Bitcoin is struggling to move above the $50,000 levels.

However, Michael Saylor of MicroStrategy remains bullish on Bitcoin and new records.

Bitcoin’s rise as an investment could mean the long-term doom of the world’s largest asset class, gold.

Michael Saylor, speaking to Yahoo Finance Live, spoke about the recent congressional hearing and believes that the ultimate winner in the debate is Bitcoin.

He said the strategy of buying bitcoin and offloading gold has worked well for investors this year.

He also believes that the stimulus-driven inflationary environment is in good shape for Bitcoin.

Saylor, who described the yellow-golden metal as a dead rock, says the best thing one can do is sell $10 trillion worth of gold and buy bitcoin.

Read:Officially: the cryptocurrency exchange BitMEX announces the launch date of its digital currency BMEX for trading

In his interview, the CEO of MicroStrategy stated:

The only thing that Bitcoin threatens is gold.

The best thing you can do is sell all trillions of dollars in gold and buy bitcoins.

dead rock gold

It’s among the worst performing assets, no debate.

No hope for it.

Taking a simple example, Bitcoin prices are up 63% year-to-date.

The price of Bitcoin has already reached more than 100% considering a longer time frame.

On the other hand, gold prices have fallen more than 9% since the beginning of the year.

MicroStrategy buys more bitcoin:

On Thursday, December 9, MicroStrategy announced an additional purchase of Bitcoin.

In his latest tweet, Michael Saylor noted:

MicroStrategy bought an additional 1,434 bitcoins for $82.4 million in cash at an average price of $57,477 per bitcoin.

As of December 9, 2021, we acquired 122,478 bitcoins for approximately $3.66 billion with an average price of $29,861 per bitcoin.

Referring to global Bitcoin adoption and long-term inflation, Saylor commented:

Read:Bitcoin drops below $30,000, liquidating more than $500 million

I’ve said it before, Bitcoin is forever rising.

However, Bitcoin critic Peter Schiff criticized Saylor and accused him of wasting investors’ money.

And he said:

Of course I did.

You are obviously sinking with the bitcoin ship.

It might be fine if it comes to your own money that you’ve been throwing away.

But you’re also wasting shareholder money.

I would suggest to your company shareholders that you abandon the ship before it sinks.

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