This is a very dumb plan.
Gold has been around for such a long time it is not only impossible to convince almost everybody to sell it but it is extremely dumb to think it is a good idea. Sure, Bitcoin is great. But Gold has its own advantages and use too. It is being vastly used in industry. Which means it is impossible for Gold to drop to zero like he says, even if everybody sold it.
Bitcoin offers a volatility Gold never has. If you ask me, it is much less safer than Gold in the event of a catastrophe or the likes. And even today, Bitcoin is still an experiment. None of us knows if it is here to stay forever, while Gold definitely is. Why the hell would I sell an Asset that provided Safety for so long in exchange for a Cryptocurrency that has only been around for a little over a decade?
Topic: Michael Saylor tells US to Dump Gold and Buy Bitcoin - page 3. (Read 435 times)
Why do we need to have the mentality that Bitcoin must kick out the other Gold, Fiat etc? Why can't they all co-exist if they are doing well in their own right? This is what causes conflict because you feel yours is better than the other and so you do all you can to demarket the other. This doesn't make anyone who do it better than Peter Schiff. I can own gold and own Bitcoin too, it is my choice. Bitcoin will do fine without gold and so will gold do without Bitcoin. We just have to keep playing our part in the global adoption of Bitcoin.
It seems like this is better, so both are trustworthy. It's interesting but crazy enough for the system of government and the banks within the country. Because in a few decades I have observed that the state will choose economic policies with a definite value, meaning that the future with its value tends not to fluctuate and tends to just rise. Logically, the state is reluctant to lose and the problem is that the state is unable to control and this makes them think that Bitcoin endangers the economy of the country and the world. I feel happy if Saylor's proposal is accepted, but I don't think it will happen anytime soon.
While we are with him for his advocacy to tell people to buy and hold Bitcoin. We cannot remove the fact that everyone is free to choose the assets that they want to invest. There's nothing to worry about Bitcoin because it's set as a deflationary currency and it makes it even scarcer in the coming years so its value will continue to rise. It's him and he's influential so he can tell what he wants to say and it's a plus marketing for Bitcoin. We have to appreciate what he does and put his money from his pocket to his mouth and say that he's really into it. I won't be surprised if other economists or financial experts tell him that he is becoming emotional just because BTC reached $100k and new ATHs.
Why do we need to have the mentality that Bitcoin must kick out the other Gold, Fiat etc? Why can't they all co-exist if they are doing well in their own right? This is what causes conflict because you feel yours is better than the other and so you do all you can to demarket the other. This doesn't make anyone who do it better than Peter Schiff. I can own gold and own Bitcoin too, it is my choice. Bitcoin will do fine without gold and so will gold do without Bitcoin. We just have to keep playing our part in the global adoption of Bitcoin.
Bitcoin and Gold are completely different assets and comparing them doesn't make any sense to me. It is understandable if someone says that one should sell their Gold and buy Bitcoin for investment purposes because the price of Bitcoin tends to be more volatile than Gold which could be an advantage. However, that doesn't mean Gold is useless and doesn't have any advantages.
Gold is a precious metal, and Bitcoin is a form of currency because it can be used for sending and receiving money, it can be used as a payment method which is the primary purpose of its creation, on the other hand, Gold isn't meant to be used as a payment method.
When it comes to governments and their reserves, the reason why most of them prefer Gold is because its value doesn't go down much which makes it a safer option for them when compared to Bitcoin.
Gold is a precious metal, and Bitcoin is a form of currency because it can be used for sending and receiving money, it can be used as a payment method which is the primary purpose of its creation, on the other hand, Gold isn't meant to be used as a payment method.
When it comes to governments and their reserves, the reason why most of them prefer Gold is because its value doesn't go down much which makes it a safer option for them when compared to Bitcoin.
Bitcoin is not a replacement but an alternative. I just see this like how central banks and some governments in the world disliked bitcoin in past. Gold can continue to exist while bitcoin adoption also continues. I like Michael Saylor but I see what he said about selling of gold and buying of bitcoin to be biased. Gold is an asset that no one should badmouth. I prefer bitcoin but I can not badmouth gold. Michael Saylor should not become like Peter Sheriff.
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".
Imagine if the US takes up Michael’s strategy, the disturbance and chaos it’ll cause other nations who hold gold in reserves.
He has previously described gold as an antique which peaked in the 19th century and is no longer working.
Bitcoin as we know it is actually the NEW GOLD and it’s more advantageous than gold.
Even Bernstein says “Bitcoin will take the place of gold in the world economy in the next decade”.
Wall Street investors and corporations have really embraced bitcoin as a long term investments and see it as the new age premier store of value.
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.
Source: https://u.today/microstrategys-saylor-urges-us-to-ditch-gold-and-buy-bitcoin?amp
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".
Imagine if the US takes up Michael’s strategy, the disturbance and chaos it’ll cause other nations who hold gold in reserves.
He has previously described gold as an antique which peaked in the 19th century and is no longer working.
Bitcoin as we know it is actually the NEW GOLD and it’s more advantageous than gold.
Even Bernstein says “Bitcoin will take the place of gold in the world economy in the next decade”.
Wall Street investors and corporations have really embraced bitcoin as a long term investments and see it as the new age premier store of value.
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.
Source: https://u.today/microstrategys-saylor-urges-us-to-ditch-gold-and-buy-bitcoin?amp
Jump to: