Former MicroStrategy CEO and staunch Bitcoin advocate, Michael Saylor believes that Gold should be left in the 19th century history books.
In an interview with Kitco released August 12, the former MicroStrategy CEO predicted that Bitcoin would take the limelight away from gold over time. The American investor and entrepreneur does not expect gold to be adopted as money in the 21st century, noting that “gold was metallic money for the 19th century”.
Saylor sees the biggest crypto emerging as an institutional investment-grade asset that is set to be embraced by major investors, regulators and legislators. In fact, he expects a spot-based Bitcoin exchange-traded fund launching in the US within a year.
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Saylor claims that conventional economists don’t understand Bitcoin because of their disdain for volatile markets. But this market dynamic is necessary according to him.
The volatility is the price you pay for the performance. If you can’t stomach the heat, you can’t be in the kitchen…I would rather win in a volatile fashion than lose slowly.
Just last week, the largest asset manager on the planet, BlackRock, expanded its Bitcoin products and offerings by launching its own private Bitcoin trust for US-based clients. The move is believed to be a prelude to the eventual adoption of Bitcoin by Central Banks.
Speaking about the broader crypto market, Saylor referenced the liquidation cascade over the last few months, saying that a “great deal of bad behaviour” has been flushed out of the market. However, there are still many unregistered securities according to Saylor, which would be addressed in time.
Saylor recently stepped down as the CEO of MicroStrategy after the company lost about $1 billion on its Bitcoin bet due to a prolonged market-wide leverage wipe which saw Bitcoin hit $17,600. The shock announcement came as Saylor said his focus had shifted on investing in the flagship crypto, wherein he assumed the role of executive chairman.
In the most recent interview, the investor claims that it was “very clear” to shareholders that Phong Le, the newly appointed CEO, was upcoming company leader. “We don’t run the company based on Bitcoin volatility,” Saylor said.
MicroStrategy is the largest holder of Bitcoin as a publicly listed company, owning 129,698 BTC on its balance sheet, per data from BitcoinTreasuries.
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