During a recent appearance on a Yahoo! Finance podcast, Michael Saylor called for investors to dump gold and buy bitcoin (BTC). This time, he escalated his plea to treasury secretaries and central bankers.
He jeered at the owners of the gold in large banks, including sovereign treasury funds and central banks, for failing to adopt BTC as the “world’s reserve capital network.” He also suggested the US should somehow dump its gold, purposefully crashing its price, and then use the proceeds to acquire approximately 5 million BTC.
With incredible clarity, Saylor advised the incoming US administration to “buy 20-25% of the BTC network on behalf of the US government. Catalyze the development of that world reserve capital network. Then let all the Chineses and Russians and the foreigners sell all their other assets and buy BTC – and then that money flows into the United States.”
He went further, advising the US government to dump all of its gold and somehow “demonetize” gold entirely in favor of BTC.
Dumping gold for BTC
Saylor’s plea echoes a 2020 ad campaign by Barry Silbert’s Grayscale.
Four years ago, Grayscale encouraged retail gold owners to sell their gold for BTC — specifically, its Grayscale Bitcoin Trust (GBTC).
The Drop Gold campaign poked fun at precious metals as a relic of the past, burdening investors with weight and underperformance. Like Saylor, Grayscale claimed that BTC offered better scarcity plus superior utility in the modern world.
Read more: CHART: Bitcoin makes up 52% of $3.9T global crypto market cap
However, like Saylor’s advice for gold owners, the Drop Gold campaign wasn’t particularly popular. Many critics called it a variation of the World Economic Forum’s “you will own nothing and be happy” meme.
In other words, BTC cheerleaders like Saylor allegedly push commoners to liquidate real assets like gold and buy virtual assets of which unlimited variations can be invented by the ruling elite.
MicroStrategy is a BTC treasury company that acquires BTC on debt and leveraged equity products. As of the close of trading Friday, its market cap was 2.3X its 402,100 BTC holdings.
MicroStrategy investors refer to this multiple as the company’s “NAV premium.”
Recently, some investors started shying away from MicroStrategy shares, causing a dip in its share price.
The company closed Friday’s trading session 27% below all-time highs. Its market cap-to-BTC premium has similarly declined from its 3.4X high to Friday’s 2.3X.
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Source: https://protos.com/michael-saylor-copies-grayscale-tells-us-to-crash-gold-for-btc/
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