Bitcoin Is ‘100 Times Better Than Gold,’ Michael Saylor Says – Here’s Why

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Bitcoin and gold are each precious property that can be utilized to guard in opposition to inflation; however, there are essential variations between the 2 by way of their historical past, accessibility, and different sources of demand.

Gold, undoubtedly, has a prolonged historical past and stable foundation, whereas Bitcoin has barely greater than a decade of existence to show its price as an inflation hedge.

In November of final yr, the worth of a single BTC soared past $65,000, setting a brand new file excessive. This improve was associated to the introduction of a Bitcoin alternate traded fund in the US; whereas others in the course of the yr have been on account of occasions involving Tesla and Coinbase, respectively.

As of this writing, BTC is buying and selling at $$19,058.84, down 5.5% within the final seven days, information from Coingecko present, Sunday.

Michael Saylor, Supply: Bloomberg

The Crypto Is So A lot Higher Than Gold: Saylor

Even supposing BTC has misplaced over 73% of its worth since its all-time excessive in 2021, crypto bull and MicroStrategy co-founder and CEO Michael Saylor is unfazed.

Not solely does he assume the digital coin will regain its former glory, however he additionally thinks the cryptocurrency has quite a lot of room to develop past its present excessive level.

Whereas the worth of the most well-liked cryptocurrency on the earth has been falling in current weeks, MicroStrategy has been shopping for the dip. With 130,000 BTCs in its vault, it’s sitting on practically $4 billion of the crypto.

“I believe that the subsequent logical cease for Bitcoin is to switch gold as a non-sovereign retailer of worth asset and gold is a $10 trillion asset as we converse. Bitcoin is digital gold, it’s 100x higher than gold,” Saylor stated in the course of the Cash Pageant hosted by MarketWatch on Wednesday.

Bitcoin has a market cap of round $365 billion, based on information by TradingView on Sunday.

Bitcoin Will Hit $500,000 In 10 Years

And in the course of the competition’s Finest New Concepts section, Saylor didn’t maintain again when he predicted the crypto’s price ticket could attain $500,000 throughout the subsequent decade.

“The half-life of cash in crypto is ceaselessly. You may transfer it on billions of computer systems on the velocity of sunshine. So if Bitcoin goes to the worth of the yellow steel, it’s going to $500,000 per coin, and I believe that occurs this decade,” Saylor identified.

In response to MarketWatch, Saylor has round 17,732 Bitcoins that he bought for round $9,500. In the meantime, MicroStrategy’s inventory worth has fallen virtually 65% this yr, identical to Bitcoin.

BTC whole market cap at $365 billion on the day by day chart | Supply: TradingView.com

Featured picture from Al Bawaba, chart from TradingView.com

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