By The Daily Hodl - 2 years ago - Reading Time: 2 minutes
MicroStrategy CEO Michael Saylor Says Bitcoin Is ‘Going Up Forever’ – Here’s Why
MicroStrategy founder and CEO Michael Saylor believes that Bitcoin (BTC) will continue to become more and more valuable if governments around the world continue with inflationary fiscal policies.
In a new interview with CNBC TechCheck host Deirdre Bosa, Saylor explains that he thinks the flagship cryptocurrency will go up forever due to its capped supply, which cannot increase regardless of demand and price.
“My point is that [there’s] never going to be more than 21 million Bitcoin, so it’s a very fixed supply. It’s the only scarcity that anybody can invest in in the world.
Every other asset that you can buy as an inflation hedge, like real estate or stocks or gold or commodities, all of those things have a supply that’s going to increase as the price goes up. But you can’t increase the supply of Bitcoin.”
He also says there is a correlation between the price of Bitcoin going up while inflation causes the value of traditional currencies to decline.
“If you look at the world currencies, they [have been] inflating at 10% or more a year for the past 30 years, maybe as much as 14% a year. You can expect they’ll keep inflating for the next 30 years.
And so Bitcoin, measured in currencies of the world and in currency derivatives, it’s just going to keep going up, with volatility, albeit.”
Saylor also argues against the notion that gold is scarce, saying that the supply of the traditional store of value asset is in fact increasing, both in the physical and paper realms.
“Gold is not fixed. Gold is increasing in supply at 2% a year in the physical regime. Bankers can rehypothecate gold and they can print 100 ounces of paper gold for every real ounce of gold.
Bitcoin is the dominant digital monetary network, and because it’s dominant and because it’s fixed, it means that it’s the most reliable, highest-integrity, scarcest thing in the financial universe… Bitcoin is going up forever.”
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Original source: The Daily Hodl