(Reuters) – Microstrategy chief executive Michael Saylor told CNBC on Tuesday that Bitcoin will encompass the entire market cap of gold.
“There’s $ 10 trillion in gold in there, $ 1 trillion in bitcoin. Bitcoin is going to reverse gold and encompass the entire market cap of gold, ”he said in the CNBC interview. “Then it will subsume negative-yielding sovereign debt and other monetary indices until it reaches $ 100 trillion.”
Saylor also told CNBC that Bitcoin is not for spending and not really a currency and it is for saving.
MicroStrategy is one of the major funders of digital currency and is engaged in a nearly $ 1 billion convertible note offering, the proceeds of which are for the purchase of Bitcoin.
Reporting by Sinéad Carew; Editing by Alden Bentley and Chizu Nomiyama