Michael Saylor, a big Bitcoin fan, thinks the European Union should buy some Bitcoin. Why? Because the Euro recently took a bit of a dive.
The Euro’s Tumble
The Euro has been weakening against the US dollar. This happened after the Federal Reserve hinted at possibly lowering interest rates in the future. The Euro dropped from $1.08 to $1.07 in a short period. This, combined with rising debt, inflation, and financial centralization, has Saylor convinced that Bitcoin is the answer.
Saylor’s Bitcoin Solution
Saylor, from MicroStrategy, tweeted that Europe “gonna need Bitcoin.” He argues that holding Bitcoin could have protected the EU from the Euro’s recent fall. Bitcoin’s price, at the time of writing, was up 2.6% against the dollar, trading at $85,400. He also used the example of the Turkish Lira’s significant devaluation against the US dollar since 2021, contrasting it with Bitcoin’s performance during the same period.
Is Bitcoin the Future for the EU?
Saylor isn’t alone in this thinking. A member of the European Parliament, Sarah Knafo, also suggested the EU create a Bitcoin reserve, pointing to El Salvador’s seemingly successful Bitcoin adoption as an example. El Salvador’s economy has reportedly seen positive changes thanks to President Nayib Bukele’s forward-thinking policies, including Bitcoin adoption. The idea of the EU investing in crypto is gaining traction.
