Michael Saylor, MicroStrategy’s CEO, who is a staunch supporter of Bitcoin (BTC/USD), has once again come to support the primary cryptocurrency by outlining the features that make it valuable.
Saylor’s MicroStrategy is one of the largest Bitcoin whales, with more than 120,000 BTC in its holdings. Saylor is also the Bitcoin supporter that referred to Bitcoin as “digital gold”.
Saylor praises Bitcoin’s scarce nature
Bitcoin has a capped supply of 21 million coins. This capped supply is what makes BTC a scarce and valuable asset. When all the 21 million coins are mined, there will be no more Bitcoin ion supply, making it a valuable investment.
This scarce nature has been praised by Bitcoin supporters as to why it makes it a better alternative compared to the fiat system. Bitcoin has been compared to gold over the years, given that gold also has a scarce supply. However, Saylor has proven why Bitcoin is superior to gold.
In an interview with the PBD Podcast, the CEO said that Bitcoin is “magical” as no one can ever create any more Bitcoin until the entire supply of 21 million coins has been mined. He noted that this was not the case with gold and real estate, as more could be added to the existing supply for many years.
“I can create more real estate in New York City. I can create more cars. I can create more luxury watches. I can create more gold. I can create more shares of a stock. I can create more bonds,” Saylor stated.
Bitcoin as digital gold
Saylor has touted Bitcoin as digital gold, and his support for the coin has been supported by other Bitcoin investors. Despite Bitcoin being more volatile than gold, it has recorded a notable gain in value despite being in existence for a few years. Saylor’s MicroStrategy includes Bitcoin in its financial reports.
Saylor has been involved in educating other corporates on how to include BTC in their balance sheets and the benefits that this could generate. The CEO of CryptoQuant had earlier stated that Bitcoin’s narrative as digital gold will hold as long as Saylor does not sell any of his holdings.
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