MicroStrategy founder and Chairman Michael Saylor has reiterated his perception in Bitcoin’s superiority over gold because the cryptocurrency continues to interrupt new floor. His newest statements come within the wake of BlackRock’s Bitcoin ETF reaching document development, surpassing their gold ETF’s 20-year milestone in lower than a 12 months.
Michael Saylor Asserts Bitcoin’s Dominance Over Gold
BlackRock’s BitcoiMichael Saylor Asserts Bitcoin’s Dominance Over Gold Amid BTC ETFs Milestonen ETF (IBIT) has seen outstanding success, amassing $57.8 billion in property below administration (AUM) inside its first 12 months.
By comparability, BlackRock’s gold ETF, iShares Gold Trust (IAU), required 20 years to succeed in $33 billion in AUM. This speedy adoption underscores a shift in investor choice towards digital property over conventional commodities like gold.
MicroStrategy founder Michael Saylor has emphasised the unprecedented tempo at which Bitcoin ETFs are rising, attributing it to Bitcoin’s qualities as a superior retailer of worth. “Digital gold is better than physical gold,” Saylor acknowledged in a publish on X, noting the growing choice for Bitcoin as an inflation hedge and a long-term asset.
In the final two weeks, over $5.5 billion flowed into Bitcoin ETFs, with IBIT main inflows of 500,000 BTC. This surge in institutional demand has solidified BlackRock’s place as a dominant participant within the cryptocurrency ETF market.
U.S. Bitcoin Supply Declining Amid ETF Growth
The development of Bitcoin ETFs has coincided with a decline in Bitcoin held on exchanges. This pattern suggests a shift towards longer-term holdings, as institutional and retail buyers proceed to embrace Bitcoin ETFs.
On December 17 alone, IBIT noticed inflows of $740 million, contributing to the $493 million complete inflows throughout all Bitcoin ETFs that day.
Michael Saylor has been a vocal advocate for such tendencies, urging governments and establishments to undertake Bitcoin as a strategic reserve asset. He argued that the U.S. below President elect Donald Trump who’s professional crypto ought to change its gold reserves, which account for 72% of its monetary reserves, with Bitcoin. Saylor acknowledged,“Dump your gold, sell all the U.S. gold, and buy Bitcoin because it will rise to trillions of dollars.”
Concurrently, CryptoQuant CEO Ki Young Ju additionally urged South Korea’s want for a Bitcoin strategic reserve. “The KRW-USD exchange rate is about to hit a 15-year high,” he famous on X, referencing previous financial challenges.
“During the 1998 IMF bailout, we survived through a gold-collecting campaign. Looks like we might need a digital gold-collecting campaign this time. South Korea is the country that needs #Bitcoin strategic reserve the most.”
Ethereum ETFs Also Gain Momentum
Ethereum-based ETFs, led by BlackRock’s ETHA, have equally gained traction. ETHA recorded $134 million in inflows on December 17, comprising 93% of the entire Ethereum ETF inflows that day.
MicroStrategy founder Michael Saylor has primarily targeted on Bitcoin however acknowledged the expansion of different digital property like Ethereum, that are additionally seeing rising adoption. Despite this, he continues to champion Bitcoin because the premier digital asset for long-term funding. Meanwhile, at press time, BTC price was buying and selling at $104,366k a 3.56% decline from the brand new all time excessive set of $108,268k.
Concurrently, Michael Saylor has beforehand predicted that Bitcoin’s market capitalization might ultimately attain $280 trillion, far surpassing gold’s present market cap of $45 trillion. Consequently, MicroStrategy, below Saylor’s management, has steadily elevated its Bitcoin holdings, now proudly owning over 402,100 BTC valued at roughly $40 billion.
Kelvin Munene Murithi
Kelvin is a distinguished author with experience in crypto and finance, holding a Bachelor’s diploma in Actuarial Science. Known for his incisive evaluation and insightful content material, he possesses a powerful command of English and excels in conducting thorough analysis and delivering well timed cryptocurrency market updates.
Disclaimer: The introduced content material might embody the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty in your private monetary loss.
