Bitcoin is going to dramatically appreciate and overtake gold’s market cap, says Saylor
The MicroStrategy CEO sees BTC becoming the world reserve asset while the dollar remains the world reserve currency.
Mon, 06 Dec 2021, 14:24 pm UTC
An increasing number of investors now see Bitcoin as an inflation hedge. MicroStrategy CEO Michael Saylor believes that BTC will appreciate in the long term and overtake gold in terms of market capitalization.
The billionaire explained that concern over inflation is what got him into Bitcoin in the first place. “I got into Bitcoin because I saw that inflation was going to be a problem,” Saylor told Coindesk in an interview. “
The MicroStrategy CEO was asked if Bitcoin and other assets could be affected by a pulling back of FED’s bond-buying program. While Saylor acknowledged the potential volatility of the crypto market, he isn’t too concerned with it as he views his crypto investments as long-term.
“We don’t really trade the markets or guess the markets,” Saylor explained. “We take the long view… as you know I’m hodling Bitcoin forever.”
“There’s going to be volatility near term,” the MicroStategy CEO added. “But it seems to me that now we have a universal acknowledgment that the world needs an inflation hedge... I’ve concluded that Bitcoin is the best inflation hedge. If you have Bitcoin don’t sell it and if you don’t have Bitcoin buy it, if Bitcoin’s moving around, wait.”
Saylor explained that he doesn’t have any near-term price predictions for the crypto. However, he is convinced that it would eventually surpass gold’s market cap.
“I believe that Bitcoin is critical technology to the human race,” he explained. “It’s digital property… It should presumably demonetize gold and investment properties… It should go certainly past the market cap of gold and into the market cap of investment properties. Obviously, I think the asset class over the long term is going to dramatically appreciate.”
Saylor also gave his view on the current regulatory moves by governments worldwide. “All of these regulations … they’re really regulations restraining your use of a digital asset as a currency rather than as a property,” Saylor said. However, he does not see Bitcoin competing against currencies as he views BTC as a digital asset and not as a currency.
"I see Bitcoin as the world reserve asset whereas I see the dollar as the world reserve currency,” Saylor explained. “The distinction is currencies are used as a medium of exchange tax-free and the asset is used as a store of value and an investment strategy.”
“Should you sell it, you owe capital gains tax on it,” Saylor noted. “I think both of them will co-exist.”
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