The price of Bitcoin fell below $50,000 on Tuesday, taking its market value back below $1 trillion. Just last week the digital currency surpassed the mark for the first time. But this has in no way changed Michael Saylor’s view of Bitcoin.
The MicroStrategy co-founder and CEO gave a strong backing on his belief in Bitcoin’s trajectory. Saying as much in an interview on CNBC’s “Squawk Box.”
“There’s a $500 trillion monetary planet and the outer layer is currency,” Saylor said. “There’s $10 trillion worth of gold in there, $1 trillion in Bitcoin. The Bitcoin is gonna flip gold and its going to subsume the entire gold market cap. Then it’s going to subsume negative yielding sovereign debt and other monetary indexes until it grows to $100 trillion.”
Michael Saylor of MicroStrategy Big Proponent Of Bitcoin
Saylor has long been one of the biggest Bitcoin proponents and in addition to MicroStrategy’s massive holdings. Saylor also revealed that he personally owns the cryptocurrency.
These comments come just one day after US Secretary of Treasury Janet Yellen ripped into Bitcoin. In addition to being concerned about the use of it for illicit finance, Yellen also made note of its volatility, something Saylor believes will change in time.
“Once it gets to $10 trillion its volatility will be dramatically less,” Saylor added. “And as it marches towards $100 trillion you’re going to see the growth rates fall, the volatility fall, and it’s going to be a stabilizing influence in the entire financial system of the 21st century.”
Saylor also believes the demand for the top Cryptocurrency will continue to grow in the coming years, especially from individuals around the world.
“I think you can expect that we’ll have a billion people storing their value, in essence a savings account, on a mobile device within five years and they’re gonna want to use something like Bitcoin. Bitcoin is the dominant digital monetary network.