MicroStrategy’s Michael Saylor predicted that most investors would be dumping gold in the upcoming years in favour of Bitcoin.
It’s been just revealed that during an interview with Andrew Henderson of Nomad Capitalist,Saylor said that the $10 trillion gold market will be decimated as troves of investors opt to store their wealth in BTC.
He also made sure to warn investors to get out of this dying market.
“Gold is dead money. Sell your gold, buy Bitcoin because other people are going to sell their gold and if you wait until you’ve been front-run by all the hedge funds when they dump their gold, you’re going to be the last person out. I think gold is getting demonetized…” he said.
He continued and said that “There’s $10 trillion worth of monetary energy in gold right now. Eventually, it will only be the central banks that will want to hold it. Every private rational actor is going to move out of it and move into Bitcoin.”
Saylor addresses the performance of gold
He also addressed the poor performance of gold during a time when the precious metal should be skyrocketing.
“What is it good for? People held gold for political unrest. Lord knows you’ve got enough of that this year. They hold gold as a hedge against money printing. We’ve got a lot of that this year. Why hasn’t gold tripled? Look at every asset class for the last six months,” he said.
Saylor continued and said: “Look at gold, look at NASDAQ, look at the S&P, look at bonds. They’re all chopping. They’re not going anywhere. What’s working? Bitcoin’s working. It’s tripled or quadrupled, but let’s say tripled easy.”
Check out more about what he had to say in the video that Daily Hodl shared in their original article and we also posted above.