'Bitcoin Is Going to Eat Gold': MicroStrategy’s Michael Saylor
MicroStrategy has purchased an additional 12,000 bitcoins, bringing its total holdings to 205,000 tokens. The company's Executive Chairman, Michael Saylor, believes that bitcoin will become a more valuable asset than gold in the future. He argues that bitcoin has all the positive attributes of gold without its defects, such as the inability to be easily moved from one location to another. Saylor also anticipates that bitcoin will divert money away from other risk assets, including the SPDR S&P 500 ETF, and start appearing in other funds. Bitcoin recently became the world's eighth most valuable asset, surpassing silver with a market cap of over $1.4 trillion. Saylor also highlighted the upcoming Bitcoin halving in April, which will reduce the crypto's block reward by 50%, leading to an increase in its price to meet investor demand.
