- Michael Saylor said that Bitcoin “eats” gold because it has all the pros and none of the cons. Interview with CNBC.
- The comments came after Saylor’s company MicroStratgy purchased an additional 12,000 Bitcoin this week.
- MicroStrategy currently owns approximately 205,000 tokens worth over $14 billion.
Crypto bull Michael Saylor has been buying Bitcoin wildly and believes the digital currency is on pace to replace gold.
“Bitcoin is arguably at least digital gold,” Saylor said in the paper. CNBC interview on monday. “It eats gold. It has all the good properties of gold and none of the drawbacks of gold.”
Thaler used one of the well-established arguments. That said, as opposed to a physical asset like gold, Bitcoin’s digital nature means it can be easily moved around the world in just a few seconds.
“Bitcoin is a better investment than gold, stocks and bonds or real estate because it is digital,” Saylor said. “Computers allow you to trade a million times faster than traditional assets. It’s available. Most other assets trade less than 20% of the time. Bitcoin trades 168 hours a week.”
Saylor, MicroStrategy’s chairman and co-founder, pivoted the company to buying Bitcoin in 2020. 205,000 tokens The cryptocurrency has surged more than 1,000%, taking its value to more than $14 billion. MicroStrategy purchased: Additional 12,000 Bitcoins This week marks the largest single purchase in history.
Bitcoin has been on a record rally of late, surpassing the $72,000 level for the first time on Monday. The rally comes as investors brace for increased demand following the approval of a series of Bitcoin ETFs and an upcoming halving event that will reduce supply.
JPMorgan noted in a recent research note that a shift from gold to Bitcoin is already occurring. At current prices on a volume-adjusted basis, Bitcoin already represents a larger allocation in investors’ portfolios than gold, the company said.
