The growth of Bitcoin (BTC) has seen some proponents share the view that the crypto will take over gold on various metrics like the store of value and eventually replace the precious metal. Despite the recent market crash, notable crypto players have upheld the projection of Bitcoin toppling gold is still on course.
In particular, during an interview with Stansberry Research on August 13, outgoing MicroStrategy (NASDAQ: MSTR) CEO Michael Saylor stated that gold would likely experience demonization triggered by Bitcoin’s growth.
However, Saylor acknowledged that Bitcoin’s path to replace gold would be characterized by highs and lows. Interestingly, Saylor noted that Bitcoin has a higher chance of being adopted as currency by more jurisdictions, unlike gold.
“Conventional critics and mainstream analysts don’t get the crypto economy, don’t understand Bitcoin, and they hate volatility<…>Bitcoin is going to gradually demonetize gold over time, gold will go to the utility value of gold, but it won’t be adopted as money in the 21st century,” said Saylor.
Michael Saylor says “Bitcoin is going to gradually demonetize gold over time.”
Do you agree?