Chairman of the North American BTC mining council, Micheal Saylor, has weighed in on the precept that gold is money.
Schiff Agrees With Saylor
Saylor made his opinion via a Twitter thread. In his tweet, Saylor opined that the concept of gold as money doesn’t have any basis as salesmen told this lie to attract investors for the precious metal. No one can pinpoint anyone who made his fortune investing in the gold bullion.
The idea of gold as money doesn't stand up to a rigorous inspection based on first principles. It is a myth told by commissioned sales professionals intent on branding an industrial metal. It is a challenge to identify any fortune derived from investing in gold bullion.
— Michael Saylor⚡️ (@saylor) November 28, 2021
Micheal Saylor tweet. Source: Twitter
Foremost stockbroker, Peter Schiff, commented on Saylor’s tweet, saying, “many have used gold to symbolize money for several decades. But BTC has only been used for a similar purpose in less than one year. BTC is simply a digital token used by currency traders. Furthermore, there is no need to hire salespeople to promote gold. However, the same cannot be said about BTC, which requires regular pumping.”
BTC Behaving Like Amazon In Its Early Days
Today, Anthony Scaramucci claimed that BTC was behaving like Amazon when it just got started. Scaramucci stated that amazon was highly volatile during those periods, but it is now arguably the best stock investment right now.
The hedge fund manager further stressed that BTC had used this year to establish strong fundamentals, and it will only keep soaring higher from next year. He then suggested that investors should buy right now when it is selling at a discount.
Microstrategy Increases BTC Holdings With An Additional 7K BTC
Micheal Saylor has disclosed that its business investment firm (MicroStrategy) has increased its BTC holdings by more than 7K BTC in a deal worth more than $410m. He further stated that each BTC was bought at an average price of $59.19K. The firm’s additional purchase makes its total BTC holdings to be 121,045 BTC. Before this latest purchase, its previous BTC investments yielded a 100% ROI within 24 months of investing in it.
MicroStrategy has purchased an additional 7,002 bitcoins for ~$414.4 million in cash at an average price of ~$59,187 per #bitcoin. As of 11/29/21 we #hodl ~121,044 bitcoins acquired for ~$3.57 billion at an average price of ~$29,534 per bitcoin. $MSTRhttps://t.co/OA8VWG1bZX
— Michael Saylor⚡️ (@saylor) November 29, 2021
Micheal Saylor BTC buys tweet. Source: Twitter
Microstrategy’s first BTC investment was made in July 2020, when the leading digital currency was still available for around $10.5K. The company has continued to increase its BTC holdings since that time. When the BTC price declined to less than $30K during the mid-year crash of the crypto market prices this year, the company CEO disclosed that the company would hold to what they have and look to increase their holdings.
Microstrategy’s CEO, Michael Saylor, was an instrument in the company investing in BTC. Saylor was convinced that BTC is a significant hedge against the USD, which according to him, continues to lose its value as the government keeps printing more USD cash.
Asides from increasing their BTC holdings, MicroStrategy’s BTC investment is credited as the reason for BTC investments by other Fortune 500 companies, most notably, Elon musk’s tesla. You’d recall that Musk’s Tesla purchased $1.5B worth of BTC earlier in the year, with Musk recently revealing that he holds some BTC in his investment portfolio. BTC continues to trade in the green as of this writing, gaining 4.9% so far today and trading at $57.26K.