Michael Saylor: Bitcoin Is Replacing Gold As A Non-Sovereign Store Of Value
Speaking on a Yahoo Finance Live interview, Saylor agreed that Bitcoin was like a digital gold, but said the Bitcoin network does the job of gold ‘a million times better than gold.’
Gigachad Saylor was pressed on whether Bitcoin was going to displace the dollar, but he denied it was.
And the MicroStrategy CEO even argued that Bitcoin as a cryptocurrency was a ‘misnomer,’ stating that it was only a replacement for gold as a store of value.
‘What Bitcoin is doing is rapidly replacing gold as a non-sovereign store of value… You can move it at the speed of light, you can program it at a million times a second.’
‘I think that the people that ought to be really concerned are gold bugs,’ said the MicroStrategy CEO. ‘Anybody that’s storing their money in gold has got a big bull’s eye on their forehead, and that’s at risk.’
An Avalanche Of Institutions Are Coming
Michael Saylor said Bitcoin’s digital gold features made it the ideal hedge for institutions looking to get out of dollar-priced assets, and he foresees an avalanche of corporations investing in Bitcoin once the regulatory hurdles are cleared.
‘Bitcoin has emerged as the institutional safe haven asset,’ said the MicroStrategy CEO. ‘In the modern era cash is becoming a liability, because the money supply is expanding at 15% and the purchasing power of the cash keeps degrading.’
So when CIOs see the cash on their balance sheet as a depreciating asset, they will turn to Bitcoin as a store of value, claims the MicroStrategy CEO.
Elon Musk And Tesla Are Part Of A Trend
Michael Saylor was pressed on Elon Musk and Tesla investing $1.5 billion in Bitcoin, and the MicroStrategy CEO said it was a trend he expected to see much more of as CEOs move their treasury reserves out of a depreciating asset and into an appreciating asset like Bitcoin.
‘Elon Musk is very progressive, and Tesla is very progressive,’ said Saylor. ‘I think this is part of a trend toward the digital transformation of balance sheets as people move from analogue traditional treasury assets, like cash and bonds, into Bitcoin.’
Gold Bugs Should Be Concerned
MicroStrategy CEO Michael Saylor has made a real name for himself since moving most of his company’s balance sheet into Bitcoin, and rightly so.
He has been Bitcoin’s most vocal advocate, and has helped speed up Bitcoin adoption more than most since publicly entering the space in August 2020.
Bitcoin is a million times better than gold at being gold, and the sooner other CEOs realize, the sooner the snowball will turn into an avalanche.
We’re already seeing gold struggle to maintain its value, which has to be a real concern for gold bugs especially with the state of the global economy.
And with the institutional interest in Bitcoin, the only thing gold bugs can do is hope, or buy Bitcoin.
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.