Bitcoin Breaks $120K as Saylor Suggests He Found ‘Something Better’ Than Gold

Gold has long been the preferred choice for preserving wealth among the rich. Its value has been recognized for centuries, making it a trusted store of wealth. In recent years, however, a shift has emerged, with increasing attention directed toward Bitcoin. Michael Saylor, a leading advocate for the cryptocurrency, continues to promote this change through bold and attention-grabbing statements.

Bitcoin’s Quest: Saylor as Indiana Jones Finds Something Better

Michael Saylor, executive chairman of Strategy, recently used a popular pop-culture image to make a point about Bitcoin. He shared an AI-generated picture of himself as Indiana Jones with the caption, “I went looking for gold… and found something better.”

This reflects Saylor’s confidence that BTC will outperform gold over time. While gold has long been a traditional safe haven, Bitcoin is steadily gaining favor among investors like Saylor.

A few days earlier, on August 8, Saylor shared another AI-generated image. It showed him standing on a tall building overlooking a city bathed in orange light. In Bitcoin culture, orange is the signature color. His simple caption, “Wall Street is orange,” suggested that Bitcoin is making strong inroads into the heart of global finance.

Institutional Demand and Market Confidence Rise

Saylor’s online activity is backed by substantial corporate investment. Strategy currently holds 628,791 BTC, with a market value of about $74.21 billion. The company started buying Bitcoin in late 2020 and has continued accumulating through 2025. These holdings have appreciated by roughly $28.13 billion since purchase, representing a gain of about 61.04%.

Meanwhile, Bitcoin itself has regained momentum. It has broken above $120,000 and now trades around $122,000, just below its record high of $123,000. In the last 24 hours, it has surged by more than 3%. This rally has coincided with a spike in network activity. The number of new Bitcoin addresses has surged to 319,029—the highest level seen in recent months—indicating increased participation.

Institutional buying has also picked up. Over the last week, 20 companies have added to their holdings. In total, the top 100 publicly traded firms now control around 963,568 BTC. It’s a clear sign that Bitcoin is no longer just a retail investor’s play; it has become part of the corporate playbook as well.

Market sentiment has also shifted in favor of the cryptocurrency. The Crypto Fear and Greed Index now reads 70, a level categorized as “greed.” This suggests that investor confidence is running high, with buying interest remaining strong.

Market Patterns and Long-Term Predictions

Market analyst Benjamin Cowen linked Bitcoin’s latest surge to a trend seen in past post-halving years. He said the coin often rises through July and August, takes a step back in September, then pushes higher into the final quarter, sometimes hitting a cycle peak before turning lower. With about two weeks still left in August, there could still be room for the rally to stretch a bit further, although history offers no guarantees.

Saylor is looking even further out. In June, he made a bold prediction that Bitcoin could hit $21 million per coin by 2046. This is a long-term view that leaves more than two decades for the asset to grow. While the number is extraordinary, it reflects his deep conviction that Bitcoin’s value will keep expanding over time.