- Michael Saylor, founder and CEO of MicroStrategy has called on investors, stakeholders, treasury secretaries, and central bankers to reject gold and embrace Bitcoin.
- Saylor’s campaign received a major endorsement from a top Wall Street executive, who recently admitted regret for not investing in Bitcoin sooner.
Michael Saylor, a prominent figure CEO of MicroStrategy has been one of the most vocal advocates of Bitcoin. On a recent Yahoo Finance podcast, Michael urged investors and parties alike to ditch Gold for Bitcoin. Taking the matter a notch higher, his advocacy targeted treasury secretaries and central bankers.
Dump your gold, sell all the US gold, and buy Bitcoin because you can buy 5 million Bitcoin for the cost of the gold
He booed big players in large banks including sovereign treasury funds and central banks for not adopting this growing asset class as the “world’s reserve capital network.” He boldly advocated for the US to dump its gold reserves, tanking the price, and using the windfall to amass 5 million Bitcoin.
Saylor proposed that the US government should purchase a significant portion of the Bitcoin network (20-25%) to stimulate its growth and attract global investment. He also suggested replacing gold reserves with Bitcoin and ultimately phasing out gold as a monetary asset.
Saylor’s campaign has been given a major backing from a major player in the Wall Street sector. The chief executive of Wall Street’s biggest market maker turned bullish on Bitcoin after owning up that it was a mistake not to buy in sooner.
“Of course, I wish I bought something that trades at 100-times the price it traded at a few years ago,” Ken Griffin, the billionaire founder of market maker Citadel Securities and its sister hedge fund, said during the New York Times DealBook conference. “We all have FOMO [fear of missing out]. It’s just universal, it’s part of human psychology.“
Additionally, the wallstreet Exec reportedly asserted to help pro-crypto president elect Donald Trump. Notably, the bitcoin price and crypto market are exploding as Trump prepares for his second term because more people want to have “agency” in their lives.
Fast forward to 2024, and history seems to be repeating itself. Saylor’s recent plea for Bitcoin adoption recalls Grayscale’s 2020 “Drop Gold” campaign. Back then, Grayscale encouraged gold owners to trade their physical assets for Grayscale Bitcoin Trust (GBTC), painting Bitcoin as a superior investment with both scarcity and real-world utility.
Nevertheless, similar to Saylor’s recommendation for gold holders, the “Drop Gold” initiative failed to achieve widespread popularity. Numerous critics perceived it as a derivative of the World Economic Forum’s controversial “You will own nothing and be happy” meme.
Meanwhile, Bitcoin ahs seen its price hover below $100,000 which was achieved last week. At the time of writing, BTC is swapping hands with $97,578.24 after a 0.83% decline in the last 24 hours.
On a broader scale, the crypto titan, with a market cap of 1.93T has recorded gains of 2.77% and 22.83% in the past week and month respectively.
