MicroStrategy CEO Michael Saylor suggested today that comparisons between BitcoinBitcoin and gold may not be entirely accurate, and that the former may end up cannibalizing the latter.
Responding to a Substack post from Anthony Pompliano, a popular podcaster and a co-founder of the hedge fund Morgan Creek Digital, Saylor wrote that “it is dangerous to think that Gold & Bitcoin are similar & complementary investments. When the #Bitcoin Dragon emerges from its lair, the first thing it will eat is the Kingdom of #Gold.”
I agree with @APompliano that it is dangerous to think that Gold & Bitcoin are similar & complementary investments. When the #Bitcoin Dragon emerges from its lair, the first thing it will eat is the Kingdom of #Gold.@APomplianohttps://t.co/9TmJ834OXH
This sort of proselytizing makes sense coming from Saylor, whose billion-dollar tech company bet big on Bitcoin this past summer; MicroStrategy now has over half a billion dollars in Bitcoin. In October, Saylor tweeted that he personally holds 17,732 BTC. (That’s roughly $270 million worth, at today’s prices.)
Some have asked how much #BTC I own. I personally #hodl 17,732 BTC which I bought at $9,882 each on average. I informed MicroStrategy of these holdings before the company decided to buy #bitcoin for itself.
Bitcoin’s potential as a store of value has given it the nickname “digital gold,” and many analysts remain suspicious about whether or not it’s actually viable as a transactional currency. Bitcoin prices have also been historically correlated with gold prices. Billionaire investor Mike Novogratz said as much to Bloomberg last month: “Bitcoin as a gold, as digital gold is just going to keep going higher,” he said. “More and more people are going to want it as some portion of their portfolio.”
And while Novogratz has been relatively optimistic about Bitcoin’s prospects, his comments on the relationship between Bitcoin and gold have been more cautious than Saylor’s. This past July, Novogratz suggested that Bitcoin’s volatility remains a real concern, and that he’d recommend investing much more heavily in gold.
Saylor, for his part, tweeted yesterday that “Bitcoin advocates should stop apologizing for volatility,” and that, at least for one day, Bitcoin “was less volatile than NASDAQ, S&P 500, Dow Jones, Russell 2000, 10 & 30 Year Treasuries, Gold, Silver, Apple, Amazon, Microsoft, & Facebook.”
Ethereum just lost one of its long-time institutional backers.
In a Thursday statement, algorithmic trading firm Two Prime announced it is dropping all exposure to Ethereum (ETH) and will exclusively manage and lend against Bitcoin (BTC) going forward, citing Ethereum’s unpredictable behavior, declining market momentum, and eroding institutional appeal.
Why Two Prime is Going BTC Only https://t.co/VtrQAUyGL0 pic.twitter.com/4BWVd8R7HM
— Two Prime (@Two_Prime) May 1, 2025
Two Prime didn’t say h...
Crypto asset manager 21Shares applied for an exchange-traded fund tracking the price of Sui, according to a filing with the U.S. Securities and Exchange Commission on Wednesday.
The 21Shares Sui ETF aims to broaden investors’ access to the native token of the layer-1 network designed for high-speed transactions, which has been dubbed by some as a “Solana Killer.”
The filing named Coinbase as a custodian to safeguard investors’ funds, according to the registration statement, but did not specify...
New CertiK estimates suggest about $364 million was lost through crypto hacks, scams and exploits in April alone.
The cybersecurity firm says the vast majority of this total, $337 million, is related to phishing attacks.
#CertiKStatsAlert 🚨
Combining all the incidents in April we’ve confirmed ~$364M lost to exploits, hacks and scams after ~$18.2m was returned.
KiloEx, Loopscale and zkSync all had funds returned by whitehat exploiters.
~$337M of the total is attributed to phishing.
More… pic.tw...
