Bitcoin will overtake gold by 2035 – Michael Saylor

Strategy founder and executive chairman Michael Saylor explained why Bitcoin could overtake gold in market capitalization and become more valuable than the leading precious metal by 2035.

In an interview with Yahoo Finance, the businessman said that Bitcoin is destined to surpass the market capitalization of gold due to its fixed supply of 21 million coins. According to the current Bitcoin mining schedule, miners will have mined 99% of all coins by 2035. This means that ten years from now, as the businessman puts it, “year 0.99,” will arrive, after which new Bitcoins will appear on the market increasingly rarely and in very small quantities. The final 1% of Bitcoins should only be mined within the next hundred years, according to the schedule.

The CEO of the largest public holder of the world's first cryptocurrency is confident that extreme scarcity strengthens Bitcoin's long-term prospects and boosts its price. The growing interest of financial companies investing in Bitcoin suggests that major investors have begun to perceive Bitcoin as digital gold, Saylor insists.

Bitcoin's market capitalization currently stands at approximately $1.9 trillion, while gold's exceeds $29 trillion. For Bitcoin to surpass gold in market capitalization, its price must rise to at least $1.4 million per coin.

“If you want to own Bitcoin, you need to get it as soon as possible, because the last 1% of remaining Bitcoin will be mined for another hundred years. I have no doubt that Bitcoin will become a larger and more valuable asset than gold,” said Saylor.

According to the head of Strategy, the leading cryptocurrency should reach $150,000 by the end of the year. However, Bitcoin is currently in a bearish trend and has fallen below $96,000.

Source: cryptonews.net