Finance

MicroStrategy’s Michael Saylor Says Bitcoin Will Eat Gold; BTC Hits $72k

It’s not a secret anymore that the mogul of MicroStrategy, Michael Saylor, is a Bitcoin maximalist. He’s been advertising the digital asset for a while now, and we can just end the day without revealing what he has to say about the most important crypto out there.

Michael Saylor: Bitcoin vs. gold

Just to make things clear, MicroStrategy is currently the owner of 205,000 BTC, that’s worth almost $15 billion at the current price.

At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $72,545.

Saylor made an appearance on CNBC after his company on Monday announced the purchase of an additional 12,000 Bitcoins (BTC).

The MicroStrategy (MSTR) Executive Chairman said the crypto will be a much more valuable asset than gold in the future. This is not even the first time when he compared BTC to gold, and it’s definitely worth noting that he’s not the only one.

Bitcoin has been seen as digital gold by crypto enthusiasts for a really long time now.

“Bitcoin is certainly at least digital gold, it’s going to eat gold,” Saylor said, “It’s got all of the great attributes of gold and it’s got none of the defects of gold.”

As an example, Saylor noted that bitcoin can be transferred from New York to Tokyo in a matter of minutes, and, at the same time, gold can not.

It’s also worth mentioning the fact that Saylor anticipates that Bitcoin will attract investment away from other high-risk assets, such as the SPDR S&P (SPY) exchange-traded fund.

More than that, he expects that Bitcoin will soon be included in other funds – we’re talking about a similar way in which BlackRock has planned to purchase spot BTC ETFs in its Global Allocation Fund.

Rada Mateescu

I'm hungry for truth, thirsty to learn, and eager to share. At Optic Flux, my goal is to deliver breaking juicy health, financial, and tech/science-related content. I focus on all that's meaningful and impactful for my readers.