The Chairman of Microstrategy and the foremost Bitcoin voice has urged the United States to consider selling its gold and acquiring Bitcoin.
Michael Saylor pointed out that gold accounts for more than half of the country’s financial reserve and the United States government should not buy any more Gold but Bitcoin.
The US is known all over the world as the largest holder of Gold with the North American nation owning up to 8,133 tons of Gold dominating international commodity trading.
Michael Saylor believes Bitcoin holds more intrinsic value than gold hence he urged the US to consider buying more Bitcoin as it has the potential to rise to up to trillions of dollars. Michael believes Bitcoin is a strong hedge against inflation.
Michael Saylor shared his opinion on the Yahoo Finance Market Domination interview which was shared on his official X page.
“Dump your gold, sell all the U.S. gold, and buy Bitcoin because you can buy 5 million Bitcoin for the cost of the gold. You’ll demonetize the entire gold asset class and our enemies hold gold in their banks, and so their asset would go to zero, while our asset goes to trillion dollars, Saylor said.
Michael Saylor is quite popular for his bold and generous predictions for Bitcoin. In the past, he said Bitcoin’s market capitalization will skyrocket to $280 trillion surpassing the Gold market cap at $45 trillion. Bitcoin’s market capitalization is still at $2 trillion.
Backed by his projections, Saylor keeps buying Bitcoin every week and urge more investors and institutions to gain exposure to Bitcoin. MicroStrategy now owned 402,100 Bitcoins, or equal to $40 billion.
The Case for a Strategic Bitcoin Reserve
- President-Elect Donald Trump introduced the idea of a strategic Bitcoin reserve for the United States during his speech at the Bitcoin 2024 conference in Nashville.
- Michael Saylor who was also a speaker at the event supports this and various members of the US Congress have also aired similar opinions.
- This vision for a strategic Bitcoin reserve was followed by the BITCOIN Act, which was proposed by Republican Senator Cynthia Lummis to Congress.
- Both of the figures’ vision, Trump and Saylor, was driven by Bitcoin’s utility and use cases against inflations. This move also inspired other institutions and nations to acquire or keep their Bitcoin.
- Countries like El Salvador, Suriname and Poland have all held on to their Bitcoin reserves following the renewed interest in the asset by the US.
What to Know
- Despite the positive moves made by countries to keep their Bitcoin reserves. Germany sold over 50,000 BTC it seized from a movie piracy site earlier this year.
- Bitcoin is currently hovering around the $99,000 mark and $98,000 mark at the time of this report.