Crypto News– Michael Saylor, co-founder and chairman emeritus of the business software company MicroStrategy, boldly proclaimed on Monday that Bitcoin is on track to surpass gold as the world’s most valuable commodity.
MicroStrategy CEO, Envisions Bitcoin Surpassing Gold and Overtaking Silver in Market Capitalization
Speaking on CNBC’s “Squawk Box,” Saylor, a steadfast advocate for Bitcoin, pointed out that the cryptocurrency achieved its fourth consecutive all-time high within a week. “It’s going to outshine gold,” he confidently asserted.
Highlighting Bitcoin’s strengths, Saylor emphasized its superiority over gold, stating, “It possesses all the remarkable attributes of gold, without any of its flaws.”
As Bitcoin soared past $72,000 on Monday, reaching unprecedented heights, its market value skyrocketed to $1.4 trillion, exceeding gold’s $14.6 trillion market cap. Notably, Bitcoin’s surge also propelled it past silver, which boasts a market cap of $1.3 trillion.
While Saylor refrained from specifying a precise timeline for Bitcoin’s ascent above gold, he previously forecasted this milestone to occur within this decade, based on Bitcoin’s projected surge to $500,000 per coin.
MicroStrategy recently made headlines for its substantial Bitcoin acquisitions, purchasing 12,000 Bitcoin valued at $821 million between February 26 and March 10. The company finalized an $800 million senior convertible notes offering on Friday, which funded its recent cryptocurrency acquisitions.
With a stash of 205,000 Bitcoin valued at $14.7 billion, MicroStrategy stands as the foremost private holder of the cryptocurrency, according to Bitcoin tracker Bitcoin Treasuries.
Saylor also highlighted the success of spot Bitcoin exchange-traded funds (ETFs), illustrating Bitcoin’s ability to divert capital away from traditional equities, which he referred to as “risk assets.”
According to Bloomberg Intelligence analyst Eric Balchunas, Bitcoin ETFs amassed a total value of $55 billion on Monday, surpassing the combined value of all gold ETFs, which stands at just under $100 billion, as reported by ETF Store President Nate Geraci. This indicates that Bitcoin ETFs have captured more than half of the gold ETF market’s value in just two months.
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