Bitcoin to 'Eat Gold' and Become Superior Asset, Says MicroStrategy's Michael Saylor

By: Eva Baxter

MicroStrategy's executive chairman, Michael Saylor, predicts that Bitcoin will outpace gold in the future, characterizing it as a far superior asset. He made these claims during a recent interview with CNBC, stating Bitcoin's superiority extends beyond gold to all conventional assets, including real estate and stocks.

Saylor stated that Bitcoin, at the very least, should be perceived as 'digital gold', embodying its role as a store of value. Bitcoin has all the positive attributes of gold whilst lacking its flaws. Unlike gold, Bitcoin can be digitally transferred, and its capability to trade one million times faster than traditional assets gives it an edge. He further emphasized Bitcoin's advantages by revealing that MicroStrategy's recent acquisition of $820 million worth of Bitcoin mostly occurred on Saturday - a feat which traditional financial assets could not match.

Interestingly, Bloomberg ETF analyst, Eric Balchunas, shared similar observations, predicting that Bitcoin spot ETFs are poised to overtake gold ETFs in the near future. Saylor concluded by examining Bitcoin's expanding role in the broader financial market, highlighting that companies like BlackRock have initiated plans to incorporate Bitcoin exposure into their various funds, which signals shifting sentiments and the growing prominence of Bitcoin in mainstream finance.