MicroStrategy chairman Michael Saylor believes that Bitcoin should be treated less like a traditional currency and more like a valuable asset that can be held for a long period of time. In an interview with CNBC, Saylor argued that there is a misconception among people who view Bitcoin solely as a currency. He believes that Bitcoin’s true value lies in its ability to preserve wealth for hundreds of years.
Rather than being seen as a medium of exchange, Saylor suggests that Bitcoin should be considered as a billion-dollar property in the digital realm. He believes that this perspective would help address the controversial issues surrounding cryptocurrencies and make them more appealing to countries like the United States, Europe, and China.
Saylor further emphasized that Bitcoin’s value as a store of wealth far surpasses its potential as a medium of exchange. He stated that the store of value market is worth 100 trillion dollars, while the medium of exchange market is worth only 1 trillion dollars. This highlights why Bitcoin has a higher potential as a valuable asset rather than a currency.
This viewpoint is shared by BlackRock’s CEO Larry Fink, who sees Bitcoin as a better form of wealth storage rather than a replacement for national currencies.
Saylor also expressed his belief that Bitcoin will have a significant impact on the gold market. He stated that Bitcoin will “eat” into gold’s market share because it possesses all the positive attributes of gold without any of its flaws.
When asked about his confidence in Bitcoin during its recent price decline below $20,000, Saylor stated that he had no doubts about its strong rebound. He believes that Bitcoin is the best asset available and has no equal.
As of now, Bitcoin’s price stands at $72,400, showing a 9.3% increase over the past week and a 44.7% increase over the past month.
In other news, popular Bitcoin advocate Wolf Of All Streets expressed concerns about a future where Bitcoin reaches a value of $1 million.