Co-founder of technology giant MicroStrategy Michael Saylor statedthat Bitcoin will “eat” gold. It will become a more valuable asset than the mentioned precious metal.
According to the entrepreneur, the first cryptocurrency has all the advantages of gold, but at the same time is free from its disadvantages. Saylor noted that the precious metal cannot be moved quickly, while Bitcoin is instantly sent to the new owner.
The digital asset will also begin to take market share from other risky investment products, says MicroStrategy co-founder. He identified the SPDR S&P 500 ETF as one of the potential “victims.”
The entrepreneur is already seeing changes in the market as BlackRock has filed to buy shares of a spot Bitcoin ETF for its Global Allocation fund. The appearance of the first cryptocurrency in various investment products is one of the signs of the asset’s future dominance, Saylor is sure.
It is worth noting that on March 11, 2024, Bitcoin overtook silver in market capitalization. The first cryptocurrency rose to eighth position in the ranking of the largest assets/counterparties by this indicator, breaking the $1.4 trillion mark.
JPMorgan representatives believe that Bitcoin will not reach parity with gold in terms of nominal volume in investor portfolios in the foreseeable future. At the same time, analysts recognize the rapid progress of the digital asset.
The first cryptocurrency has already surpassed the precious metal in one of the indicators. We are talking about the volume of an asset in investors' portfolios adjusted for volatility.
Source: Cryptocurrency
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