Michael Saylor, the executive chairman of business intelligence firm MicroStrategy, has urged the U.S. government to ditch gold in favor of Bitcoin.
“Dump your gold. Sell all the US gold and buy Bitcoin. You will demonetize the entire gold asset class. And our enemies hold gold in their banks, so their assets would go to zero. Our assets would go to $100 trillion,” Saylor recently told Yahoo Finance.
Saylor previously described gold as an “antiquated” store of value that peaked in the 19th century.
“It’s not working. You can see that it’s not working. And the reason it doesn’t work is because you can corrupt it, you can confiscate it, you can hypothecate about it, and lie about it. Try moving $100 million of gold or $10 million of gold through an airport when you decide that you want to change jurisdictions,” he told Nomad Capitalist back in April 2021.
As reported by U.Today, Bernstein recently predicted that Bernstein could be on track to replace gold as the leading store of value by the end of this decade.
Billionaire Mike Novogratz, despite himself being a gold investor, has also predicted that Bitcoin could eventually surpass the yellow metal by market cap.
The U.S. acquiring 1 million Bitcoin (as stipulated by the bill that was put forward by Wyoming Senator Cynthia Lummis) could significantly accelerate this process.
Meanwhile, Polymarket bettors see a rather impressive 30% chance of a Bitcoin reserve being created in early 2025.
Novogratz predicted that the price of Bitcoin could shoot up to $500,000 if this ends up being the case.