Michael Saylor claims that Bitcoin is "100 times better than gold."

The bull in the cryptocurrency market not only believes that Bitcoin will return to its former glory but also believes that the leading cryptocurrency has a lot of potential to increase beyond its present trading level.

Saylor sees Bitcoin as the next major “store of value asset” and thinks it is 100 times better than gold. Although the event was initially reported on Saturday, September 24, the CEO made the remarks during the Money Festival, which was hosted by MarketWatch on Wednesday. “I believe that Bitcoin's next natural step will be to displace gold as a non-sovereign store of value asset. At the moment, gold is a $10 trillion asset. Bitcoin is 100 times better than gold,” according to Saylor.

Saylor did not hold back while making his prognosis that the price of the cryptocurrency may approach $500,000 within the next ten years during the festival's Best New Ideas session, “You can't inflate it. The half-life of money in Bitcoin is forever. You can move it on billions of computers at the speed of light. So, if Bitcoin goes to the value of gold, its going to $500,000 a coin, and I think that will happen this decade.” the executive said.

According to information from CoinMarketCap, at the time of writing, the price of Bitcoin was $$18,876.55, a decrease of 0.55% over the previous 24 hours. Given that Bitcoin is now trading at this level, Saylor's prediction of $500,000 suggests a potential upside of more than 2,500% for the digital currency.

Saylor is acting in accordance with his words. He disclosed to MarketWatch that he had actually owned 17,732 Bitcoins for “approximately two years” after acquiring them at a price of about $9,500 each.

Bitcoin is distinct from cryptocurrency.

An early analysis this year from Boston-based investment management company Fidelity Investment supported Saylor's assertions. Although the globe is filled with cash and different cryptocurrencies, the investment manager stated in February that Bitcoin is unique because it has the potential to undergo big rising costs.

According to Fidelity, Bitcoin is a valuable “monetary good” that exceeds other cryptocurrencies, gold, and even formally accepted currencies like the dollar in many respects. In the next five to ten years, according to the investment manager, Bitcoin will increase significantly.

Saylor, who left his position as CEO of MicroStrategy in early August, is now the executive chairman of the software company and is entirely focused on Bitcoin.

With more than 129,000 BTC on its balance sheet, publicly traded software company MicroStrategy is the only company that holds more Bitcoin than any other. The company bought 301 Bitcoins for nearly $6 million just one month after its well-liked CEO Michael Saylor left, and it now has close to 130,000 Bitcoins in its bank account.

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