Michael Saylor tells US to Dump Gold and Buy Bitcoin

Lucius

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Quote from: IceLincoln on Today at 08:30:01 AM

~snip~
More Government involvement with bitcoin might be good for us don’t you think so?

If you're only here for the price of BTC, then more government involvement in some positive sense may be good for you - but on the other hand, ask yourself what it means for a decentralized cryptocurrency when centralized government institutions start taking an interest in it. Such institutions do not accept something as it is, but work to adapt anything in a way that best suits them.

They exert their influence on BTC through CEXs, through the control of transactions through mining farms and finally, if necessary, through a fork in which they will try to impose some new BTC that will function according to their rules. Don't think it's impossible, they have everything they need to pull something like that off.

IceLincoln

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Quote from: dzungmobile on December 10, 2024, 09:58:51 AM

This is very basic. When you are managing big capital, you will prioritize what is safest in your opinion. Of course it is not only opinion, but must be from in-depth analysis before you decide to store your capital in what assets.

Before discussing about governments, I think we can use an example in this market. With a big investor, with big capital, Bitcoin is best choice, and maybe the next will be Ethereum, and that investor will have very little interest in meme tokens and shit coins. With small investor, there is more interest in betting on shitcoins, with hope to get rich quick.

Now, about governments, they can not bet their national treasury in something is risky. Bitcoin is promising but it's more risky than their own national currency. At least it's how they see that result in their decision to avoid Bitcoin.

Excellent! I like your analysis. Governments like what they can see and control and they can’t easily invest in bitcoin by dumping Gold. Even if bitcoin were to be adopted as a Reserve, not all Nations will easily accept it.
If the US were to listen to Saylor the results will be anarchy and chaos in the market and the Governments wouldn’t want that, So it’s a big NO.
Though I like Saylor but he’s becoming a bitcoin Zealot, if he’s not one already. I guess He’s just too excited about Bitcoin.
More Government involvement with bitcoin might be good for us don’t you think so?

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Quote from: nakamura12 on December 11, 2024, 02:11:17 PM

In my opinion, it's good that Michael Saylor tell people to dump gold and buy bitcoin as it will increase the demand of bitcoin and the more people demand bitcoin is the less supply there is which means it will become a factor to bitcoin price increase.
~snip~

You have at least two problems in that story that apparently only a few people pay attention to. The first is that, strange as it may seem, Saylor is quite unknown/influential globally, as is clearly seen from the following example.

In the last month or so, his company bought about $15 billion worth of BTC, while at the same time all the spot BTC ETFs (US) bought about $10 billion worth - and you know who is the most talked about and who has the biggest impact on the market? Of course it's not Saylor and his company.

Another problem is convincing anyone who owns gold (if we're talking about retail buyers) to sell something shiny and tangible and buy something digital and intangible. Go out on the street and ask a hundred random people a question - "I'm giving you a choice, 1 kg of gold or 1 BTC, what will you take?" I think 90% of people would take gold without thinking, it's simply something that people will perceive much more easily as a value that they can see and feel in their hands.

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Bitcoin is digital Gold, but it was not created to replace Gold or other valuable assets. Bitcoin was created as a potential solution and alternative to the monetary system, which was abused by institutional banks and central banks.
What Saylor said is just an enthusiastic statement to boost the confidence and hype of Bitcoin in the face of people who are still skeptical about it.
Bitcoin is never in competition with Gold, or fiat currency. I hope what he said won't give a negative impression in the minds of some people because BTC's overthrow of fiat was the impression the government once had that prevented them from supporting the Bitcoin movement.

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Quote from: IceLincoln on December 09, 2024, 05:47:39 PM

I came across this news today that Microstrategy has purchased new 21550 BTC worth $2.1Billion.
-snip-

I read it too. The title was something like "Microstategy will always buy the top" or something like that.

I heard some news also, almost a month ago, about Senator Lummis pushing to sell some of the fed's gold to buy Bitcoin. I haven't heard about it anymore, so this proposal may be in standby, but the idea seems to be in vogue in some circles.

Anyway, and even if I'm a strong Bitcoin believer, and I think that its potential is still much higher than gold's, I also think that diversification in gold is a good way to mitigate risks inherent to the volatility of cryptos.

nakamura12

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In my opinion, it's good that Michael Saylor tell people to dump gold and buy bitcoin as it will increase the demand of bitcoin and the more people demand bitcoin is the less supply there is which means it will become a factor to bitcoin price increase. Anyway, as others have said that gold and bitcoin are two different assets although many people compares the two assets which is fine in my opinion but people should think that if they are a gold investor then they should think about bitcoin as an alternative asset to invest if they want or both if they have the means to do so.

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Dumping gold to buy or invest in bitcoin is not what any country who holds gold as it's national reserve will accept as great advise. Most they can do is to add bitcoin side by side the gold as alternative which ultimately that's what bitcoin serves, as alternative to conventional financial assets. The USA adopting bitcoin as national reserve will be a milestone for bitcoin because many other nations will be moved to follow their path.

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Quote from: IceLincoln on December 09, 2024, 05:47:39 PM

Billionaire Mike Novogratz, despite himself being a gold investor, has also predicted that Bitcoin could eventually surpass the yellow metal by market cap.

So Gold is past tense, Bitcoin is the present and future tense.

It is interesting and more and more people are starting to see Bitcoin's ability to adapt to the needs of the majority of people so that it can surpass it very quickly than expected. Silver's capitalization is now inferior to Bitcoin and I have not checked whether Gold has been surpassed by Bitcoin, but it does not really matter because Bitcoin's growth is getting bigger with the current conditions. Bitcoin is still an alternative and that means it is not in the capacity to replace because we hope that everything can work according to its respective capacities.

Bitcoin continues to grow because the adoption is getting wider and the trust in Bitcoin is also increasing. This is going to be something very extraordinary and Bitcoin will be a very sought after investment source for the future and we should be able to accumulate it slowly to hold it in the long term.

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Quote from: IceLincoln on December 09, 2024, 05:47:39 PM

I came across this news today that Microstrategy has purchased new 21550 BTC worth $2.1Billion.
Michael Saylor who’s an advocate for bitcoin and creation of bitcoin reserves, has recently told yahoo finance in his words "Dump your gold. Sell all the US gold and buy Bitcoin. You will demonetize the entire gold asset class. And our enemies hold gold in their banks, so their assets would go to zero. Our assets would go to $100 trillion".

Michael Saylor sounds more political than economical. Is he advocating that the US should make the gold reserve of unfriendly countries worthless? He should have known that the US and its allies have the highest gold reserve. China and Russia which I can view as the enemies of the US don't have as much as the US and partners. I am sure no reasonable policy maker will take this advice because it doesn't make sense. The US will always keep it's gold since it gives them advantage over other nations.

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Gold was never a past tense and will never be a past tense, even when Bitcoin surpasses it in the nearest future ...

Hence, both are worth your investment,if you have Gold hold your gold and build you Bitcoin portfolio as well ,it doesn't affect each other , I prefer Bitcoin over gold though but i don't think dumping your gold to buy Bitcoin is a good option but buying bitcoin along with your gold asset is a good option and sure Bitcoin might be the future but Gold will continue to exist imo NMW so there's no need of dumping unless investor think of taking their profit .

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I even doubt the U.S. would easily pass a law to buy Bitcoin as a strategic reserve, so I don’t think they’ll buy into what Saylor is talking about. In his company, he can make decisions with just a small group of people, but for the U.S., such a decision wouldn’t happen with just the president alone.

I don’t know what’s going on with him lately, it feels like he just wants everyone to jump on the FOMO train so that, when Bitcoin’s price skyrockets, he can dump his holdings and make a massive profit. Then, who knows, maybe he’ll start shilling altcoins like DOGE or other meme coins.

I actually like Saylor, but when he says to dump gold and buy Bitcoin, it feels like a big disrespect to one of the world’s most precious assets. I know he’s smart, so I think he doesn’t fully mean what he’s saying - I see this as more about grabbing attention. Cheesy

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Quote from: avp2306 on December 11, 2024, 08:46:34 AM

Those who know about that situation would provably agree that there's no way for Gold to go zero and provably that Michael Saylor just want people to buy more bitcoin since he know for his self that once the demand rise and price goes up. Their company would earn a lot of money. So People should expect about him saying that since favor always go in their side if they can hype a lot of people. Hard to see that scenario he said will came true since we know that Gold is well establish asset.

Maybe he just want to confuse people that's why we should not always listen to those people and more better for us to have critical thinking and do to avoid digesting much anything that can mislead us.

Gold and Bitcoin are like direct competitors and Michael Saylor wants to see more people joining this market and bringing new capital into this market, while there is Peter Schiff who wants to see people to join gold market and bring their money there.

They don't want the opposite asset to exist but I believe these smart guys know that both Gold and Bitcoin will exist together. Bitcoin won't kill Gold and Gold won't kill Bitcoin, they will exist together. The rest is up to investors to spend their capital into only either Gold or Bitcoin or split it to both assests.

I believe that Peter Schiff knew that he was wrong about Bitcoin several years ago, but he continues to be Anti-Bitcoin, it's because he does his job to maintain investors and investment capital in Gold market as much as possible.

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Quote from: pooya87 on December 11, 2024, 08:33:29 AM

That is a very stupid thing to say specially these years that powerful countries are accumulating gold and the global tensions are continuously rising. Which means gold price will continue to appreciate.
As much as I like bitcoin, it doesn't make gold any less valuable right now. It is also fantastic for diversification (ie. to have both gold and bitcoin) which is a very important thing for any investor to do, both individuals and governments.

Maybe Saylor is saying this because now it is possible that BRICS members have far more gold than US?

Those who know about that situation would provably agree that there's no way for Gold to go zero and provably that Michael Saylor just want people to buy more bitcoin since he know for his self that once the demand rise and price goes up. Their company would earn a lot of money. So People should expect about him saying that since favor always go in their side if they can hype a lot of people. Hard to see that scenario he said will came true since we know that Gold is well establish asset.

Maybe he just want to confuse people that's why we should not always listen to those people and more better for us to have critical thinking and do to avoid digesting much anything that can mislead us.

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That is a very stupid thing to say specially these years that powerful countries are accumulating gold and the global tensions are continuously rising. Which means gold price will continue to appreciate.
As much as I like bitcoin, it doesn't make gold any less valuable right now. It is also fantastic for diversification (ie. to have both gold and bitcoin) which is a very important thing for any investor to do, both individuals and governments.

Maybe Saylor is saying this because now it is possible that BRICS members have far more gold than US?

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Quote from: SamReomo on December 10, 2024, 02:51:31 PM

I fully agree with Michael Saylor about dumping the gold and buying Bitcoin. Gold used to be a good medium as a reserve storage but only when Bitcoin wasn't there, however now Bitcoin is here and it's way better than gold as reserve storage option.
~snip~

Do you know what would happen if there were serious disruptions to the internet and electricity supply? It's always good to have some gold as insurance in case all this technology collapses completely for one reason or another - and then BTC or fiat would be worth nothing, but gold would still have some value.

Saylor is increasingly turning into a fanatic who buys BTC because he thinks it's his life's mission, but the goal is not to have as much as possible, but to use as much as possible in the way Satoshi envisioned.

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Quote from: cryptoaddictchie on December 10, 2024, 09:09:24 AM

Quote from: mindrust on December 10, 2024, 08:29:43 AM

Having a diversified portfolio is important. Saylor should know this basic information. Bitcoin is not the only financial asset in the world.

Thats true. Gold is also as limited as it could be as its a naturally occuring substance where we can get through limited places. Imagine theres no place to mine those gold in the world after how many years. It could also as limited like bitcoin, so if you are an investor of gold dont be swayed by the idea. Bitcoin is good but we are talking about other product investment asset which has served as economic level too.

Not only that, gold is an industrial metal. Every phone, every computer has some in it. We use gold in these electronic devices because there isn’t a better alternative. No other metal can replace gold because gold does not oxidize and it is a great conductor. Silver is a better conductor but it does oxidize. Copper is a OK conductor but it also oxidizes. Gold is scarce, gold does not oxidize, gold is the second greatest conductor; all these properties make gold valuable.

Selling it would be super duper dumb. Shit like that makes me believe that Saylor is a huge troll.

Yucky

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We must understand that different assets have unique characteristics and roles in various sectors. Gold, a physical asset, has endured for centuries and possesses significant economic potential. On the other hand, Bitcoin is a digital asset that offers convenience and financial opportunities.

Investing in gold is not wrong, and as a gold holder, you're free to sell it if you choose to. However, advising everyone to sell their gold is contradicting. Gold steadily increases in value.

On the other hand, the crypto market including Bitcoin, is volatile. While we enjoy the benefits, we're always aware that a bear market might be looming. This uncertainty makes it unwise to sell all other assets, especially gold, to invest solely in Bitcoin.

I doubt that anyone who truly understands the value of gold would sell it simply because of a news report.

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Quote from: Coyster on December 10, 2024, 01:02:02 PM

I don't think anyone who can think for themselves would take him serious on this one, it is not possible for gold to go to zero, neither is it possible for everyone who owns gold to sell it. Gold is a proven store of value and it retains its value in the worst times, bitcoin is more volatile and can accrue more ROI for its investors, but it is more risky than gold, and people who do not like to bear so much risk would buy gold over bitcoin.

To crazy to think that situation where in fact all countries in the world has its own gold reserve so provably that situation is irreplaceable and hard to penetrate by Bitcoin.

People should not forgot that they are one of the biggest Bitcoin holder and if they could able manipulate the mind of investors then provably that there's huge benefits or profits to take from those event especially if they can influence people to buy more Bitcoin.

I'd rather have Gold to aside from Bitcoin since this will add another security layer when it comes protection from our personal investment and its good to have two strong assets in our portfolio rather than just having one only.

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I fully agree with Michael Saylor about dumping the gold and buying Bitcoin. Gold used to be a good medium as a reserve storage but only when Bitcoin wasn't there, however now Bitcoin is here and it's way better than gold as reserve storage option.

It doesn't hold any weight and it's totally virtual in nature, and that's more than enough to make it a better option than gold or any such physical matter. Gold won't lose its value we all know because it's also unique when it comes to physical things but of course Bitcoin is better than it.

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Despite that Bitcoin is a digital Gold of our generation but I doubt if it will replace, both will continue to exist for people to diversify as they say variety is the spice of life. Gold has its physical value whereas Bitcoin don't, we use gold in the production of so many things, so the value and demand continue to be there, What they can do is to include Bitcoin into their treasures most likely in the coming future officially make Bitcoin a superior store of value, that is having more reseerve into Bitcoin.

Topic: Michael Saylor tells US to Dump Gold and Buy Bitcoin (Read 350 times)