Categories: Bitcoin Latest News

Michael Saylor Praises Bitcoin’s Scarcity, Says Gold Is A Commodity

CEO of MicroStrategy Michael Saylor remains one of the most vocal supporters of bitcoin. Countless times in the past, Saylor has always lauded the benefits of the digital asset, which he says is the best investment. His convictions are shared by his firm which remains the publicly traded company with the largest bitcoin holdings in the world. Now, once again, Saylor has spoken out in favor of the cryptocurrency, effectively snubbing its competitors while he’s at it.

Bitcoin Is The Only Scarce Asset

Bitcoin’s scarcity has often been one of the strongest arguments for the value of the cryptocurrency. According to the code, there can only be 21 million bitcoins mined, meaning that once this supply is mined, there are no more bitcoins coming into circulation. More BTC cannot be created, making it one of the most scarce assets in the entire globe.

Related Reading | Bitcoin Mempool Fills, Transactions Fees Double; Here’s Why

With bitcoin’s growth, it has fast become a rival for other top investment assets in the space. One of those assets is gold. Bitcoin which is referred to as digital gold has outperformed its physical rival over the course of the last few years, putting them in fierce competition with each other. However, according to Saylor, only one of these assets is truly scarce and that is bitcoin.

Speaking on the PBD Podcast, Saylor explained that all other assets can have more of them created. He called bitcoin the only scarcity known to humanity. The CEO referred to gold as a commodity, alongside other assets like real estate and luxury watches.

“I can create more real estate in New York City. I can create more cars. I can create more luxury watches. I can create more gold. I can create more shares of a stock. I can create more bonds,” Saylor explained.

BTC declines below $40,000 | Source: BTCUSD on TradingView.com

His reasoning was that since he can create more of these, then they are basically commodities. Whereas, bitcoin is “magical” given that there will only ever be 21 million tokens and no one else can create more BTC once they are all mined.

Related Reading | Bitcoin On Course To Hit $100K Nine Months From Now, Bitbull CEO Predicts

“I can create any commodity; they’re commodities by definition. Given enough money and time, I can create infinite of any of them,” Saylor continued.

Saylor’s advocacy for bitcoin runs both personal and professional. Saylor is known for using his personal bitcoin investment as an argument for why MicroStrategy should invest in the digital asset. As of the time of this writing, MicroStrategy owns over 120K BTC worth almost $5 billion, putting the firm in profit territory.

Featured image from Coingape, chart from TradingView.com

CEO of MicroStrategy Michael Saylor remains one of the most vocal supporters of bitcoin. Countless times in the past, Saylor has always lauded the benefits of the digital asset, which he says is the best investment. His convictions are shared by his firm which remains the publicly traded company with the largest bitcoin holdings in the world. Now, once again, Saylor has spoken out in favor of the cryptocurrency, effectively snubbing its competitors while he’s at it.

Bitcoin’s scarcity has often been one of the strongest arguments for the value of the cryptocurrency. According to the code, there can only be 21 million bitcoins mined, meaning that once this supply is mined, there are no more bitcoins coming into circulation. More BTC cannot be created, making it one of the most scarce assets in the entire globe.

Related Reading | Bitcoin Mempool Fills, Transactions Fees Double; Here’s Why

With bitcoin’s growth, it has fast become a rival for other top investment assets in the space. One of those assets is gold. Bitcoin which is referred to as digital gold has outperformed its physical rival over the course of the last few years, putting them in fierce competition with each other. However, according to Saylor, only one of these assets is truly scarce and that is bitcoin.

Speaking on the PBD Podcast, Saylor explained that all other assets can have more of them created. He called bitcoin the only scarcity known to humanity. The CEO referred to gold as a commodity, alongside other assets like real estate and luxury watches.

“I can create more real estate in New York City. I can create more cars. I can create more luxury watches. I can create more gold. I can create more shares of a stock. I can create more bonds,” Saylor explained.

BTC declines below $40,000 | Source: BTCUSD on TradingView.com

His reasoning was that since he can create more of these, then they are basically commodities. Whereas, bitcoin is “magical” given that there will only ever be 21 million tokens and no one else can create more BTC once they are all mined.

Related Reading | Bitcoin On Course To Hit $100K Nine Months From Now, Bitbull CEO Predicts

“I can create any commodity; they’re commodities by definition. Given enough money and time, I can create infinite of any of them,” Saylor continued.

Saylor’s advocacy for bitcoin runs both personal and professional. Saylor is known for using his personal bitcoin investment as an argument for why MicroStrategy should invest in the digital asset. As of the time of this writing, MicroStrategy owns over 120K BTC worth almost $5 billion, putting the firm in profit territory.

Featured image from Coingape, chart from TradingView.com

Tags: bitcoinBitcoin scarcitybtcBTC 21 millionbtcusdMichael Saylor

FeedzyRead More

Recent Posts

See How Fast Your Savings and Salary Are Collapsing Against Bitcoin

With the price surging above $90,000, you’re likely all too aware that everything that isn’t…

4 hours ago

ColliderScript: A $50M Bitcoin Covenant With No New Opcodes

While the last year or two have seen a number of proposals for covenant-proposing extensions…

4 hours ago

Bitcoin: The Key to Unlocking the Dream of Homeownership for a Generation Priced Out

Picture this, dear reader: It’s 2016, and for the princely sum of $288,400, you could…

4 hours ago

Buy As Much Bitcoin As You Can Before $100K

Follow Nikolaus On X Here Today, Fox Business’s Eleanor Terrett revealed that the Pennsylvania House…

5 hours ago

MicroStrategy’s Bitcoin Strategy Won’t Work As Well for Other Companies

Look, I am not an expert in public markets, but raising money to buy more…

5 hours ago

Bitcoin Trader Unrealized Profit Margins At High Levels – Risk Of Correction?

Bitcoin set a new all-time high yesterday, reaching $93,483, continuing its impressive rally without significant…

6 hours ago