MicroStrategy CEO, Michael Saylor explained why Bitcoin is a better inflation hedge than gold and that there’s a place for ethereum in crypto in his latest interview with CNBC.
Michael Saylor Calls Bitcoin a Digital Gold on the Big Tech Network
Appearing in an interview on 15th June on CNBC’s “Fast Money”, Saylor was initially asked why the software firm keeps buying Bitcoin in reference to the company’s June 14 announcement it may sell up to $1 billion worth of stock for further BTC acquisitions.
Responding to this, Saylor says that he sees Bitcoin as a “digital gold on a big tech network,” and a store of value that will be adopted by billions of people worldwide:
“You’re going to want to build your buildings on a solid footing of granite, so bitcoin is made to last forever high integrity, very durable.”
According to him, Bitcoin is a “digital property” and the most valuable and dominant network, comparing it to the building block foundations of the ecosystem:
“Bitcoin is the highest, most dominant, digital property network. Think of it as granite blocks in cyber-Manhattan.”
Saylor Even Acknowledges Ethereum
On being asked whether the company will stack up on ETH in the future, Saylor replies that Bitcoin is not the only cryptocurrency that can have a bright future as different cryptocurrencies serve different purposes.
Acknowledging Ether, he says that the blockchain network wants to “dematerialize the JPMorgan building, the banking establishments, and all of the exchanges.” and that “there’s a place” for the Ethereum blockchain and its native digital asset.
Commenting on the recent surge in inflation and the role of Bitcoin in the inflationary environment, Saylor said that BTC is outperforming gold as an inflation hedge by a factor of 50:
“I think in the past 12 months, we have all been waiting for inflation, and I think we are seeing it now. I think investors are seeing that bitcoin is up by 330% and gold is up 7% in that period. So, bitcoin is outperforming gold as an inflation hedge by a factor of 50.”