In a recent interview with precious metals company Kitco, former MictoStrategy CEO and renowned Bitcoin maximalist Michael Saylor predicted that Bitcoin (BTC) would eventually dethrone gold as a monetary standard. Instead, Saylor believes that BTC will become the primary store of value in the coming years. “Gold was metallic money for the 19th century,” he added.
While gold has certain benefits, such as its durability and scarcity, Bitcoin has several advantages that could make it a more attractive option for investors. For one, Bitcoin is much more portable than gold, making it easier to transport and store. Additionally, Bitcoin is divisible into small units, meaning that it can be used for everyday transactions as well as large-scale investments.
Furthermore, Bitcoin is decentralized, meaning that it isn’t subject to the same political risks as fiat currencies. As a result of these factors, Saylor thinks that the flagship crypto will become an institutional investment-grade asset that gets embraced by major investors, regulators, and lawmakers- thus becoming the dominant store of value in the 21st century.
Saylor also believes that conventional economists are unable to understand Bitcoin because they don’t like its volatility aspect.
“The volatility is the price you pay for the performance. If you can’t stomach the heat, you can’t be in the kitchen…would rather win in a volatile fashion than lose slowly,” he said.
When it comes to the overall crypto market, Saylor remarks that a significant amount of “bad behavior” has been revealed. He thinks, nevertheless, that there are still a lot of unregistered securities on the market.
Saylor stepped down as the CEO of MicroStrategy on Aug. 2- during the co.’s second-quarter earnings release. The announcement came after the firm’s balance sheet showed a loss of more than $1 billion, including an impairment charge of $916 million based on the Bitcoin value, which has fallen drastically since the $69K price peak in Nov. 2021.
Price Action
BTC lost 0.14% during today’s trading and changed hands at $24.488, accelerating its 10-month decline to about 65%.
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