Alex Dovbnya
Former MictoStrategy CEO and Bitcoin proponent Michael Saylor believes gold should be left in the 19th century
In a recent interview with Kitco, former MicroStrategy CEO Michael Saylor predicted that Bitcoin would demonetize gold over time. The American investor does not believe that gold will be accepted as money in the 21st century. “Gold was metallic money in the 19th century,” he said.
He sees the largest emerging cryptocurrency as an investment-grade institutional asset that will be embraced by large investors, regulators, and lawmakers.
The investor has predicted that a spot-based Bitcoin exchange-traded fund could appear in a year.
Saylor claims that traditional economists don’t understand Bitcoin because they hate volatility. “Volatility is the price you pay for performance. If you can’t take the heat, you can’t be in the kitchen…I’d rather win inconsistently than lose slowly,” he said.
Regarding the broader crypto market, Saylor says a “huge amount of bad behavior” has been flushed out. Still, he believes there are many unregistered securities.
As reported by U.Today, he recently resigned as CEO of MicroStrategy in a shocking move. The announcement came after the company lost around $1 billion on its Bitcoin bet due to rapidly falling crypto prices.
Saylor claimed he wanted to focus more on investing in the flagship cryptocurrency by taking on the role of Executive Chairman. In the most recent interview, the investor claims it was “very clear” to shareholders that Phong Le, the newly appointed CEO, was the heir apparent. “We don’t run the company based on bitcoin volatility,” Saylor said.