Bitcoin will 'eat' gold, Michael Saylor says
Mar. 11, 2024 9:58 AM ET
By: Max Gottlich, SA News Editor
 Jason Koerner/Getty Images Entertainment
Bitcoin ( BTC-USD) is going to "eat" gold ( XAUUSD:CUR), Michael Saylor, co-founder and former CEO of MicroStrategy (NASDAQ: MSTR), said in a CNBC interview on Monday.
The cryptocurrency has "all of the great attributes of gold and its got none of the defects of gold," the BTC proponent said.
He contended that the upcoming halving event, scheduled at some point in April, ultimately will drive up the price of bitcoin ( BTC-USD), as the organic supply of natural sellers will be cut in half.
In a study published last week, crypto tax-reporting firm CoinLedger figured that bitcoin ( BTC-USD) could shoot up to $115K some six months after the halving.
Saylor's remarks come after bitcoin ( BTC-USD) climbed past $72K to score a new record high. Gold ( XAUUSD:CUR), which has a significantly higher market value than its purported digital counterpart, is hovering below its all-time high of $2,185 per ounce on Friday, as markets brace for consumer inflation data on Tuesday.
Bitcoin ( BTC-USD) will increasingly "divert capital from risk assets," Saylor told CNBC, referencing the current strong inflows into spot bitcoin exchange-traded funds. He argued, though, that MicroStrategy ( MSTR) stock is a better way for market participants to gain bitcoin exposure than with spot ETFs.
"We're unique because you can't really trade options on the ETFs, and an ETF isn't gonna issue a convertible bond, Saylor said.
Earlier, MicroStrategy ( MSTR) disclosed in a regulatory filing that it bought 12K more BTC for $821.7M using $781.1M of proceeds from its recent notes offering and $40.6M of excess cash.
In a separate CNBC interview, Donald Trump, the likely Republican nominee for president, suggested that he would not crack down on the use of bitcoin ( BTC-USD) or other digital tokens if elected president again.
At the same time, though, Trump said "I don't want people leaving the dollar," calling himself a traditionalist in terms of currency. |
