Michael Saylor Doubles Down on His Bitcoin Bet, Dismissing Gold

Esteemed Bitcoiner Michael Saylor, who founded the business intelligence giant MicroStrategy and was its chief executive for a long time, has made a bullish statement on Bitcoin, comparing its superfluous performance to that of gold since 2020.

In the meantime, the president of Bianco Research, Jim Bianco, believes that launching spot Bitcoin ETFs was a “giant mistake.”

Michael Saylor’s Bitcoin-vs.-gold statement

Saylor, who recently stepped down as MicroStrategy CEO and is now the head of the company’s Bitcoin strategy, has published a post that shows that since Aug. 10, 2020, the world’s leading cryptocurrency Bitcoin has skyrocketed by 333%, while its physical rival, gold, has lost 1% since then.

At the time of this writing, Bitcoin is changing hands above the $52,400 level, having seen an impressive increase of 9.14% since last Monday, Feb. 12. Gold is trading at $2,018. Between Feb. 1 and Feb. 14, XAU lost more than 9%, dropping below the $2,000 level. However, from that day until now, it has recovered slightly more than 1%.

Choose Your Fighter pic.twitter.com/JOq73IZMlP

— Michael Saylor⚡️ (@saylor) February 18, 2024

In a tweet published last week, Saylor voiced the Bitcoin price target he apparently expects Bitcoin to reach – it is $60,000 ($0.06 million as he referred to it in the tweet). This was the first time Saylor had broken silence on the Bitcoin price, except the few cases when he assumed it could reach $1 million.

Saylor believes that Bitcoin is an asset that should be held for a minimum of 10 years.

“Bitcoin ETF was a giant mistake”

During a recent talk with Bitcoin podcaster Natalie Brunell, president and macro strategist at Bianco Research Jim Bianco called spot Bitcoin ETFs a “giant mistake.” He admitted that this product is going to drive the price way up: “everybody, you’re gonna get $60,000 per Bitcoin, congratulations.”

However, Bianco is certain that, this way, Bitcoin will never reach $1 million, since, according to him, BTC is now being sucked into the current financial system, becoming part of it thanks to spot ETFs.

He stated that a long time ago, the same mistake was made with gold – gold was meant to become an alternative to the traditional financial system, but then spot and futures ETFs were launched, and it never happened.

“I think the spot #Bitcoin ETF is a giant mistake…yes it will produce higher prices…but you’re not getting to $1 million. It’s an admission of failure…you’re sucking crypto into the current system.” -@biancoresearch

Thoughts?

Full interview: https://t.co/WFIney77Pl

I… pic.twitter.com/SWElNXN9KH

— Natalie Brunell ⚡️ (@natbrunell) February 18, 2024

Source