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

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

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CEO of MicroStrategy Michael Saylor remains a single of the most vocal supporters of bitcoin. Numerous occasions in the previous, Saylor has often lauded the added benefits of the digital asset, which he says is the very best investment. His convictions are shared by his firm which remains the publicly traded organization with the biggest bitcoin holdings in the planet. Now, after once again, Saylor has spoken out in favor of the cryptocurrency, efficiently snubbing its competitors though he’s at it.

Bitcoin Is The Only Scarce Asset

Bitcoin’s scarcity has usually been a single of the strongest arguments for the worth of the cryptocurrency. According to the code, there can only be 21 million bitcoins mined, which means that after this provide is mined, there are no additional bitcoins coming into circulation. Far more BTC can not be produced, producing it a single of the most scarce assets in the whole globe.

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With bitcoin’s development, it has quick turn out to be a rival for other leading investment assets in the space. A single of these assets is gold. Bitcoin which is referred to as digital gold has outperformed its physical rival more than the course of the final handful of years, placing them in fierce competitors with every single other. Even so, according to Saylor, only a single of these assets is definitely scarce and that is bitcoin.

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

“I can generate additional true estate in New York City. I can generate additional automobiles. I can generate additional luxury watches. I can generate additional gold. I can generate additional shares of a stock. I can generate additional bonds,” Saylor explained.

Bitcoin price chart from TradingView.com

BTC declines beneath $40,000 | Supply: BTCUSD on TradingView.com

His reasoning was that due to the fact he can generate additional of these, then they are essentially commodities. Whereas, bitcoin is “magical” provided that there will only ever be 21 million tokens and no a single else can generate additional BTC after they are all mined.

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“I can generate any commodity they’re commodities by definition. Provided adequate dollars and time, I can generate infinite of any of them,” Saylor continued.

Saylor’s advocacy for bitcoin runs each individual and experienced. Saylor is recognized for making use of his individual bitcoin investment as an argument for why MicroStrategy need to invest in the digital asset. As of the time of this writing, MicroStrategy owns over 120K BTC worth almost $5 billion, placing the firm in profit territory.

Featured image from Coingape, chart from TradingView.com

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