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Bitcoin to Beat Gold? Michael Saylor Says it Could Happen

Last Updated March 12, 2024 9:36 AM
Teuta Franjkovic
Last Updated March 12, 2024 9:36 AM
By Teuta Franjkovic
Verified by Peter Henn

Key Takeaways

  • Michael Saylor believes Bitcoin will significantly outperform gold in the coming months, calling it a superior asset.
  • Saylor argues Bitcoin surpasses even traditional assets like stocks and real estate.
  • Spot Bitcoin ETFs are rapidly growing and could eclipse gold ETFs in assets under management soon.

During a recent interview , MicroStrategy Executive Chairman Michael Saylor said Bitcoin would significantly outperform gold soon. Saylor claimed BTC was a superior asset in all aspects.

Saylor claimed  that Bitcoin’s advantages were greater than gold’s. He even suggested it could eclipse traditional investments, like real estate and stocks.

Saylor Advocates for Bitcoin as “Digital Gold”

The MicroStrategy boss argued that Bitcoin transcends its role as a digital version of gold. He said it possessed all of gold’s favorable qualities and none of its shortcomings.

He argued that  Bitcoin’s digital transferability was a unique advantage. Saylor went so far as to liken it to the hypothetical ability to instantly teleport gold across continents.

Furthermore, Saylor claimed  Bitcoin had significant benefits over traditional assets like equities, bonds, and real estate. He said it had an unparalleled speed of transactions—up to a million times faster than conventional assets.

He stated :

“Bitcoin is competing with gold. It’s going to eat it.”

Highlighting Bitcoin’s 24/7 Utility for Transactions

Saylor also said Bitcoin’s around-the-clock availability for transactions was another benefit.

He said :

“If you want to buy a house on Saturday in Africa … if you want to buy a car on Sunday morning, [Bitcoin] is the way to do it.”

He illustrated this point by revealing that MicroStrategy capitalized on this advantage, conducting most of its recent $820 million Bitcoin acquisition on a Saturday. Saylor claimed the company would not have been able to do that with traditional assets.

Shift in Market Dynamics

Bloomberg ETF analyst Eric Balchunas highlighted  the rapid growth of spot Bitcoin ETFs, which could overtake gold ETFs in the near future. With $55 billion already under management and $110 billion traded since January, Bitcoin ETFs could potentially surpass the $210 billion in assets managed by gold ETFs  within just a few months.

Michael Saylor further discussed Bitcoin’s expanding role in the financial market, predicting it will attract capital away from traditional risk assets and ETFs, such as the SPDR S&P 500 ETF, which is the largest with $505 billion in AUM.

Saylor underscored this trend by noting BlackRock’s recent move to incorporate Bitcoin exposure into its funds, less than three months following the launch of spot Bitcoin ETFs, indicating a significant shift in sentiment and Bitcoin’s increasing importance in mainstream finance.

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