Michael Saylor, CEO of American software company MicroStrategy, said that the best thing to do is to sell $10 trillion worth of gold and buy bitcoin.
MicroStrategy CEO Michael Saylor stated that the inflationary environment in the USA triggered the rise of the leading cryptocurrency Bitcoin. Saylor, meanwhile, used the term "a dead rock" for Gold.
“It has been a lucrative strategy for investors to sell gold and buy bitcoin this year,” Saylor told Yahoo Finance Live about the recent Congressional hearing. Saylor comes down to how inflationary economies and environments have brought bitcoin to the fore.
"The only thing Bitcoin threatens is gold. The best thing to do is to sell all $10 trillion of gold and buy bitcoin. Gold is a dead investment. Without exception, the worst performing asset is gold. There is no hope for gold."
Pointing to global bitcoin adoption and long-term inflation, Saylor said, “As I mentioned before, bitcoin will rise forever.”
On Thursday, December 9, MicroStrategy announced that it has purchased an additional 1400-odd Bitcoins. In his last tweet, Saylor noted:
“MicroStrategy purchased an additional 1434 Bitcoins for $82.4 million at an average price of $57,477 per Bitcoin. As of 21.12.2021, we purchased 122,478 Bitcoins with an average price of $29,861 for a total of $3.66 billion.”
Peter Shciff's Reply to Saylor
After the statements, bitcoin critic Peter Schiff, known as the "Golden Bug", made harsh criticism, accusing Saylor of wasting his investors' money. Schiff:
Pointing to global bitcoin acceptance and long-term inflation, Saylor said, "I've said this before, Bitcoin is going up forever." However, Bitcoin critic Peter Schiff criticized these rhetoric, accusing Michael Saylor of wasting investors' money:
“It is very clear that you went bankrupt with the Bitcoin ship. It wouldn't be a problem if it was just your own money that you threw in the trash. But you're also wasting shareholders' money. I suggest MSTR shareholders abandon ship before it sinks."