Some Bitcoin (BTC) proponents believe the cryptocurrency will surpass gold on numerous parameters, such as the store of value, and ultimately replace the precious metal. Despite the current market drop, several crypto players maintain that Bitcoin will eventually surpass gold.
In an interview with Stansberry Research on August 13, departing MicroStrategy CEO Michael Saylor indicated that the emergence of Bitcoin will undoubtedly result in the demonization of gold.
Saylor admitted that ups and downs would mark Bitcoin’s journey to replacing gold. Saylor observed that, unlike gold, Bitcoin has a more significant potential of being accepted as money by more governments.
Saylor said long-term investors should not be concerned about Bitcoin’s volatility since price fluctuations are part of the asset’s maturation journey. He claimed that Bitcoin had been criticised for its volatility owing to investors seeking short-term profits.
Saylor noted in this statement that the long-term approach influenced MicroStragey’s Bitcoin investing strategy. Notably, since the company’s Bitcoin foray in August 2020, it has amassed over 200 BTC.
Saylor, crucial to the approach, has been criticised as the company’s losses skyrocketed. In the second quarter of 2002, MSTR reported quarterly sales of $122.1 million instead of the expected $126 million.
In addition, the business announced losses of $918,1 million, of which $917,8 million were attributable to its Bitcoin holdings.
Bitcoin has probably reached its lowest point
Saylor stated elsewhere that the current crypto market advances indicate that Bitcoin has reached its bottom. Notably, Bitcoin was trading at around $24,500 at the time of publication, a nearly 3% increase in the past 24 hours.
Bitcoin and Ethereum (ETH) have led the crypto market in short-term recovery after a difficult first half of the year.
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