Bitcoin News and Finance
Microstrategy CEO Discusses Bitcoin Becoming $100 Trillion Asset Class — Says BTC Will Grow 100X Skip to main content

Microstrategy CEO Discusses Bitcoin Becoming $100 Trillion Asset Class — Says BTC Will Grow 100X

Microstrategy CEO Discusses Bitcoin Becoming $100 Trillion Asset Class — Says BTC Will Grow 100X

The CEO of Microstrategy says that bitcoin will emerge as a $100 trillion asset class and will grow 100X from where it is today. He said the cryptocurrency is winning against gold as a store of value and he is not worried about regulation. “I’m not at all troubled with the regulations that’s going on right now.”

‘Bitcoin Is Winning, Gold Is Losing’ as Store of Value

Microstrategy CEO Michael Saylor talked about the future outlook for bitcoin in an interview with CNBC Friday. He discussed the institutional adoption of bitcoin, crypto regulation, market volatility, gold versus bitcoin, and BTC as the world’s dominant digital asset and safe-haven investment.

His company currently hodls 114,042 BTC. He was asked whether he is going to keep stacking bitcoin at the current price or wait for a further pullback. He replied: “We are going to keep stacking forever.”

On the topic of bitcoin vs. gold, Saylor was asked whether he thinks “bitcoin has replaced, or will replace, or is in the process of replacing gold as the store of value for most investors.” Noting the advantages of bitcoin over gold, such as the ease of transfer the low storage cost, he said:

It’s pretty clear that bitcoin is winning, gold is losing … and it’s going to continue … It’s pretty clear digital gold is going to replace gold this decade.

Regarding regulation, including the controversial crypto provision in the $1 trillion infrastructure bill, Saylor said, “I’m not at all troubled with the regulations that’s going on right now.”

He explained, “The safe haven for institutions is to use bitcoin as a store of value,” emphasizing that “Bitcoin is the only ethical, technical, and legal safe haven in the entire crypto ecosystem.”

The pro-bitcoin Microstrategy boss noted that the crypto regulation that is being discussed in Washington will “have an impact on security tokens, defi [decentralized finance] exchanges, crypto exchanges, all the other use cases of crypto that are not bitcoin.”

‘Unstoppable’ — Bitcoin to Become $100 Trillion Asset Class, a 100X Increase

Saylor was also asked what he expects in terms of a realistic price target for bitcoin and whether he sees BTC being worth $1 million a coin someday. He replied that if bitcoin doubles every year, then:

At the end of the decade it will have flipped gold, and then it will flip monetary indexes, a little bit of bonds, a little bit of real estate, a little bit of equity, and emerge as a $100 trillion asset class. So, 100X of where it is right now.

He continued: “When we get there, it will be 5% to 7% of the worldwide economy. The U.S. dollar will probably replace 150 currencies. Maybe there will only be 2 to 3 left. There might be the euro, the CNY, and the dollar. Everything else is probably going to disappear. And then bitcoin will be the world’s monetary index. If you simply want to keep your money, and you don’t want to express a credit sentiment, or an equity sentiment, or some property or real estate sentiment.”

Lastly, Saylor was asked how countries will react to the scenario he described and whether bitcoin is unstoppable or whether getting to the point he described will depend on governments. He affirmed:

I think bitcoin is unstoppable as digital property.

He proceeded to explain that there will be three classes of countries. The communist countries, such as North Korea, “will not give you property rights” and “will not let you own anything,” he described, adding that “They will probably ban it.”

The second category comprises countries with weak currencies. They “will have capital controls. They will let you own it but they don’t want you to exchange it or trade it,” Saylor noted. He then pointed out: “It’s not illegal to own bitcoin in China. They just don’t want you to move billions of dollars out of their economy.”

The third category comprises western nations that have strong currencies, like the U.S. dollar. “Of course, it’s going to be deemed property,” Saylor said. “You will pay capital gains tax when you sell it.”

Do you agree with Michael Saylor? Let us know in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory