Bitcoin has always had a number of notable figures supporting it, and why not? Michael Saylor, the inventor of MicroStrategy, believes that the growing popularity of Bitcoin as a form of investment might, in the long term, signal the demise of gold as an asset class.
This assertion was made by Saylor in December of last year. Saylor was the departing CEO of MicroStrategy and is a bull on cryptocurrencies, Bitcoin specifically.
Move ahead in time by eight months: Saylor stated that the precious metal will most surely suffer through “demonization” as a consequence of the growth of cryptocurrencies, primarily Bitcoin, particularly during an interview with Stansberry Research on Saturday.
As the popularity of the cryptocurrency has increased, some of its backers have come to the conclusion that it may someday overtake gold as a store of value and replace the yellow metal.
A number of renowned crypto investors have said, in spite of the present market turmoil, that they continue to believe the forecast that Bitcoin would eventually supplant gold will come true.
Saylor made this observation at a recent Yahoo Finance Live session when he said, “The only thing endangered by bitcoin is gold.”
The value of one bitcoin (BTC) on the market is usually likened to the value of one ounce of gold. In contrast to the entire value of gold, which was estimated to be $12.3 trillion as of March 2 of this year, Bitcoin’s market valuation is now sitting at a relatively modest $460 billion as of the time of this writing.
In the meanwhile, Saylor has been the target of criticism after MicroStrategy’s considerable financial losses. In comparison to the forecasted total of $126 million, the actual quarterly revenue that the firm reported for the first half of this year was $122 million.
In addition, MicroStrategy suffered a loss of $919 million, of which $917 million was associated with the company’s investments in digital currency.