Big names in crypto are pushing for the US government to buy a massive amount of Bitcoin. They believe it could be a game-changer for the national debt.
A Bitcoin Reserve: The Saylor & Lummis Plan
Michael Saylor, CEO of MicroStrategy (a company that’s heavily invested in Bitcoin), and Senator Cynthia Lummis are leading the charge. They’re proposing a US Bitcoin reserve—a huge government stockpile of Bitcoin. Saylor’s vision involves acquiring 1 million Bitcoin, which he claims could slash the US national debt by a whopping $16 trillion (that’s 45%!). This idea aligns with a bill Senator Lummis introduced, which would allow the government to buy up to 1 million Bitcoin over five years.
Saylor’s Bold Predictions
Saylor is incredibly bullish on Bitcoin. He’s not just talking about the 1 million Bitcoin plan; he’s also looking even bigger. He mentioned MicroStrategy’s ambitious plan to raise $42 billion to buy even more Bitcoin. He even calls Bitcoin “manifest destiny” for the United States. He’s also envisioning a scenario where the government buys a staggering 4 million Bitcoin, potentially generating $81 trillion in returns. He refers to this as the “Trump Max” scenario, referencing a past statement by Donald Trump about a potential Bitcoin reserve.
Selling Gold for Bitcoin?
Senator Lummis has suggested an interesting way to fund the Bitcoin purchases: selling some of the US government’s gold reserves. This bold move, if coupled with the passage of her bill, could potentially lead to the massive debt reduction Saylor predicts.
The Logic Behind the Plan
Saylor argues that buying Bitcoin is similar to other strategic asset purchases the US government has made in the past, like oil, gold, and grain—investments that have yielded massive returns. He believes that owning Bitcoin is a smart way to protect the US dollar and tackle the nation’s debt crisis. His main argument is simple: end the debt, or own another valuable asset to offset it. Bitcoin, in his view, is that asset.
