Louis Fed President James Bullard said he was not concerned about bitcoin's potential to upend the U.S. "It is a highly speculative asset and you know I think people should be aware it can be extremely volatile and I do worry about potential losses that investors can suffer," Yellen, also a former Federal Reserve chair, added at Monday's New York Times DealBook conference. Yellen said she was worried about its role in "illicit finance" and the energy consumption used to mine bitcoin. Saylor laid out his grand vision for bitcoin a day after Treasury Secretary Janet Yellen once again raised questions about the digital coin. New bitcoins come onto the market as a reward for so-called miners, who use high-powered computers to verify transactions across the decentralized system. Currently, there are 18.64 million coins in circulation, according to Coindesk. In his addition to his company's significant bitcoin holdings, Saylor told CNBC he also owns the digital coin in a personal capacity.īitcoin has been called "digital gold" by some crypto bulls, and they tout its ability to serve as a store of value due to the fact its total supply is capped at 21 million coins. "As it marches toward $100 trillion, you're going to see the growth rates fall, the volatility fall, and it's going to be a stabilizing influence in the entire financial system of the 21st century." Once it gets to $10 trillion, its volatility will be dramatically less," Saylor said. "Then it's going to subsume negative-yielding sovereign debt and other monetary indexes until it grows to $100 trillion.
To put down a group subsume software#
Bitcoin is going to flip gold, and it's going to subsume the entire gold market cap," contended Saylor, who has become one of the most prominent evangelists for bitcoin since his enterprise software company began buying it in August. There's $10 trillion worth of gold in there, $1 trillion of bitcoin in there. "There's a $500 trillion monetary planet and the outer layer is currency, then you've got stocks, bonds, real estate. However, bitcoin was still up 60% since the start of the year and has risen more than 360% in the last 12 months.