In an interview with Kitco, Michael Saylor, the former CEO of MicroStrategy, predicted that Bitcoin would demonetise gold. “Gold was metallic money for the 19th century,” he said while adding that gold will not be adopted as money in the 21st century.
He predicted a spot-based bitcoin exchange-traded fund could arrive in a year. He predicts that the largest cryptocurrency will grow into an institutional investment grade asset that will be accepted by influential investors, lawmakers and regulators.
Saylor claims that due to the volatile nature of the crypto market, conventional economists are sceptical about it.
“Volatility is the price you pay for performance. If you can’t stomach the heat, you can’t stay in the kitchen… I’d prefer to win in an unstable way rather than lose slowly.”
Saylor said that a “great deal of bad behaviour” has been flushed out while talking about broadening the aspects of the crypto market. There is still plenty of unregistered security, he mentioned.
According to a Coinpedia report, the CEO stepping down from his position was a shocking move as the company lost nearly $1 billion on its bitcoin bets amid rapidly falling crypto prices.
Saylor has claimed that as an Executive Chairman would focus more on investing in the flagship cryptocurrency. In the interview, he claimed that it was “very clear” to shareholders that Phong Le, the new CEO, is the heir of the company now. “We don’t run the company based on Bitcoin volatility,” he added.
