Strategy founder Michael Saylor has raised the possibility of investors ditching gold for Bitcoin amid rumors that the U.S. could impose tariffs on imports of the precious metal. The Strategy founder also made a case for why the flagship crypto is the safest asset to hold rather than the metal.
Michael Saylor Predicts Capital Migration From Gold To Bitcoin
In a Bloomberg interview, the Strategy founder remarked that the tariffs could accelerate the migration of capital from gold to Bitcoin, which market participants usually describe as ‘digital gold.” He noted how, unlike the precious metal, the flagship crypto cannot be subject to tariffs, since there is no physical version of it and that it “lives in cyberspace, where there are no tariffs.”
Michael Saylor said that this is a major appeal of Bitcoin since it is not physical and doesn’t have weight. He added that investors can easily settle BTC transactions anywhere and in minutes. Meanwhile, gold, on the other hand, is too “heavy” and too “slow.”
The Strategy founder then remarked that the rumored gold tariffs remind everyone why Bitcoin, as a digital version, is better than the precious metal itself. He stated that this could catalyze a new wave of institutional adoption.
Interestingly, his comment follows Legendary trader Peter Brandt’s prediction that Bitcoin will emerge as the ultimate store of value and not gold. He noted that some see the precious metal as a great store of value, but that BTC will prove to be the ultimate store of value.
Metaplanet President Makes Case For BTC
Metaplanet President Simon Gerovich also made a case for Bitcoin while alluding to the rumored gold tariffs. He stated that gold is heavy, slow, and political. On the other hand, he remarked that BTC is “light, fast, and free.”
Like Saylor’s Strategy, Gerovich’s Metaplanet is also a Bitcoin treasury company. The Japanese company recently acquired $53.7 million in Bitcoin, bringing its total holdings to 17,595 BTC, worth approximately $1.78 billion.
Meanwhile, despite the rumors of the gold tariffs, the Bitcoin price has traded sideways today and is down less than 1% in the last 24 hours. Meanwhile, gold futures had hit an all-time high (ATH) on the back of the report that the U.S. will tax gold bar imports.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several niches. His speed and alacrity in covering breaking updates are second to none. He has a knack for simplifying the most technical concepts and making them easy for crypto newbies to understand.
Boluwatife is also a lawyer, who holds a law degree from the University of Ibadan. He also holds a certification in Digital Marketing.
Away from writing, he is an avid basketball lover, a traveler, and a part-time degen.
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