MicroStrategy CEO says Bitcoin (BTC) has advantages over gold

Michael Saylor is one of the most vocal Bitcoin bulls. Saylor’s MicroStrategy is one of the largest Bitcoin holders, accumulating over 125,000 coins. The executive has now provided the top reasons he thinks that Bitcoin has superior features compared to gold.

MicroStrategy’s CEO is still bullish on Bitcoin

During the Bitcoin 2022 conference that kicked off on April 6, Saylor said that companies holding Bitcoin on their balance sheet have received notable gains, adding that he does not regret choosing Bitcoin (BTC/USD) over gold.

Are you looking for fast-news, hot-tips and market analysis?

Sign-up for the Invezz newsletter, today.

Bloomberg Intelligence’s James Seyffart quoted Saylor’s remarks during the ongoing Bitcoin conference. He noted that Saylor had argued that if MicroStrategy had chosen Bitcoin over gold, there would be a significant difference in the company’s financial position.

Saylor noted that MicroStrategy would have invested in gold, it would have $250 million worth of gold reserves, but the country would miss out on the $4 to $5 billion profit that the company is currently investing in.

“If I had picked gold instead when I bought Bitcoin, we would probably have about $250 million in gold. And our shareholders would have missed out on $4 or $5 billion,” the tweet stated.

Saylor has also stressed that cryptocurrencies did not threaten the US dollar. He added that there was a positive benefit to the adoption of cryptocurrencies. The executive opined that Bitcoin was more of a property, while the US dollar was the top currency preferred in any country.

Saylor’s support for Bitcoin

Saylor is a major supporter of Bitcoin. The executive started the argument that Bitcoin was like digital gold, saying that Bitcoin’s capped supply was similar to gold. Saylor has also opposed a ban on the proof-of-work consensus.

According to Saylor, banning PoW was similar to banning digital property. He argued that Bitcoin’s PoW consensus was a cost-efficient strategy to convert energy into prosperity. Saylor’s argument comes at the backdrop of the growing opposition to the PoW consensus. Last month, European lawmakers voted against a bill that sought to ban PoW mining.