Michael Saylor Praises Bitcoin’s Scarcity, Says Gold Is A Commodity
11 März 2022 - 12:00AM
NEWSBTC
CEO of MicroStrategy Michael Saylor remains one of the most vocal
supporters of bitcoin. Countless times in the past, Saylor has
always lauded the benefits of the digital asset, which he says is
the best investment. His convictions are shared by his firm which
remains the publicly traded company with the largest bitcoin
holdings in the world. Now, once again, Saylor has spoken out in
favor of the cryptocurrency, effectively snubbing its competitors
while he’s at it. Bitcoin Is The Only Scarce Asset Bitcoin’s
scarcity has often been one of the strongest arguments for the
value of the cryptocurrency. According to the code, there can only
be 21 million bitcoins mined, meaning that once this supply is
mined, there are no more bitcoins coming into circulation. More BTC
cannot be created, making it one of the most scarce assets in the
entire globe. Related Reading | Bitcoin Mempool Fills,
Transactions Fees Double; Here’s Why With bitcoin’s growth, it has
fast become a rival for other top investment assets in the space.
One of those assets is gold. Bitcoin which is referred to as
digital gold has outperformed its physical rival over the course of
the last few years, putting them in fierce competition with each
other. However, according to Saylor, only one of these assets is
truly scarce and that is bitcoin. Speaking on the PBD Podcast,
Saylor explained that all other assets can have more of them
created. He called bitcoin the only scarcity known to humanity. The
CEO referred to gold as a commodity, alongside other assets like
real estate and luxury watches. “I can create more real estate in
New York City. I can create more cars. I can create more luxury
watches. I can create more gold. I can create more shares of a
stock. I can create more bonds,” Saylor explained. BTC declines
below $40,000 | Source: BTCUSD on TradingView.com His reasoning was
that since he can create more of these, then they are basically
commodities. Whereas, bitcoin is “magical” given that there will
only ever be 21 million tokens and no one else can create more BTC
once they are all mined. Related Reading | Bitcoin On Course
To Hit $100K Nine Months From Now, Bitbull CEO Predicts “I can
create any commodity; they’re commodities by definition. Given
enough money and time, I can create infinite of any of them,”
Saylor continued. Saylor’s advocacy for bitcoin runs both personal
and professional. Saylor is known for using his personal bitcoin
investment as an argument for why MicroStrategy should invest in
the digital asset. As of the time of this writing, MicroStrategy
owns over 120K BTC worth almost $5 billion, putting the firm in
profit territory. Featured image from Coingape, chart from
TradingView.com
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