Bitcoin is 100 times better than gold, says Michael Saylor – here’s why
Bitcoin and gold are both valuable assets that can be used to hedge against inflation; yet there are important differences between the two in terms of their history, availability and other sources of demand.
Gold undoubtedly has a long history and solid foundations, while Bitcoin has barely more than a decade of existence to prove its value as an inflation hedge.
Last November, the price of a single BTC rose above $65,000, setting a new record high. This increase was related to the introduction of a Bitcoin exchange-traded fund in the United States; while others during the year were due to incidents involving Tesla and Coinbase respectively.
At the time of writing, BTC is trading at $19,058.84, down 5.5% in the past seven days, data from Coingecko shows on Sunday.
Michael Saylor, Source: Bloomberg
The crypto is so much better than gold: Saylor
Despite BTC losing over 73% of its value since its all-time high in 2021, crypto bull and MicroStrategy co-founder and CEO Michael Saylor is unfazed.
Not only does he believe that the digital coin will regain its former glory, but he also believes that the cryptocurrency has a lot of room to grow beyond its current high.
While the value of the most popular cryptocurrency in the world has fallen in recent weeks, MicroStrategy has been gaining ground. With 130,000 BTC in its vault, it sits on nearly $4 billion of the crypto.
“I think the next logical stop for Bitcoin is to replace gold as a non-sovereign store of value, and gold is worth $10 trillion as we speak. Bitcoin is digital gold, it’s 100 times better than gold,” Saylor said during Money Festival hosted by MarketWatch on Wednesday.
Bitcoin has a market cap of about $365 billion, according to data from TradingView on Sunday.
Bitcoin will reach $500,000 in 10 years
And during the festival’s Best New Ideas segment, Saylor didn’t hold back when he predicted crypto’s price tag could reach $500,000 within the next decade.
“The half-life of money in crypto is eternal. You can move it on billions of computers at the speed of light. So if Bitcoin goes to the value of the yellow metal, it will reach $500,000 per coin, and I think it will happen this decade,” pointed out Saylor.
According to MarketWatch, Saylor has about 17,732 Bitcoins that he bought for about $9,500. Meanwhile, MicroStrategy’s share price has fallen nearly 65% this year, just like Bitcoin.
BTC total market cap at $365 billion on the daily chart | Source: TradingView.com Featured image from Al Bawaba, chart from TradingView.com
