Bitcoin (BTC) investors are advised to shift their perspective and view Bitcoin as a long-term investment rather than a traditional currency, according to MicroStrategy chairman Michael Saylor. In an interview with CNBC, Saylor argued that there is a misconception in understanding Bitcoin’s true value, asserting that its “killer application” lies in its ability to preserve capital for centuries. He suggested that instead of considering it a currency, people should perceive it as a valuable digital asset in the virtual world. Saylor emphasized that the controversies surrounding cryptocurrencies, particularly their use as a medium of exchange, would diminish if they were seen primarily as a form of digital property. He further stated that Bitcoin’s potential as a property is much higher than its potential as a currency, as its value as a store of wealth is estimated to be worth $100 trillion, while its value as a medium of exchange is only around $1 trillion.
Saylor’s views align with those of BlackRock CEO Larry Fink, who previously expressed that Bitcoin is better suited as a means of storing wealth rather than a replacement for national currencies. Saylor believes that Bitcoin will eventually surpass gold, as it possesses all the desirable attributes of gold without any of its drawbacks. He also dismissed concerns about Bitcoin’s price fluctuations, stating that he had no doubts about its ability to rebound strongly. Saylor firmly believes that Bitcoin is the best asset available, leaving no room for comparison.
At the time of writing, the price of Bitcoin stands at $72,400, representing a 9.3% increase over the past week and a 44.7% increase over the past month. The rising popularity of Bitcoin and the potential for it to reach even higher prices has sparked concerns among some, such as Wolf Of All Streets, who worries about a future where Bitcoin reaches $1 million. However, Saylor remains confident in Bitcoin’s ability to continue its upward trajectory.