Bitcoin Updates: Bitcoin or Gold by 2035? Saylor’s Wager Challenges Skeptics Amid Concerns Over Debt
- Michael Saylor predicts Bitcoin will surpass gold as the largest asset class by 2035, citing its capped supply and growing adoption. - MicroStrategy (MSTR) holds 641,692 BTC ($68B) via perpetual preferred stock issuances, reflecting Saylor's aggressive Bitcoin accumulation strategy. - Critics like Jim Chanos question Strategy's debt-fueled Bitcoin bets, noting its 22% stock decline and Bitcoin's $2.04T market cap lagging gold's $29.2T valuation. - Saylor argues Bitcoin's "hard cap" and institutional adop
Michael Saylor, who serves as executive chairman of
Saylor’s projections have drawn skepticism, especially from short sellers such as Jim Chanos, who recently exited his short position against
For Bitcoin to surpass gold, it would require a significant increase in value. Bitcoin’s market capitalization stands at $2.04 trillion, far below gold’s $29.2 trillion. Saylor recognizes this disparity but sees it as a chance, citing Bitcoin’s distinctive features: programmable money, digital scarcity, and growing institutional interest. By 2035, he noted, 99% of all Bitcoin will have been mined, establishing a “hard cap” that differs from gold, which can still see increased mining output
Market conditions remain uncertain. Although Bitcoin has climbed back above $105,000 following the resolution of U.S. government shutdowns and renewed institutional enthusiasm, it still lags behind the S&P 500 and Nasdaq Composite in 2025 returns. Gold’s recent strong performance has been driven by its appeal as an inflation hedge and by central bank purchases, especially in developing economies
The wider cryptocurrency sector also lends weight to his argument. More than 193 publicly listed companies have adopted Bitcoin as part of their treasury strategy, though many have seen their stock prices pressured as market sentiment shifts. Strategy’s competitors—including MARA, Tether-backed Twenty One, and Bullish—collectively hold 53,250 BTC, but none rival Strategy’s holdings or Saylor’s persistent accumulation
Detractors point to risks such as leveraged positions in crypto derivatives and the industry’s vulnerability to regulatory changes. Nevertheless, Saylor asserts that Strategy’s financial structure—which combines equity, convertible bonds, and preferred shares—is built to endure a 90% drop in Bitcoin’s value over a four to five year period
With 2035 approaching, the contest between Bitcoin and gold is still undecided. For now, Saylor’s steadfast optimism and Strategy’s ongoing Bitcoin acquisitions highlight a bold wager on the evolution of digital finance.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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