The crypto-king has witnessed a large number of developments since its inception. Different comparisons, RD&Ds, regulatory pressure and what does not happen. All of these can represent either an increase or a setback for Bitcoin and its price.
Bitcoin: a monetary index
Microstrategy CEO Michael Saylor sat forward his narrative in a CNBC interview. He touches on various aspects regarding BTC. According to him, the flagship brand wins independently of the counterparty in question.
This morning, @JoeSquawk & I discussed #Bitcoin institutional adoption, #Crypto regulation, the sources of current market volatility, the demise of gold and the emergence of the USD as the world’s digital currency and BTC as the world’s dominant digital asset and safe haven investment. pic.twitter.com/VZImK0cP12
– Michael Saylor⚡️ (@saylor) November 19, 2021
MicroStrategy, a software-based company, is the largest Bitcoin HODLer at press time. It holds more than 114k BTC, corresponding to o, 54% of the total BTC supply. It is not. Saylor added: “We will continue to stack forever.”
Next, he sheds light on the rivalry between digital gold with gold, the precious metal. He stated:
“It’s pretty clear that Bitcoin will win, gold will lose … and it will continue … It’s pretty clear that digital gold will replace gold this decade.”
Saylor has also previously repeated the same narrative.
“Bitcoin has replaced, or will replace, or is in the process of replacing gold as the value store for most investors.”
As things stand, the debate currently looks like this:
Progress (Bitcoin surpasses gold)
– Bitcoin vs. gold (@VersusBtc) November 21, 2021
A majority of investors, including famous ‘Gold bugs’, portrayed a bullish tale of digital gold. However, there is still a long way to go before it can dethrone the precious metal. But benefits such as the easy transfer, the low storage costs, keep BTC on track.
Regardless, when Saylor was asked about the future prospects of the biggest token, Saylor thought:
“By the end of the decade, it will have turned gold, and then it will turn money indices, a little bit of bonds, a little bit of real estate, a little bit of stocks and appear as an asset class of $ 100 trillion. So 100 times where it is right now. “
That said, Bitcoin did not only compete with gold. It also had other rivals, including the worldwide economy. The most important were USD, Euro and CNY. Still, Bitcoin will remain unstoppable as a digital asset.
“Once we get there, it will be 5% to 7% of the global economy. The US dollar will probably replace 150 currencies. Maybe there are only 2 to 3 left. There may be the euro, the CNY and the dollar. Everything else will probably And then Bitcoin will be the world’s monetary index. “
Now, although the BTC has expressed strong argumentation against weak currencies, such as the Turkish lira among others, the top 3 currency position still looks like a distant dream. But certainly not impossible. Take a look at the chart here:
However, due to the evergreen volatility and consolidation phase, BTC fell to # 14. the square. Behind the Swiss franc at the time of writing.
Overall, despite promising potential, BTC has another obstacle to worry about – rules. Earlier, former Democratic presidential candidate Hillary Clinton raised red flags regarding the largest aforementioned nail to BTC’s coffin.