MicroStrategy CEO Michael Saylor Calls Gold "Zombie Store of Value"

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Fri, 01/08/2021 - 14:44
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Yuri Molchan
MicroStrategy CEO has called gold a "zombie store of value," while Bitcoin hater Peter Schiff has explained how he was wrong about the "Bitcoin bubble"
MicroStrategy CEO Michael Saylor Calls Gold "Zombie Store of Value"
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Head of Nasdaq-traded giant MicroStrategy, Michael Saylorwhose company has invested over $1 billion in Bitcoin last yearhas taken to Twitter to attack Bitcoin's major rival on the traditional market, gold, so loved by Bitcoin hater Peter Schiff.

Gold is a "zombie store of value"

Michael Saylor retweeted an excerpt from a recent video interview of entrepreneur Anthony Pompliano to CNBC, in which he stated that Bitcoin is 10 times better than gold.

The MicroStrategy CEO assumed that gold is "a zombie store of value."

BTC
Image via Twitter

Gold's (XAU) peak in 2020 was in August when it surged to $2,073, but then it demonstrated a correction until November, when it recovered to the $1,960 level. The same price mark was achieved on Jan. 6, and now the king of precious metals is in decline once again, trading at $1,886, according to a TradingView chart.

In comparison, Bitcoin flipped the $41,000 level earlier today and rose almost four times in 2020, while gold increased modestly by 24 percent.

Curiously, in late December 2020, Peter Schiff was acknowledged the second biggest Bitcoin influencer after Anthony Pompliano.

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Schiff admits he "was clearly wrong" about Bitcoin

Gold bug Schiff has again mentioned the "Bitcoin bubble." However, he admitted that he was "clearly wrong" about it, believing that it had already burst in the past.

He still insists that he was right about BTC being a real bubble.

It's all the same bubble. It's never actually burst. I thought it had in the past but I was clearly wrong about that. But I'm not wrong about it being a bubble. I just under-estimated how large it would get or how many people would fall for the con.

The Euro Pacific CEO also slammed Bitcoiners, stating that they remain delusional about BTC and are even justifying to themselves the continuing rise of the flagship crypto and the "bubble's" failure to burst so far.

Schiff also commented on the aforementioned video interview of Pompliano with CNBC, denying Pomp's claim that Bitcoin is 10 times better than gold in every respect.

Schiff also insisted that Pomp's assumption that every publicly traded company will soon hold Bitcoin in their treasury is nonsense, which is used to justify the "Bitcoin bubble."

In what way is #Bitcoin 10x better than #gold? Is it also 10x better than oil? How many times better is it than wheat? Claiming that every publicly traded company will hold Bitcoin instead of cash is sheer nonsenses.  But sheer nonsense its what's needed to justify the bubble.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.

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