About a month ago, Bitcoin (BTC) was nearing the $70K mark, generating market excitement at the prospects of the digital asset climbing to over $100K by the end year. Having begun its downtrend in mid-November, the asset is now struggling to climb back above $50,000. As disheartening as the price has been for some, for others, it has only ushered in an opportunity to buy the dip.
Michael Saylor, CEO of MicroStrategy belongs to the second group. Speaking at Yahoo Finance Live, Saylor discussed the recent Congressional Hearing that hosted several crypto executives. According to the CEO, the ultimate winner of the discussion was Bitcoin, he says. Additionally, investors who dumped their gold for BTC this year have seen a positive result of the same.
Dump gold for BTC: Saylor
Saylor explained that the pandemic-fueled inflation has particularly done more good for Bitcoin. He even forecasted an impending doom for gold, calling it a “dead rock”. In his opinion, the best decision the markets could make is to sell the $10 trillion worth of yellow metal and purchase BTC.
The only thing that is threatened by bitcoin is gold. The best thing you could do is sell all $10 trillion of gold and buy bitcoin. Gold is a dead rock. It’s the worst-performing asset, bar none, no debate. There is no hope for it.
Saylor’s comments may come off as a marketing strategy bent on preserving the value of his favorite asset. There is, however, some truth to what he says. BTC prices are up 63 percent year-to-date. Meanwhile, gold prices have tanked more than 9 percent year-to-date.
More BTC for MicroStrategy
The price movement has increased confidence over the future of Bitcoin, and MicroStrategy is banking on it. Earlier this week, Saylor announced the firm’s latest Bitcoin purchase, fattening the stash it started to accumulate in August 2020.
MicroStrategy has purchased an additional 1,434 bitcoins for ~$82.4 million in cash at an average price of ~$57,477 per Bitcoin. As of 12/9/21 we #hodl ~122,478 bitcoins acquired for ~$3.66 billion at an average price of ~$29,861 per bitcoin.
Pointing out long-term inflation and increasing global BTC adoption, Saylor asserted:
I have said it before, Bitcoin is going up forever.
Long-time gold bug Peter Schiff, who recently criticized Salvadorian president Nayib Bukele for “wasting taxpayers’ money,” also had something to say on this:
Of course you did. You’re going down with the Bitcoin ship. It might be Ok if it was just your own money you were throwing away. But you’re wasting shareholder money as well. I would suggest #MSTR shareholders abandon ship before it sinks.