Both Bitcoin and gold are valuable assets that can be used to protect against inflation. However, there are important differences between the two regarding history, accessibility, and other sources of demand.
While gold undoubtedly has a long history and solid foundations, Bitcoin has only been around for over a decade to prove its worth as an inflation hedge.
Last November, the price of a single BTC soared above $65,000, setting a new record. The increase was related to the introduction of Bitcoin exchange-traded funds in the United States. Others in the year were due to events involving Tesla and Coinbase respectively.
As of this writing, BTC is trading at $19,058.84, down 5.5% over the past seven days. Data from his Coingecko show on Sunday.
Michael Saylor, Source: Bloomberg
Crypto is much better than gold: Thaler
Despite the fact that BTC has lost more than 73% of its value since its 2021 high, cryptocurrency bull and MicroStrategy co-founder and CEO Michael Saylor is unfazed.
Not only does he believe digital coins will regain their former glory, but he also believes cryptocurrencies have a lot of room to grow beyond their current highs.
MicroStrategy is buying a dip while the value of the world’s most popular cryptocurrency has fallen in recent weeks. There are 130,000 BTC in vaults and around $4 billion in crypto assets.
“Bitcoin’s next logical stop is to replace gold as a non-governmental entity of value assets, and gold, as we speak, is a $10 trillion asset. Bitcoin is digital gold. and 100 times better than gold,” Sailor said Wednesday at the Money Festival hosted by MarketWatch.
According to TradingView data on Sunday, bitcoin’s market capitalization is around $365 billion.
Bitcoin will reach $500,000 in 10 years
Thaler also didn’t hesitate when the festival’s Best New Ideas segment predicted that the price of the cryptocurrency could hit $500,000 within the next decade.
“The halving of cryptocurrencies is forever. It can travel on billions of computers at the speed of light. I think in 10 years it will happen,” said Thaler.
According to MarketWatch, Saylor owns about 17,732 bitcoins, which he bought for around $9,500. Meanwhile, MicroStrategy’s stock has fallen nearly 65% this year, as has Bitcoin.
BTC total market cap at $365 billion on the daily chart | Source: TradingView.com Featured image from Al Bawaba, chart from TradingView.com
Bitcoin Is ‘100 Times Better Than Gold’ Says Michael Thaler – Here’s Why
Source link Bitcoin Is ‘100 Times Better Than Gold’ Says Michael Thaler – Here’s Why