Bitcoin

Michael Saylor: Bitcoin Is Going To Demonetize Gold Gradually

The growth of Bitcoin (BTC) has seen some proponents share the view that the crypto will take over gold on various metrics like the store of value and eventually replace the precious metal. Michael Saylor expressed his views in a recent interview.

Outgoing MicroStrategy CEO Michael Saylor

In instance, in an interview with Stansberry Research on August 13, outgoing MicroStrategy CEO Michael Saylor claimed that the rise of Bitcoin would certainly lead to the demonization of gold.

However, Saylor admitted that highs and lows would mark Bitcoin’s journey to replacing gold. Interestingly, he stated that, unlike gold, Bitcoin has a stronger probability of being adopted as a currency by more governments.

“Conventional critics and mainstream analysts don’t get the crypto economy, don’t understand Bitcoin, and they hate volatility… Bitcoin is going to gradually demonetize gold over time, gold will go to the utility value of gold, but it won’t be adopted as money in the 21st century,” said Saylor.

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Michael Saylor stated that long-term investors need not be concerned about Bitcoin’s volatility, noting that price swings are part of the asset’s maturation journey. He claimed that Bitcoin had faced criticism for its volatility due to investors looking to earn money in the short term.

Saylor claimed in this sentence that MicroStragey’s Bitcoin investing strategy was guided by a long-term strategy. Notably, since entering the Bitcoin market in August 2020, the company has amassed over 200 BTC.

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Michael Saylor, who was central to the strategy, has been criticized after the company plunged into losses. MSTR reported quarterly sales of $122.1 million in Q2 2002, compared to projections of $126 million.

In addition, the corporation lost $918.1 million, with $917.8 million linked to its Bitcoin holdings.

At the time of writing, BTC is trading at $24,486.

BTC daily chart. Source: CoinCu

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.