Famous Billionaire Michael Saylor: Bitcoin Will Replace Gold as Safe Haven Asset

Investing.com – It is more likely to fail as a safe haven when people realize it offers superior characteristics to the yellow metal, according to the famous billionaire Michael Saylor, CEO and co-founder of MicroStrategy, a company that owns nearly 140,000 bitcoins.

Saylor said that bitcoin is the digital synthetic successor to gold. Emphasizing that gold will fail, and eventually people will sell all their gold and buy bitcoin.

MicroStrategy began buying bitcoin in August 2020, which Saylor said paid off, given the bitcoin price has skyrocketed since then.

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He said while bitcoin is up 140 percent, the S&P is up 25 percent, gold is up 1 percent, silver is down, and bonds have lost more.

Saylor claimed that bitcoin has been a successful inflation hedge and store of value compared to other assets.

“Bitcoin is faster, smarter and more powerful than gold, as the yellow metal is expensive to hold, it is centralized, people can steal it from you, and gold miners continue to devalue it by extracting more gold,” Saylor said.

Cryptocurrencies appear to be a get-rich-quick opportunity with massive bursts of micro coins entering the market daily.. but most end up falling behind in catching up on the massive upswing.

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Bitcoin to where?

The economist and digital currency analyst, Jason Pizzino, believes that Bitcoin will rise significantly when it crosses the main resistance areas, as the famous digital currency faces strong resistance between the levels of 28 thousand to 32 thousand dollars.

Jason Bizzino confirmed that it is possible for Bitcoin to achieve an upside of about 80% from the current price level when it breaks this resistance, because when that happens, we will start to see less bears and more bulls in the cryptocurrency markets, and they may then look towards the $48,000 level.

Going forward, Jason Bizzino said, bitcoin will have a more sustainable upside if prices increase in small incremental steps rather than a huge sudden surge, which is better for bitcoin because there will be more price stability at lower levels.

The CEO of the SkyBridge Capital hedge fund, Anthony Scaramucci, said that the price of bitcoin should rise to the level of $ 40,000 and it is down by about 46% compared to its current levels in light of a lot of things happening in the past year, on top of which is the collapse of the FTX platform, which sparked panic in the markets. Digital currencies.