During an interview with Stansberry Research on August 13, Michael Saylor, MicroStrategy’s soon-to-be-retired CEO, said that bitcoin will surpass gold in various ways, such as a means of savings, and eventually replace the precious metal.
However, Saylor admitted that bitcoin’s competition with gold will be characterized by ups and downs. In his opinion, unlike gold, BTC has more chances to be accepted as a currency by more jurisdictions.
Critics and analysts don’t understand the crypto-economy, they don’t understand bitcoin and they hate volatility… Bitcoin will gradually demonetize gold over time,” Saylor said.
As for concerns about bitcoin’s volatility, Saylor noted that long-term investors shouldn’t worry because price fluctuations are part of the asset’s journey. He believes bitcoin is volatile because investors want to make money in the short term.
In that sense, MicroStagey’s bitcoin investment plan was based on a long-term strategy, which is why he’s not worried about price declines.
Saylor suggested that the recent rise in the cryptocurrency market indicates that bitcoin has bottomed out. It is worth noting that after a difficult first half of the year, bitcoin along with etherium (ETH) led the cryptocurrency market in a short-term rally.