Bitcoin predicted to be the new gold

RIYADH: Bitcoin will emerge as a $100 trillion asset class and grow 100 times more than it is today, Michael Saylor, CEO of Microstrategy, said about the future outlook for Bitcoin in an interview with CNBC.

“At the end of the decade, it will have flipped gold, and then it will flip monetary indexes, a little bit of bonds, a little bit of real estate, a little bit of equity, and emerge as a $100 trillion asset class. So, 100 times more than it is now,” Saylor said.

He said cryptocurrency is winning against gold as a store of value and he is not worried about regulation.

“It’s pretty clear that Bitcoin is winning, gold is losing and it’s going to continue, It’s pretty clear digital gold is going to replace gold this decade,” he said.

His company currently owns 114,042 Bitcoins and as he said: “We will continue to stockpile forever.”

Teen held for stealing

A Canadian youth has been accused of stealing C$46 million (more than $36 million) worth of cryptocurrency.

The digital money was allegedly embezzled in a SIM swap targeting a holder of cryptocurrency in the US.

He was arrested in Canada after committing what Ontario law enforcement officials described as the largest crypto theft by a single person.

Trading

Bitcoin, the leading cryptocurrency in trading internationally, traded higher on Sunday, rising by 1.61 per cent to $59,016 at 6:22 p.m. Riyadh time.

Ether traded at $4,343 up 1.91 per cent, according to the data from Coindesk.

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