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When gold hits a new ATH, Michael Saylor says Bitcoin will be better

2024/03/29 00:13

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Michael Saylor, Chairman of MicroStrategy, has made a bold assertion regarding Bitcoin's superiority over gold, the traditional safe-haven asset.

"Bitcoin is superior," declared Saylor in a tweet.

#Bitcoin is Better. pic.twitter.com/UkZR7t6UEP
— Michael Saylor⚡️ (@saylor) March 28, 2024

This statement coincides with a surge in gold prices, reaching new highs that underscore the metal's enduring appeal amidst market volatility. Gold enthusiast and economist Peter Schiff highlighted gold's recent surge, noting its fresh record high of $2,215. Schiff added that gold prices had risen by over 12% in the past year, while gold stocks had experienced a decline of more than 4%.

MicroStrategy's Bitcoin Holdings Surge as Saylor Advocates for Spot ETFs: Examining Price Trends and Options Expiry Impact

MicroStrategy, under Saylor's leadership, has continued to invest significantly in Bitcoin, amassing over 214,246 coins. Saylor previously suggested that Spot Bitcoin ETFs had sparked a decade-long institutional "gold rush" for Bitcoin, reaffirming his bullish stance on the cryptocurrency. According to on-chain research firm Kaiko, Bitcoin and gold have exhibited little correlation over the past decade, indicating differing drivers of demand. This is evident in Bitcoin's outperformance, with a 154% increase over the last year compared to gold's 12% gains. Bitcoin reached a high of approximately $73,798 in mid-March and was currently trading around $70,462.

Bitcoin's recent price movements may also be influenced by the upcoming quarterly expiry of Bitcoin and Ethereum option contracts valued at several billion dollars. Analysts suggest that this event, with Deribit set to settle Bitcoin and Ethereum options contracts worth $9.5 billion and $5.7 billion, respectively, could contribute to price volatility in the cryptocurrency market.

Dapatkan pemahaman yang lebih luas tentang industri kripto melalui laporan informatif, dan terlibat dalam diskusi mendalam dengan penulis dan pembaca yang berpikiran sama. Anda dipersilakan untuk bergabung dengan kami di komunitas Coinlive kami yang sedang berkembang:https://t.me/CoinliveSG

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