Compared to gold, bitcoin is “100 times better,” Here’s Why, Says Michael Saylor.
Despite the fact that both bitcoin and gold are valuable assets that may be used to hedge against inflation, there are significant distinctions between the two in terms of their respective histories, ease of usage, and other sources of demand.
While Bitcoin has only been around for a little over a decade, gold has unquestionably had a long history and a stable foundation.
A single BTC reached a record-breaking high price of more over $65,000 in November of last year. The creation of a Bitcoin exchange-traded fund in the US was the cause of this surge, but Coinbase and Tesla-related events were to blame for other increases during the year.
According to statistics from Coingecko, as of this writing, BTC is trading at $$19,058.84, down 5.5% over the past seven days.
The Crypto Is Far Superior than Gold, says Saylor
BTC has dropped more than 73% of its value since reaching an all-time high in 2021, but crypto bull and co-founder and CEO of MicroStrategy Michael Saylor is unconcerned.
In addition to believing that the virtual currency will return to its former glory, he also believes that there is still a lot of space for further growth.
MicroStrategy has been purchasing the dip as the price of the most well-known cryptocurrency in the world has been declining recently. It has 130,000 BTCs in its safe, which is equivalent to around $4 billion in cryptocurrency.
“I believe that Bitcoin’s next natural step will be to replace gold as a non-sovereign store of value asset. At the moment, gold is worth $10 trillion. “Bitcoin is digital gold; it’s 100 times better than gold,” remarked Saylor on Wednesday at the MarketWatch Money Festival.
According to figures published by TradingView on Sunday, the market value of bitcoin is over $365 billion.
In ten years, Bitcoin will reach $500,000.
And Saylor didn’t hold back when he forecasted that the price of the cryptocurrency may reach $500,000 over the next ten years at the festival’s Best New Ideas session.
“In cryptocurrency, money has an infinite half-life. It can be transported at the speed of light across a trillion computers. Accordingly, if Bitcoin increases to the price of gold, it will reach $500,000 per coin, and Saylor predicted that it will happen this decade.
Saylor acquired his estimated 17,732 Bitcoins for about $9,500, according to MarketWatch. Similar to Bitcoin, the stock price of MicroStrategy has decreased by roughly 65% this year.