Gigachad Michael Saylor: Bitcoin Will Subsume Every Monetary Asset Class
Gigachad Michael Saylor believes Bitcoin ‘will soon surpass the market cap of gold’ and in the macro uncertainty it will eventually become a ‘stabilizing influence for the entire financial system.’
Michael Saylor, dubbed gigachad by the Bitcoin community, said as it passes gold, Bitcoin will subsume other monetary asset classes on its way towards a $100 trillion valuation.
Speaking on CNBC’s Squawk Box, Saylor said ‘there is a $500 trillion monetary planet, and the outer layer is currency, then you’ve got stocks, bonds, real estate. There’s $10 trillion worth of gold in there, $1 trillion in Bitcoin.’
‘The Bitcoin is going to flip gold and it’s going to subsume the entire gold market cap,’ demanded the MicroStrategy CEO.
‘Then it’s going to subsume negative yielding sovereign debt and other monetary indexes until it grows to $100 trillion,’ said Saylor who is confident we’ll see a more stable Bitcoin price as it surpasses gold’s $10 trillion.
As Bitcoin ‘marches towards a hundred trillion, you’re going to see the growth rates fall the volatility fall, and it’s going to be a stabilizing influence in the entire financial system of the 21st century,’ said the unflinching gigachad.
Gigachad’s Diamond Hands Unflinched In Market Dip
Saylor’s comments came amid a market dip that saw Bitcoin’s price plunge 20% from a new high of $58,000 to less than $47,000, but with a famous 100-year hodling mentality, Saylor’s diamond hands are unshaken.
Saylor said the demand for Bitcoin will surge in the next few years, not only from institutions but from retail investors.
The gigachad added that we can expect to see “a billion people storing their value, in essence, a savings account, on a mobile device within five years and they’re going to want to use something like bitcoin.”
MicroStrategy Adopting A Bitcoin Standard
MicroStrategy, a relatively small Nasdaq-listed company, first announced it was investing a large percentage of its liquid balance sheet into Bitcoin in August 2020.
The $250 million investment was about half of the cash rich company’s treasury, and it took everyone by surprise.
Michael Saylor had never thought about Bitcoin as an investment until March 2020, when he says everything changed.
Worried by the post-pandemic economic climate, the Microstrategy CEO a deep dive into Bitcoin and ensured his board did the same. Just 4 months later the company made the first of its Bitcoin buys.
The $250 million was followed by $175 million in September, leading Max Keiser to determine MicroStrategy had declared war on the Federal Reserve.
Shorting The US Dollar
There were other smaller investments and then in December 2020, gigachad Saylor announced the company was issuing corporate bonds to invest in Bitcoin.
It was the first time MicroStrategy had issued debt, and the company quickly raised $650 million at a very favourable rate of 0.75% all of which was spent buying Bitcoin.
The company has since invested smaller amounts into Bitcoin. Then last week, MicroStrategy completed a second convertible debt offering, this time raising $1.05 billion at zero percent interest, and you guessed it: to buy more Bitcoin.
Michael Saylor has often spoken about the devaluation of the dollar, and the necessity for him and every other CEO to adopt a Bitcoin standard. His aggressive moves has even led some analysts to claim the MIT graduate is actually shorting the dollar
Since MicroStrategy adopted a Bitcoin standard, the company has bought 71,079 bitcoins, helping the stock price has rise from $123 to a high of $1034 before pulling back, in the 6 months since it first decided to allocate most of its treasury to Bitcoin.
And with the way the US dollar is being printed, and the cost Saylor can now issue debt to buy Bitcoin, MicroStrategy could become one of the biggest companies in the world in years to come.
Pablo is a writer at Bitcoin Maximalist. Originally from Spain, Pablo grew up in the UK, and loves clubbing and gaming. Pablo is a keen Bitcoiner and loves to share his wisdom to help spread the good news of Bitcoin.