Saylor Doubles Down: Bitcoin to Overtake Gold by 2035, Slams Short Sellers

• Michael Saylor, executive chairman of Strategy (MSTR), predicts Bitcoin (BTC-USD) will eclipse gold as the largest asset class by 2035, driven by its finite supply where 99% will be mined by then, contrasting Bitcoin’s $2 trillion market cap with gold’s $29 trillion.
• Gold has outperformed Bitcoin year-to-date with a 62% gain versus 10%, bolstered by recent rallies and traditional safe-haven demand, yet Saylor views this gap as an investment opportunity amid strengthening Bitcoin fundamentals like rising hashrate and institutional adoption.
• Saylor dismissed short sellers like Jim Chanos, who recently unwound his MSTR position, emphasizing the company’s Bitcoin treasury strategy and current 22% stock decline as creating an asymmetric risk-reward profile for investors.

Michael Saylor, executive chairman of Strategy (MSTR), continues to champion Bitcoin (BTC-USD) as the cornerstone of a transformative digital economy, asserting its inevitable dominance over traditional assets like gold. In a recent appearance at the Yahoo Finance Invest event, Saylor declared that Bitcoin will surpass gold to become the largest asset class by 2035, a prediction grounded in the cryptocurrency’s finite supply and accelerating adoption. He emphasized the urgency of accumulation, noting that 2035 marks the point when 99% of all Bitcoin will have been mined, leaving the final 1% to emerge gradually over the subsequent century. This scarcity model, Saylor argues, positions Bitcoin as a superior store of value in an increasingly digitized financial landscape.

Current market dynamics underscore the gap Bitcoin must bridge to realize Saylor’s vision. With a market capitalization just over $2 trillion, Bitcoin trails far behind gold’s estimated $29 trillion valuation. Year to date, gold has surged 62%, recently trading near its three-week high after a five-day rally, while Bitcoin has managed only a 10% increase. These figures highlight gold’s entrenched role as a hedge against inflation and geopolitical uncertainty, bolstered by central bank purchases and jewelry demand in emerging markets. Yet Saylor views this disparity not as a deterrent but as an opportunity, dismissing skeptics who fail to grasp Bitcoin’s potential as “digital capital” and “digital credit.” His conviction draws from Bitcoin’s underlying blockchain technology, which enables borderless, programmable money resistant to debasement – a feature absent in physical commodities like gold, whose supply can expand through mining innovations.

Saylor’s optimism extends beyond Bitcoin’s macro trajectory to Strategy’s corporate strategy, which has pioneered the use of Bitcoin as a treasury reserve. The company, now emulated by peers in tech and finance, holds substantial Bitcoin reserves that amplify its exposure to the asset’s volatility. This approach has drawn fire from short sellers, including veteran investor Jim Chanos, who initiated bets against MSTR shares in May. Chanos, known for high-profile shorts on overvalued firms, recently disclosed on X that he has closed his position. Saylor, undeterred, rebuffed such criticism at the Invest event, stating, “Nothing great has ever been created by a short seller.” He downplayed Chanos personally, attributing opposition to a fundamental misunderstanding of Bitcoin’s disruptive force. Strategy’s stock reflects this tension, down more than 22% year to date – with the bulk of the decline in the past six months – contrasting Bitcoin’s 10% gain over the same period. Short interest lingers at 8.80%, per S&P Global Market Intelligence, signaling persistent doubt amid broader market rotations away from high-beta assets.

Despite these headwinds, Saylor sees profound asymmetry in the risk-reward profile. He contends that the industry’s fundamentals have strengthened markedly over the past 12 months, creating a compelling entry point for investors. Bitcoin’s network hashrate has hit record highs, transaction volumes on layer-2 solutions like Lightning Network continue to scale, and institutional inflows via spot ETFs have normalized exposure for traditional portfolios. Regulatory clarity in jurisdictions like the European Union and potential U.S. frameworks further de-risk the asset class. For Strategy, this translates to leveraged upside as Bitcoin’s adoption curve steepens, potentially catalyzing a re-rating of its shares.

Saylor’s narrative frames Bitcoin not merely as a speculative vehicle but as the bedrock of future economic infrastructure, where digital scarcity meets programmable utility. As 2035 approaches – the symbolic “.99 year” of Bitcoin’s issuance – investors face a binary choice: participate in the shift or observe from the sidelines. With gold’s dominance rooted in centuries of history and Bitcoin’s in code and consensus, the race to asset class supremacy remains wide open, but Saylor’s track record as an early evangelist lends weight to his unyielding forecast.

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