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The CEO of Microstrategy stated that Bitcoin will become a $100 trillion asset class and will grow 100 times more than it is today. He said that cryptocurrency is defeating gold as a store of value, and he is not worried about regulation. “I am not at all troubled by the regulations currently being implemented.”
“Bitcoin is winning, gold is losing” as a store of value
Microstrategy CEO Michael Saylor talked about the future prospects of Bitcoin in an interview with CNBC on Friday.He discussed the institutional adoption of Bitcoin, crypto regulation, market volatility, gold and Bitcoin, and Bitcoin As the world’s dominant digital asset and hedging investment.
His company is currently tenant 114,042 BitcoinSomeone asked him whether he would continue to hoard Bitcoin at the current price or wait for further corrections. He replied: “We will always stay stacked.”
Regarding the topic of Bitcoin and gold, Seiler was asked whether he believes that “Bitcoin has replaced, or will replace, or is replacing gold as a store of value for most investors.” Noting the advantages of Bitcoin over gold , Such as easy transfer and low storage costs, he said:
It is clear that Bitcoin is winning and gold is losing…and this situation will continue… It is clear that digital gold will replace gold in this decade.
Regarding regulation, including the controversial encryption clause in the $1 trillion infrastructure bill, Sayler said, “I am not at all troubled by the regulation currently being implemented.”
He explained that “the safe haven of institutions is the use of Bitcoin as a store of value” and emphasized that “Bitcoin is the only safe haven for morality, technology and law in the entire crypto ecosystem.”
The owner of Microstrategy, who supports Bitcoin, pointed out that the crypto regulation being discussed in Washington will “have an impact on security tokens, defi [decentralized finance] Exchanges, crypto exchanges, and all other non-bitcoin crypto use cases. “
“Unstoppable”-Bitcoin will become a $100 trillion asset class, an increase of 100 times
Seiler was also asked what he expected of Bitcoin’s realistic price target and whether he thought Bitcoin One day a coin was worth 1 million U.S. dollars. He replied that if Bitcoin doubles every year, then:
At the end of this decade, it will flip gold, then currency index, a little bond, a little real estate, a little stock, and become a 100 trillion dollar asset class. So, it is 100 times the current amount.
He continued: “When we get there, it will account for 5% to 7% of the global economy. The U.S. dollar may replace 150 currencies. There may be only 2 or 3 left. There may be Euros, Renminbi, and U.S. dollars. Others. Everything may disappear. Then Bitcoin will become the world currency index. If you just want to keep your money and don’t want to express your credit sentiment, stock sentiment, or certain property or real estate sentiment.”
Finally, Thaler was asked how countries will respond to the scenarios he described, and whether Bitcoin is unstoppable, or whether it reaches the point he described will depend on the government. He is certain:
I think Bitcoin as a digital asset is unstoppable.
He went on to explain that there will be three types of countries. He described that communist countries such as North Korea “will not give you property rights” and “will not let you own anything”, adding that “they might ban it.”
The second category includes countries with weak currencies. They “will conduct capital controls. They will let you own it, but they don’t want you to exchange or trade it,” Sayler pointed out. Then he pointed out: “It’s not illegal to own Bitcoin in China. They just don’t want you to remove billions of dollars from their economy.”
The third category includes Western countries with strong currencies, such as the U.S. dollar. “Of course, it will be treated as property,” Saylor said. “When you sell it, you will pay capital gains tax.”
Do you agree with Michael Thaler? Please let us know in the comments section below.
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