Since the inception and growth of BTC, various BTC supporters have stated that it would overtake Gold in terms of value. Meanwhile, the market has been pretty rough for Bitcoin as its market valuation fell out of the top ten earlier this year.
Bitcoin’s Growth To Cause Demonetization Of Gold
Michael Saylor, the retiring CEO of MicroStrategy, said in a new discussion with Stansberry Research on the 13th of August that the rise of Bitcoin will probably lead to the demonetization of the precious metal, Gold.
Saylor did admit that Bitcoin’s journey to displace Gold will be one of both ups and downs. Saylor opined that, unlike Gold, BTC has a greater potential of being accepted as payment in more countries.
“Traditional skeptics and mainstream experts detest instability. They do not understand the cryptocurrency economy and will not appreciate BTC,” Saylor added
According to Saylor, BTC will progressively demonetize Gold until it reaches its utilitarian value. Despite this, the yellow metal would not be used as a currency in the twenty-first century.
While talking about the volatility of the flagship currency, Saylor advised long-term traders not to bother about price fluctuations. He noted that price fluctuations are a normal part of an asset’s pathway to maturity.
He claimed that speculators trying to profit quickly were the reason BTC had drawn criticism for its fluctuation. He said that the long-term approach had influenced MicroStragey’s BTC investing strategy.
BTC Has Hit Rock Bottom Already
Importantly, the organization has amassed over 200 BTC since entering the crypto market in August 2020. Unfortunately, the ongoing CEO, who had a crucial role in the approach, has faced criticism since the business started to lose money.
In contrast to forecasts of $126 million, MSTR’s quarterly revenue for Q2 2022 was $122.1 million. The business also reported losses of $918.1 million in the same period. Most of the losses ($917.8 million) were attributable to its BTC holdings.
Meanwhile, Saylor noted that the latest gains in the cryptocurrency markets reveal that BTC has bottomed. The flagship currency has crossed the $24k and is trading at $24,489 as of the time of writing.
BTC has dropped by about 3% in the past 24 hours. Also, the outgoing CEO noted that regulators, large-scale investors, and legislators are waking up to the potential of cryptocurrency.
Furthermore, it is worthy to say that despite the rough start in 2022, BTC and ETH have been driving the cryptocurrency market’s recent surge.