Bitcoin (BTC) has been struggling to make a move above $50,0000 levels, however, MicroStrategy’s Michael Saylor continues to remain bullish about it. Bitcoin’s rise as an investment could mean long-term doom for the world’s largest asset class aka Gold.
Speaking to Yahoo finance Live, Saylor spoke about the recent Congressional Hearing and believes that the ultimate winner of the discussion was Bitcoin. He said that the buy Bitcoin, dump Gold strategy has worked well for investors this year.
He believes the stimulus-driven inflationary environment positions well for Bitcoin. Calling the yellow metal Gold a dead rock, Saylor says that the best thing one could do is sell $10 trillion worth of Gold and buy Bitcoin. During his interview, the MicroStrategy CEO said:
“The only thing that is threatened by bitcoin is gold. The best thing you could do is sell all $10 trillion of gold and buy bitcoin. Gold is a dead rock. It’s the worst-performing asset, bar none, no debate. There is no hope for it.”
Taking a simple example, Bitcoin prices at up 63% year-to-date. The BTC price has already shot more than 100% at one point. On the other hand, Gold prices have tanked more than 9% year-to-date.
MicroStrategy Buys More Bitcoin
On Thursday, December 9, MicroStrategy announced an additional purchase of Bitcoins. In his recent tweet, Michael Saylor noted:
MicroStrategy has purchased an additional 1,434 bitcoins for ~$82.4 million in cash at an average price of ~$57,477 per Bitcoin. As of 12/9/21 we #hodl ~122,478 bitcoins acquired for ~$3.66 billion at an average price of ~$29,861 per bitcoin.
Pointing to global bitcoin adoption and long-run inflation, Saylor said: “I have said it before, bitcoin is going up forever”. However, Bitcoin critic Peter Schiff lashed out at Saylor and accused him of wasting investors’ money.
He said: “Of course you did. It’s clear that you’re going down with the Bitcoin ship. It might be Ok if it was just your own money you were throwing away. But you’re wasting shareholder money as well. I would suggest #MSTR shareholders abandon ship before it sinks.