Michael Saylor, the big cheese at MicroStrategy (a company that owns a lot of Bitcoin), thinks the US government should buy a million Bitcoins for its reserves. He dropped this bombshell during a FOX Business interview before a White House crypto summit.
Saylor’s Bitcoin Proposal
Saylor’s idea isn’t totally out of left field. His company already owns around 500,000 Bitcoin – a whopping 2.4% of all the Bitcoin out there. He’s advising the White House on crypto, so he’s in a position to suggest such a thing.
When asked about how the government would pay for this massive Bitcoin purchase, Saylor suggested a long-term strategy, maybe over four years, as outlined in a bill by Senator Lummis. He emphasized a slow, steady approach to avoid market shocks. He pointed to a government committee working on this, involving various government bodies and industry experts.
The US government is thought to already own about 200,000 Bitcoin (worth a cool $17 billion right now), so adding another million would be a huge deal.
Why Bitcoin? Saylor’s Argument
Saylor sees Bitcoin as “digital property,” a digital savings account for everyone. He believes that if the government clarifies Bitcoin’s status as a legitimate asset, more Americans would feel comfortable using cryptocurrencies.
He acknowledges other digital assets like stablecoins and tokenized securities, but he considers Bitcoin the most important one, calling it the “foundational asset” of the crypto world.
Addressing the Skeptics
Some people question why the US would need Bitcoin in its reserves alongside things like oil and medical supplies. Saylor uses historical examples of land purchases (Louisiana Purchase, California, etc.) to illustrate that the US has always invested in property, and he sees Bitcoin as digital property. He believes that global money is moving from the physical world to the digital world, and Bitcoin is a key part of that shift.
He also addressed concerns about Bitcoin’s decentralized nature. He believes that while Bitcoin was initially designed to be independent of governments, nations interested in economic growth will eventually embrace it. He views Bitcoin as a protocol for prosperity.
At the time of this writing, one Bitcoin was worth around $91,725.
