MicroStrategy Chairman Michael Saylor predicted that Bitcoin will “eat gold” in the coming months because it is a far superior asset in every way.
The MicroStrategy chairman added in a CNBC interview on March 11 that Bitcoin outperforms not only gold, but all traditional assets, including real estate and stocks.
According to Saylor:
“Bitcoin is competing with gold. “I’m going to eat that.”
excellent asset
Saylor said Bitcoin should at least be considered “digital gold” to account for its role as a store of value. However, he added that Bitcoin has all the best characteristics of gold and has none of the flaws.
Saylor also touched on the fact that Bitcoin, unlike gold, can be transferred digitally. He said:
“People would love it if they could move gold from New York to Tokyo in a matter of minutes.”
Saylor pointed out that Bitcoin has key advantages over other assets, including stocks, bonds, and real estate. Specifically, he said Bitcoin can be traded 1 million times faster than traditional assets and can be traded outside of standard trading hours at just 20% of the time each week.
Bitcoin’s continued availability extends to spending, he said.
“If you want to buy a house on a Saturday in Africa… “If you want to buy a car on Sunday morning, (Bitcoin) is the way to do it.”
Saylor further solidified this point by sharing that MicroStrategy recently purchased the majority of $820 million worth of Bitcoin for its holdings on Saturday. This is not possible with traditional financial assets.
ETF Wars
Additionally, Bloomberg ETF analyst Eric Balchunas made similar comments. March 11th About Bitcoin and gold. He said spot Bitcoin ETFs are on track to overtake gold ETFs and that it is no longer unrealistic to think that will happen anytime soon.
Spot Bitcoin ETFs collectively hold $55 billion in assets (AUM) and have traded $110 billion since January. This means it could overtake gold ETFs within a few months.
Gold ETFs have AUM of $210 billion, according to data from the World Gold Council.
Saylor also noted Bitcoin’s growing presence in the broader financial markets. He suggested that Bitcoin would divert capital away from risky assets and risky ETFs, such as the SPDR S&P 500 ETF (SPY), which is currently the largest ETF with $505 billion in AUM.
He also pointed to the fact that BlackRock began planning to add Bitcoin exposure to other funds less than three months after the launch of its spot Bitcoin ETF as a sign of Bitcoin’s rising value and changing sentiment in the traditional financial world. I did.