MicroStrategy’s Michael Saylor: Bitcoin Set to Supplant Gold”

MicroStrategy’s Michael Saylor: Bitcoin Set to Supplant Gold”

Bitcoin News
March 12, 2024 by Diana Ambolis
229
MicroStrategy Holds 205,000 Bitcoins Valued at Almost $15 Billion Based on Current Token Price of $72,000 Following MicroStrategy’s announcement of purchasing an additional 12,000 bitcoins (BTC), Executive Chairman Michael Saylor expressed his conviction on CNBC that Bitcoin would surpass gold as a more valuable asset in the future. Saylor asserted that Bitcoin is not only
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MicroStrategy Holds 205,000 Bitcoins Valued at Almost $15 Billion Based on Current Token Price of $72,000

Following MicroStrategy’s announcement of purchasing an additional 12,000 bitcoins (BTC), Executive Chairman Michael Saylor expressed his conviction on CNBC that Bitcoin would surpass gold as a more valuable asset in the future. Saylor asserted that Bitcoin is not only akin to digital gold but will eventually outperform it, citing its superior attributes and lack of drawbacks compared to the precious metal.

He emphasized Bitcoin’s capacity for seamless global transfers, contrasting it with the logistical challenges associated with transporting gold. Moreover, Saylor anticipated Bitcoin diverting investment away from other risk assets, including prominent options like the SPDR S&P 500 ETF (SPY), and predicted its inclusion in various funds, akin to BlackRock’s plans to incorporate spot BTC ETFs into its Global Allocation Fund.

Also, read-Why Using Bitcoin For NFT Investment Is A Smart Option In 2024?

On Monday, Bitcoin ascended to become the world’s eighth most valuable asset, surpassing silver as its market capitalization soared above $1.4 trillion. Despite this milestone, Bitcoin still trails far behind gold, which boasts a staggering valuation of $14.7 trillion. Saylor also reminded viewers of the upcoming Bitcoin halving in April, which will reduce the crypto’s block reward by 50%, resulting in only 450 new bitcoins entering the market daily, compared to the current 900. He suggested that Bitcoin’s price would need to adjust upward to meet the growing demand from investors.

In addition to these insights, MicroStrategy’s latest acquisition of 12,000 bitcoins for slightly over $800 million was disclosed on Monday, bolstering its total holdings to 205,000 tokens. Notably, BlackRock’s iShares Bitcoin ETF (IBIT) briefly surpassed MicroStrategy’s holdings on Friday, reaching approximately 196,000 coins. This influx of investments from institutions like MicroStrategy and BlackRock underscores the increasing recognition of Bitcoin’s value and potential as a long-term investment asset. As the crypto landscape continues to evolve, such developments signal a broader acceptance and integration of Bitcoin into traditional investment portfolios and financial instruments.