predictions. The billionaire investor claims that Bitcoin, which is seen as digital gold, will gradually remove real gold from circulation.
“Gold will remain with the utility value of gold, Bitcoin will take its place!”
cryptocoin.comAs you follow, some of its proponents have claimed that Bitcoin (BTC) will undermine gold on various metrics such as store of value. Some of its advocates even shared the view that BTC will eventually replace the precious metal. However, during the peak of inflation, Bitcoin collapsed. However, gold took a more solid stance. Despite the recent market crash, notable crypto players say the projection of Bitcoin to topple gold is still on track.
Specifically, in an interview with Stansberry Research on Aug. 13, MicroStrategy CEO Michael Saylor claimed that he will likely put gold out of circulation, likely triggered by Bitcoin’s growth. However, Saylor also acknowledged that Bitcoin’s path to beating gold has been full of ups and downs. Interestingly, Saylor noted that Bitcoin has a higher chance of being accepted as a currency than gold. In this context, the famous billionaire said:
Traditional critics and mainstream analysts do not understand the crypto economy. They don’t understand Bitcoin and they hate volatility. Bitcoin will gradually remove gold from circulation over time. Gold will remain with the utility value of gold. But gold will not be accepted as money in the 21st century.
“Price fluctuations are part of the way”
On concerns about Bitcoin’s volatility, Saylor stated that fluctuations in price are part of the asset’s maturity path. Therefore, he noted that long-term investors should not be offended. He suggested that Bitcoin has received criticism for its volatility as investors make money in the short term.
In line with this, Saylor stated that the long-term strategy is guiding MicroStragey’s Bitcoin investment plan. MicroStragey, in particular, has accumulated more than 200 BTC since he debuted in August 2020. Key to the strategy, Saylor faced heavy criticism after the company went into losses. In the second quarter of 2022, MSTR reported quarterly revenue of $122.1 million against expectations of $126 million. In addition, the company announced that $ 917.8 million of the $ 918.1 million loss was due to Bitcoin assets.
“Probably Bitcoin bottomed out”
Elsewhere, Michael Saylor has suggested that recent crypto market gains show Bitcoin bottoming out. Meanwhile, at press time, Bitcoin was trading around $24,300. It has also lost around 0.50% in the last 24 hours. The famous billionaire explains his views as follows:
The market appears to have bottomed out where its foundations as an institutional investment class asset are being embraced by regulators, legislators and large-scale investors.
The first half of the year has been quite challenging for the cryptocurrency market. However, recently, along with Ethereum (ETH), Bitcoin has led the crypto market in a short-term rally.
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