Michael Saylor has emerged as another supporter of Bitcoin. In fact, Bitcoin has always gathered the support of renowned people from around the globe. In fact, given the recent rising trend of Bitcoin, such supports are more than expected. However, the claim that Saylor made about Bitcoin overtaking gold as an asset, is one from last year’s December. Therefore, it is not a new claim that comes to us.
However, recently Michael Saylor attended an interview with Stansberry Research. During the interview with Kitco, Saylor clearly stated that due to the rise of cryptocurrencies, gold is sure to undergo demonization. However, among the cryptocurrencies, his focus was on Bitcoin. In fact, this belief has already grown among the supporters of Bitcoin, who believe that Bitcoin would ultimately overtake gold as an asset.
In fact, this claim has something to it. Recent times have witnessed an unprecedented growth of Bitcoin. In fact, a far more bullish trend has already been predicted for Bitcoin. In addition, its popularity has also risen to a great height. Therefore, if you are interested in knowing what exactly did Michael Saylor say, then keep reading this article.
Michael Saylor: Bitcoin to Overtake Gold as Store of Value
In the recent past, the market had not been that good for Bitcoin. Only recently, has the Bitcoin market been seeing some surge. However, even during problematic times, the supporters of Bitcoin claimed that the digital asset would surely overtake gold in the near future.
In fact, during a recent Yahoo Finance Live discussion, Michael Saylor stated that gold is under threat from Bitcoin. He even went on to address gold as a “dead rock” and asked people to sell off all their gold and invest that money in Bitcoin.
At the same time, Saylor stated that in this journey to displace gold, there will be numerous ups and downs. However, instantly, he stated that Bitcoin has a stronger potential of being embraced as a currency by more states when compared to gold. In fact, this claim has found support from Ray Dalio, an American billionaire investor and hedge fund manager.
There are various aspects of gold that one must compare with Bitcoin. One such aspect is market capitalisation. In fact, at present, the market capitalisation of Bitcoin stands at $460 billion. On the other hand, on the 2nd of March, the total value of gold was $12.3 trillion. Therefore, in order to overtake gold, Bitcoin has a long way to go.