Bitcoin Is Better, Michael Saylor Says as Gold Hits New ATH

Thu, 28/03/2024 – 15:43

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Michael Saylor, Chairman of MicroStrategy, has made a bold statement about Bitcoin, the first and largest cryptocurrency by market capitalization, asserting its superiority.

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“Bitcoin is superior,” Saylor declared in a tweet.

Saylor’s assertion comes at a time when gold prices have surged, reaching new peaks that reflect the market’s volatility and the metal’s enduring appeal as a safe-haven asset.

In a new tweet, gold bug and economist Peter Schiff highlight gold’s recent surge, noting that it was trading at a fresh record high of $2,215. He adds that gold prices have risen by more than 12% in the last year, while gold stocks have fallen by more than 4%.

Saylor’s MicroStrategy has continued to invest extensively in Bitcoin, with the company now owning over 214,246 coins.

At the start of March, Saylor indicated that Spot Bitcoin ETFs had spurred on a decade-long institutional “gold rush” for Bitcoin, reaffirming his bullish outlook on the flagship cryptocurrency.

According to on-chain research firm Kaiko, Bitcoin, and gold have shown little correlation over the past decade, which could suggest that the drivers of gold demand have been different from Bitcoin’s.

This is seen with Bitcoin outperforming compared to the 12% gains seen for gold in a year. BTC has increased by 154% over the last year, reaching a high of about $73,798 in mid-March.

Bitcoin was slightly altered at $70,462 as of press time. The oldest cryptocurrency temporarily reached $71,335 intraday highs before falling slightly to around 2.57% on a 24-hour basis.

The upcoming quarterly expiry of Bitcoin (BTC) and Ethereum (ETH) option contracts worth several billion dollars could cause price volatility, according to analysts. Deribit, a renowned crypto options exchange, will settle Bitcoin and Ethereum options contracts worth $9.5 billion and $5.7 billion, respectively, this Friday.

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