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According to MicroStrategy CEO, Bitcoin Will Surpass Gold as a Store of Value

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As per Michael Saylor, inventor of MicroStrategy, the advent of Bitcoin as an investment could spell the death of gold as an asset class in the long run. This remark was made by Saylor, the outgoing CEO of MicroStrategy and a crypto bull, in December of last year.

Eight months later, Saylor stated in an interview with Stansberry Research on Saturday that the emergence of cryptocurrencies, notably Bitcoin, will undoubtedly lead to the precious metal’s “demonization.”

As cryptocurrency has gained in popularity, some advocates hope it may someday replace gold as a store of value.

Due to the current market turmoil, top crypto investors continue to believe that Bitcoin will dethrone gold.

“The only thing threatened by bitcoin is gold,” Saylor remarked during a recent Yahoo Finance Live discussion.

Saylor remarked of gold, without equivocation: “The smartest thing you could do is sell all of your $10 trillion in gold and invest in Bitcoin. Gold is a dead rock. It’s the worst-performing asset, no debate. There is no hope for it.”

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Nevertheless, Saylor allowed that the coin’s journey to displace gold will be defined by “highs and lows.” Interestingly, the millionaire added that, unlike gold, Bitcoin had a greater potential for acceptance as a currency by a greater number of states.

Saylor is supported by Ray Dalio, an American billionaire investor and hedge fund manager. In May of last year, he revealed: “I only own a modest quantity of bitcoin.  I’m not a large owner,” Dalio told CNBC Make It. “You want to buy specific assets to diversify your portfolio, and BTC is similar to digital gold.”

Unlike gold, Saylor feels cryptocurrency has a higher chance of being accepted as a currency by more jurisdictions.

“Conventional opponents and mainstream experts don’t grasp the crypto economy, Bitcoin, or volatility… Over time, the crypto will eventually demonetize gold.” In other words, Saylor believes gold will not be used “as money in the 21st century,” he stated.