In another endorsement of Bitcoin’s future promise (BTC), MicroStrategy CEO Michael Saylor predicts that BTC will overshadow gold.

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Since recovering from its Black Thursday crash, the largest crypto by market capitalization is up over 110% year-to-date (YTD). Institutional appetite also appears to be growing, with public companies jettisoning cash for BTC as a treasury reserve asset.

Bitcoin and Gold Will Not Co-exist

Tweeting on Nov. 10, the MicroStrategy chief agreed with Morgan Creek Digital co-founder Anthony Pompliano that Bitcoin would end up being a complementary asset to Gold. According to Saylor:

“When the Bitcoin Dragon emerges from its lair, the first thing it will eat is the Kingdom of Gold.”

‘Digital gold’ is a ubiquitous description among many commentators in the industry. In the Nov. 10 edition of “The Pomp Letter,” — Pompliano’s daily fintech newsletter — the Bitcoin bull argued against notions that BTC and gold would end up co-existing.

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Indeed, according to analysts at JPMorgan, institutional investors are pivoting from gold to the alpha crypto. In its report, the Wall Street bank remarked that growing BTC inflows from big-money players could see it challenging gold as an alternative currency in the future.

However, attaining these heights will require at least a ten-fold increase in market capitalization. In an interview with CNBC on Nov. 9, hedge fund magnate Stanley Druckenmiller remarked

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that his bitcoin bet may even yield greater fruit than his investment in gold.

Institutional interest is already witnessing publicly-listed companies like Square and MicroStrategy adopting BTC as a treasury reserve asset. Bitcoin’s growing corporate endorsement may also trigger even more demand for BTC among investors.

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While justifying the pivot towards bitcoin, Saylor remarked

back in August that BTC constituted a more robust hedge against financial uncertainties. Apart from MicroStrategy’s bitcoin investment, Saylor recently revealed his own 17,730 BTC investment, valued at over $273 million.

With bitcoin moving above $15,000 for the first time since early November 2017, MicroStrategy’s BTC bet has already netted a $168 million profit in barely three months.




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Bitcoin Will Devour Gold, Says MicroStrategy CEO – News

by Douglas Smith
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