Michael Saylor believes Ethereum and stablecoins have a place in the cryptocurrency space and outlined the extent to which BTC outperforms gold.
Ever since MicroStrategy started buying large amounts of Bitcoin, the company’s CEO, Michael Saylor, has become one of the most famous BTC maximalists. Because of this, he rarely talks about other digital assets.
However, in a recent interview with CNBC’s Fast Money, he appeared to be more optimistic about certain cryptocurrencies, particularly Ethereum.
He called Ethereum a “digital application” that aims to “dematerialize the JPMorgan Chase building, banking institutions, and all exchanges”.
Hence, Saylor said that the Ethereum blockchain and its native cryptocurrency “have a place”. He also added that stablecoins also have a place in the ecosystem. He compared them to upcoming central bank digital currencies as they may have the same effect.
Bitcoin Is Better Than Gold
In addition to the brief praise for Ethereum and stablecoins, Saylor emphasized the advantages of BTC over all other investment instruments.
On June 14, 2021, MicroStrategy announced that it completed the issuance of $500 million senior secured notes. These banknotes will expire in 2028 and the proceeds will be used to buy more bitcoins. The company currently owns approximately 92,079 bitcoins.
After raising funds by selling $1 billion worth of Class A common stock, he called BTC the most suitable investment. In times of rising inflation he justified the company’s decision to buy more bitcoins as it is a better hedge.
“I think in the past 12 months, we have all been waiting for inflation, and I think we are seeing it now. I think investors are seeing that bitcoin is up by 330% and gold is up 7% in that period. So, bitcoin is outperforming gold as an inflation hedge by a factor of 50.