Michael Saylor Says Bitcoin Is The Next Big “Store Of Value Asset”
• September 25, 2022 11:36 am • CommentsThe price of Bitcoin has fluctuated wildly and has come a long way since its all-time high as the price of the asset currently stands at $19k at the time of writing.
This is roughly a 72% pullback from its park at around $69k which was reached last year which has pushed many investors out of the market.
With that being said, Michael Saylor is remaining bullish and says that he expects that Bitcoin will soon replace gold as a non-sovereign store of value asset.
He then claims that it is 100x better than gold and that it would likely reach nearly $500,000 per BTC if it ever reaches the same market cap of gold.
As of right now, gold is considered a $10 trillion asset and Saylor is betting that Bitcoin alone will reach that same level.
Bitcoin Is ‘100 Times Better Than Gold,’ Michael Saylor Says – Here’s Why https://t.co/lbpC9jLyF3
— afpkudos.com (@afpkudos_com) September 25, 2022
Yahoo reports:
“I think that the next logical stop for bitcoin is to replace gold as a non-sovereign store of value asset and gold is a $10 trillion asset right now. Bitcoin is digital gold, it’s 100x better than gold,” he says at MarketWatch’s Money Festival on Wednesday.
“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 $500,000 a coin, and I think that happens this decade.”
Considering where bitcoin is trading right now, $500,000 implies a potential upside of over 2,500%.
Saylor is putting his money where his mouth is. He tells MarketWatch that he personally owns 17,732 bitcoins that he’s had for “about two years” and bought “around the $9,500 range.”
His company MicroStrategy has bought about 130,000 bitcoins for a total price of approximately $3.98 billion.
Saylor and his company are predicting that the next decade is going to be the decade where Bitcoin actually institutionalizes.
Of course, if things actually goes as Saylor plans, the road to institutionalization will be a rough and wild wide.
So far, access to crypto like BTC is already quite widespread and many large financial institutions have already publicly announced their involvement in the space.
Investors have the option to buy Bitcoin directly from an exchange or they also have the option to get exposure to it indirectly from Bitcoin ETFs.
There are also even stocks that are directly tied to the value of digital assets right now which have been essential for the overall growth of the crypto market.
Bitcoin Could Hit $68,000 in 4 Years and $500,000 in Next Decade: Saylor https://t.co/XmI87a6HSF
— Muhammad Zeeshan Iqbal (@Muhamma60068875) September 25, 2022
Yahoo concludes:
Exchange-traded funds have risen in popularity in recent years. They trade on stock exchanges, so buying and selling them is very convenient. And now, investors can use them to get a piece of the bitcoin action, too.
For instance, ProShares Bitcoin Strategy ETF (BITO) started trading on NYSE Arca in October 2021, marking the first U.S. bitcoin-linked ETF on the market.
The fund holds bitcoin futures contracts that trade on the Chicago Mercantile Exchange and has an expense ratio of 0.95%.
Then there are intermediaries like Coinbase Global (COIN) and PayPal (PYPL). When more people buy, sell, and use crypto, these platforms stand to benefit.Finally, there are companies that simply hold a lot of crypto on their balance sheets.
Saylor’s company serves as a prime example. MicroStrategy is an enterprise software technologist with a market cap of $2.2 billion. Yet its stash of around 130,000 bitcoins is worth approximately $2.47 billion.
MarketWatch: “The next logical stop for bitcoin is to replace gold as a non sovereign store of value asset,” said Michael @saylor, chairman and co-founder of MicroStrategy.
Saylor said he personally holds about 17,732 bitcoins. #MWMoneyFestival https://t.co/BKiPBVaqVV
— Cash Flow with JVH (@CashFlowJVH) September 25, 2022
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