Key Points
- Michael Saylor, founder of Strategy, advocates for the US to hold a large Bitcoin reserve.
- The US Senate is considering a more conservative approach to Bitcoin accumulation.
Michael Saylor, the founder and executive chairman of Strategy, has recommended that the United States amass a substantial reserve of Bitcoin. Saylor suggests that this would guarantee the country’s dominance in cyberspace for the next hundred years and bolster its lending power.
Saylor made these remarks at CPAC in Washington D.C., where he encouraged the US government to acquire 20% of the Bitcoin supply for the eagerly awaited national strategic reserve.
Saylor’s Vision for Bitcoin
Saylor expressed his belief that there is only capacity for one nation-state to acquire 20% of the Bitcoin network, and he is of the opinion that it should be the United States. To achieve this, US authorities would need to purchase an additional 3.9 million Bitcoin, on top of its existing 207,000 BTC stash, costing an estimated $392 billion at current market prices.
Meanwhile, the US Senate is contemplating a less aggressive strategy. Senator Cynthia Lummis from Wyoming has suggested that the US should aim to accumulate 5% of Bitcoin’s supply. Simultaneously, the crypto team from the previous President Donald Trump’s administration is evaluating the possibility of a Bitcoin reserve.
Bitcoin as a Tool for Economic Leadership
Saylor stressed at CPAC that the US should be the nation to secure 20% of the Bitcoin network. He described this as a method for the US to enrich itself and emerge as a creditor nation within a decade. Additionally, he stated it would ensure the US remains the economic leader in cyberspace for the next century.
Saylor further explained that the US adopting Bitcoin would trigger a rush among other nations, both allies and rivals, to acquire the cryptocurrency. His company, Strategy, is the largest corporate holder of Bitcoin worldwide, with nearly $50 billion worth of the cryptocurrency. The firm has plans to raise another $2 billion to purchase more Bitcoin.
