Bitcoin is ‘100 times better than gold,’-Michael Saylor
The crypto bull believes that Bitcoin will not only reclaim its former glory but that the flagship cryptocurrency has significant potential to grow beyond its present trading level.
Saylor believes Bitcoin is a hundred times better than gold and views it as the next big'store of value asset." The executive stated this during MarketWatch's Money Festival on Wednesday. However, the incident was originally reported on Saturday, September 24. "I think that the next logical step for Bitcoin is to replace gold as a non-sovereign store of value asset, and gold is currently worth $10 trillion." "Bitcoin is digital gold, 100 times better than gold," Saylor explained.
At the festival's Best New Ideas session, Saylor did not hold back, predicting that the cryptocurrency's price would reach R9 million over the next decade. "You can't inflate it. The half-life of money in Bitcoin is forever. You can move it on billions of computers at the speed of light. So, if Bitcoin goes to the value of gold, it’s going to be R9 million a coin, and I think that happens this decade, "the CEO said.
According to CoinMarketCap data, Bitcoin was trading at R340K at the time of writing, down 0.55% in the previous 24 hours. Given that Bitcoin is now trading at this level, Saylor's prediction of R9 million suggests that the cryptocurrency has a potential upside of nearly 2,500%.
Saylor is willing to put his money where his mouth is. He informed MarketWatch that he has 17,732 Bitcoins that he has kept for about two years and purchased at around R170.9K for each coin.
Bitcoin is distinct from cryptocurrencies.
Fidelity Investments, a Boston-based financial management business, produced a report earlier this year that echoed Saylor's thoughts. The investment manager admitted in February that, while the globe is inundated with cash and numerous cryptocurrencies, Bitcoin is unique in that it has the potential for huge price growth.
According to Fidelity, Bitcoin is a scarce "monetary good" that outperforms other cryptocurrencies, gold, and even government-issued money like the dollar in many respects. The financial manager anticipated that Bitcoin would skyrocket in the next five to ten years.
Saylor stepped down as CEO of MicroStrategy in early August. He is now the software company's executive chairman, focusing only on Bitcoin.
With almost 129,000 BTC on its balance sheet, MicroStrategy, a publicly traded software company, is the single largest corporate holder of Bitcoin. Only one month after its popular CEO, Michael Saylor, stepped down, the corporation purchased 301 Bitcoins for almost R107.9 million and currently has nearly 130,000 Bitcoins in its possession.
