TL; DR separation:
- MicroStrategy CEO Michael Seiler says bitcoin will go up forever.
- Bitcoin is a more valuable asset than gold due to its steady supply and growing acceptance.
- The global crypto market fell more than 3% after the news of unprecedented inflation.
Michael Seiler, CEO of the popular business intelligence company MicroStrategy, said that the value of bitcoin is increasing forever due to its fixed supply mechanism. Silver emphasizes that Bitcoin is the only shortage in the world that anyone can invest in as a hedge against inflation.
Michael Sayler has been a consistent advocate of market-leading digital currency. In a recent interview, he explains that every other asset we can invest in has a supply tunnel that increases and its price goes up, such as gold, real estate and stocks.
Even the physical supply of gold is increasing at an average rate of 2% each year, and bankers can re-commit gold. Banks can print 100 ounces of paper currency for every ounce of gold.
In this sense, bitcoin is a more valuable asset than gold because it not only has a fixed supply, but is also the dominant digital monetary network. Blockstream CEO Samson Mo also agreed with Michael Seiler, stressing that bitcoin is growing forever despite its fluctuations in the short term.
Other financial giants, such as Jeep Morgan’s Nikolaus Pannigretzoglu, have already announced that bitcoin will replace gold as the most effective bulwark against inflation.
Why is Bitcoin falling today?
With all the optimism shared by big financial figures, you may be wondering, “Why has Bitcoin declined recently?” After hitting a new one The highest price is $ 69044 On Wednesday, bitcoin fell below $ 63,000 on Friday.
But this is not just bitcoin. The global digital currency market has shrunk by 3.2% in the last 24 hours. This is due to the recent news of a 6.2 percent increase in US inflation in one year, which is the highest rate in more than 30 years.
The panic of these inflation data has led to the sale of large volumes of digital currencies in the market today, which has led to lower coin prices. It is only natural that people should cash in on some of their assets whenever there is severe inflation in the market. Therefore, it is not unusual to see the Bitcoin price fall from yesterday.
Bitcoin is gaining wider acceptance
In a more accurate podcast, Michael Silver noted that despite its short-term fluctuations, BTC has shown tremendous growth over the long term. Leading digital currency has grown even more 300% from last year.
There is also a wider acceptance of bitcoin across the industry. American politicians have begun the process of receiving their checks in Bitcoin. The mayor of Miami announced yesterday that he will soon donate free bitcoins to Miami residents. There is also news that popular real estate agencies around the world have started accepting BTC payments.
Therefore, it is safe to say that the potential of Bitcoin as a bulwark against inflation is being realized by people and businesses around the world and will only continue to grow.