Wednesday, December 8, 2021

MicroStrategy’s Michael Saylor Explains Why He Thinks Bitcoin (BTC) Will Go up Forever

Michael Saylor, the founder and CEO of MicroStrategy, is of the opinion that the value of Bitcoin (BTC), the largest cryptocurrency by market capitalization, will continue to rise if governments around the world maintain their inflationary fiscal policies.

In a new interview with the host of CNBC TechCheck, Deirdre Bosa, Saylor says he thinks that the first and largest cryptocurrency will go up forever due to the fact that its total supply is fixed at 21 million.

Read Also: Bitcoin Now Bigger Than Tesla by Market Capitalization, Becoming 8th Largest Asset

MicroStrategy founder also stated that there is a correlation between the price of Bitcoin (BTC) going up and the devaluation of traditional currencies due to inflation.

The popular entrepreneur also argues that gold is not scarce, stating that the supply of the precious still increases, both in the physical and paper realms:

Michael Saylor noted:

“My point is that [there’s] never going to be more than 21 million Bitcoin, so it’s a very fixed supply. It’s the only scarcity that anybody can invest in in the world.

Read Also: A Bitcoin Whale Moved $2.1 Billion Worth of BTC in A Single Transaction

Every other asset that you can buy as an inflation hedge, like real estate or stocks or gold or commodities, all of those things have a supply that’s going to increase as the price goes up. But you can’t increase the supply of Bitcoin…

“If you look at the world currencies, they [have been] inflating at 10% or more a year for the past 30 years, maybe as much as 14% a year. You can expect they’ll keep inflating for the next 30 years.

“And so Bitcoin, measured in currencies of the world and in currency derivatives, it’s just going to keep going up, with volatility, albeit…

“Gold is not fixed. Gold is increasing in supply at 2% a year in the physical regime. Bankers can rehypothecate gold and they can print 100 ounces of paper gold for every real ounce of gold.

Read Also: Billionaire Barry Sternlicht Reveals Why He Purchased Bitcoin and Ethereum

Bitcoin is the dominant digital monetary network, and because it’s dominant and because it’s fixed, it means that it’s the most reliable, highest-integrity, scarcest thing in the financial universe… Bitcoin is going up forever.”


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Solomon Odunayo
Solomon Odunayo is a cryptocurrency journalist with over 3 years of experience in the crypto industry. He's sternly interested in covering developments of emerging and established blockchain projects.

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