The CEO of Microstrategy said bitcoin will grow into a $ 100,000 billion asset class and grow 100 times from where it is today. He said cryptocurrency is winning against gold as a store of value and that he is not worried about regulation. “I am not at all troubled by the regulations in force at the moment.”
“Bitcoin wins, gold loses” as a store of value
Microstrategy CEO Michael Saylor spoke about the future prospects of bitcoin in an interview with CNBC on Friday. He discussed the institutional adoption of bitcoin, the regulation of crypto, market volatility, gold versus bitcoin, and BTC as the dominant digital asset and safe haven investment in the world.
His company currently holds 114,042 BTC. He was asked if he was going to continue stacking bitcoin at the current price or wait for a further pullback. He replied, “We will continue to stack up forever.”
Regarding bitcoin versus gold, Saylor was asked if he thought “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 ease of transfer and low cost of storage, he said:
It’s pretty clear that bitcoin is winning, gold is losing… and it will continue… It’s pretty clear that digital gold is going to replace gold this decade.
Regarding the regulations, including the controversial crypto provision in the $ 1,000 billion infrastructure bill, Saylor said, “I am not at all troubled by the regulations in place at this time. . “
He explained, “The safe haven for institutions is to use bitcoin as a store of value,” stressing that “bitcoin is the only ethical, technical and legal haven in the entire crypto ecosystem.”
Microstrategy’s pro-bitcoin boss noted that crypto regulations being discussed in Washington “will impact security tokens, challenge [decentralized finance] exchanges, crypto exchanges, all other crypto use cases that are not bitcoin.
‘Unstoppable’ – Bitcoin to become a $ 100,000 billion asset class, a 100-fold increase
Saylor was also asked what he expects in terms of a realistic price target for bitcoin and if he sees BTC worth $ 1 million a coin one day. He replied that if bitcoin doubles every year, then:
By the end of the decade, it will have flipped gold, then it will return currency indices, a little bit of bonds, a little bit of real estate, a little bit of stocks, and will emerge as an asset class of 100,000. billions of dollars. So 100X from where it is right now.
He continued, “When we get there, it will be 5-7% of the global economy. The US dollar will likely replace 150 currencies. Maybe there will only be 2 to 3. There could be the euro, the CNY and the dollar. Everything else will probably go away. And then bitcoin will be the global monetary index. If you just want to keep your money and don’t want to express a sense of credit, or a sense of fairness, or a sense of ownership or real estate.
Finally, Saylor was asked how countries would react to the scenario he described and if bitcoin is unstoppable or if the point he described will be up to governments. He said:
I think bitcoin is unstoppable as a digital property.
He then explained that there would be three classes of countries. Communist countries, like North Korea, “won’t give you property rights” and “won’t let you own anything,” he described, adding that “they will probably ban it.”
The second category includes countries with weak currencies. They “will have capital controls. They’ll let you own it but they don’t want you to trade it or exchange it, ”said Saylor. He then pointed out, “It is not illegal to own bitcoin in China. They just don’t want you to take billions of dollars out of their economy.
The third category includes western countries that have hard currencies, such as the US dollar. “Of course, this is going to be considered property,” Saylor said. “You’ll pay capital gains tax when you sell it. “
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