Michael Saylor Reaffirms Bitcoin’s Superiority Over Gold as BlackRock’s BTC ETF Achieves Milestone
Bitcoin ETFs Outpace Gold, Highlighting Changing Investor Preferences
Michael Saylor, founder and chairman of MicroStrategy, has reiterated his stance on Bitcoin’s dominance over gold as BlackRock’s Bitcoin ETF (IBIT) achieves record-breaking success. Within its first year, IBIT has amassed $57.8 billion in assets under management (AUM), eclipsing the $33 billion milestone reached by BlackRock’s gold ETF, iShares Gold Trust (IAU), after 20 years.
This rapid growth reflects a shift in investor preference from traditional commodities like gold to digital assets. Saylor has emphasized Bitcoin’s superiority, describing it as “digital gold” that offers a better store of value and inflation hedge.
Institutional Demand Fuels Bitcoin ETFs’ Rise
Bitcoin ETFs have experienced substantial inflows recently, with $5.5 billion entering the market in just two weeks. IBIT leads the pack, accounting for 500,000 BTC in inflows. On December 17 alone, IBIT attracted $740 million, contributing to a total of $493 million in inflows across all Bitcoin ETFs that day.
As Bitcoin ETFs grow in popularity, the supply of Bitcoin held on exchanges continues to decline, indicating a trend toward long-term holding by both institutional and retail investors.
Saylor’s Call for Bitcoin Adoption as a Reserve Asset
Saylor has urged governments and institutions to adopt Bitcoin as a strategic reserve asset. He advocates for the U.S. to replace its gold reserves with Bitcoin, arguing that its market cap could eventually reach $280 trillion, dwarfing gold’s current market cap of $45 trillion.
“Dump your gold, sell all the U.S. gold, and buy Bitcoin because it will rise to trillions of dollars,” Saylor stated. Similar calls have come from international leaders like CryptoQuant CEO Ki Young Ju, who suggested South Korea establish a Bitcoin reserve to hedge against economic challenges.
Ethereum ETFs Also on the Rise
Ethereum-based ETFs are also gaining momentum, led by BlackRock’s ETHA, which saw $134 million in inflows on December 17. Despite acknowledging the rise of other digital assets like Ethereum, Saylor continues to champion Bitcoin as the ultimate long-term investment.
At the time of writing, Bitcoin’s price stands at $104,366, down 3.56% from its recent all-time high of $108,268. MicroStrategy’s Bitcoin holdings have increased to 402,100 BTC, valued at approximately $40 billion, solidifying its position as a leading advocate for Bitcoin’s adoption.
Saylor’s vision remains bold, with projections that Bitcoin’s market cap could eventually surpass traditional assets like gold, transforming the financial landscape.
