The Bitcoin advocate has shown his trust in the digital asset in the past few months. People see MicroStrategy as one of the significant institutions that promoted Bitcoin for institutional buyers in 2020. After a month of sharing his investment playbook with Elon Musk, Michael Saylor has more to share with the crypto space. He said investors would prefer Bitcoin to gold in years to come.
His prediction means that investors would dump the gold metal and broaden their BTC portfolio. MicroStrategy has an impressive Bitcoin holding, with the institution preferring Bitcoin to any other digital asset. The firm kept buying multi-millions worth of Bitcoin before the $20,000 pump. The firm brought in new investors, which were given convertible notes to buy even more of the digital asset when it exhausted its reserve.
Michael Saylor speaks on Bitcoin in a recent interview
The Chief Executive Officer of one of the world’s largest firms spoke on Bitcoin and predicted people changing their gold position to Bitcoin. Andrew Henderson interviewed the businessman on his thoughts concerning gold. The outspoken man called gold a dead asset advised investors to dump the asset before it’s too late.
He said gold is dead and advised holders to sell their gold to buy Bitcoin because if they wait, hedge funds might dump before them, thereby leading to loss. He also added that he thinks some factors are demonetizing gold.
The entrepreneur said the gold industry currently worth $10 trillion now, with current outflows from the asset.
He also explained that eventually, it might be only central banks with gold holdings, while businesses and people would have invested in the digital asset. The investor’s analysis is because gold performed poorly even with the appropriate market structure for notable gains.
This is why Saylor believes that the yellow metal is a dying asset. Saylor doesn’t see gold’s importance anymore since naturally, during excessive money printing and unrests, it should act as a hedge. He pointed out other assets like stocks and bonds, which unperformed like gold. He asserts that the assets would not record notable gains. While criticizing gold, the businessman also revealed that Bitcoin was gaining incredibly by tripling its worth quickly.
Michael Saylor calls gold a dead asset
After establishing gold’s underperformance, he explained the clear difference between gold-dependent and Bitcoin-dependent firms. Saylor opines that institutions finally understand Bitcoin investment, and that’s why they are still working.
He mentioned Square and revealed that the firm was working because it got on the BTC train during the economic downturn. Paypal is another well-known firm the investor mentioned. Paypal joined the crypto space in late 2020 and currently offers crypto-related services, which Saylor believes kept the firm going.
The entrepreneur said Grayscale still stands because of its Bitcoin investment, mainly because the asset surged around the time institutions were rushing into it. He spoke of other institutions dependent on gold. He opined that they are ‘chopping.’ Saylor mentioned some countries who currently face high inflation rates and clarified that they would collapse because of their dependency on a weak currency.
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