Bitcoin's rise has led some proponents to share the view that the cryptocurrency will outperform gold in various metrics and eventually replace it. Despite the crypto winter, some players continue to voice the opinion that Bitcoin will overthrow gold. During an interview with Stansberry Research on August 13, MicroStrategy's Michael Saylor stated that gold would likely experience demonization triggered by Bitcoin’s growth, according to Finbold.
Saylor said that Bitcoin's path to replacing gold will be filled with ups and downs. In addition, he noted that Bitcoin is more likely to be accepted as a currency by more jurisdictions than gold.
“Conventional critics and mainstream analysts don't get the crypto economy, don't understand Bitcoin, and they hate volatility[…]Bitcoin is going to gradually demonetize gold over time, gold will go to the utility value of gold, but it won't be adopted as money in the 21st century.”
Saylor said that long-term investors should not worry about Bitcoin's volatility, noting that price fluctuations are part of the asset's maturity path. He suggested that Bitcoin is being criticized for its volatility due to investors wanting to make money in the short term.
Additionally, in an interview, Saylor suggested that the recent rise in the cryptocurrency market indicates that Bitcoin has bottomed. “The market looks like it's bottomed where its fundamentals are emerging as an institutional investment grade asset, being embraced by regulators, legislators, and large-scale investors,” he said.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.