Michael Saylor claims the US should replace gold with Bitcoin

Source Cryptopolitan

Michael Saylor proposes that the US replace gold with Bitcoin in its reserves, also arguing that it would strengthen the country’s global financial dominance. He predicts Bitcoin’s value could reach $100 trillion under this strategy. Saylor’s ideas have garnered support from figures like Cathie Wood and the growing interest in cryptocurrency reserves in the US.

Michael Saylor has reignited the debate on Bitcoin as a strategic reserve asset. In an interview, Saylor argued that the United States should replace gold with Bitcoin in its reserves, stating that this move would enhance the country’s overall control of the global capital network.

The MicroStrategy Chief believes Bitcoin can help the US strengthen its position and dominate global finance. He suggests the US government acquire 20-25% of all Bitcoin. Saylor predicts this move could lower gold’s value, forcing countries like Russia and China to sell their gold and assets to buy Bitcoin, ultimately driving capital back to the US.

Replacing gold with bitcoin

Michael Saylor predicts Bitcoin’s value could reach $100 trillion if the US adopts his strategy. This bold claim contrasts Bitcoin’s current market cap of under $2 trillion which is never going to happen. Despite skepticism, Saylor sees Bitcoin as a better store of value than gold. He even suggests the US sell its entire gold reserve to buy Bitcoin, establishing itself as the “World Reserve Capital Network.”

Saylor’s views have gained support from Cathie Wood, CEO of ARK Investment, who believes Bitcoin’s future is brighter than gold’s and could exceed its $17.6 trillion market cap. Federal Reserve Chair Jerome Powell has also referred to Bitcoin as “virtual gold.”

Under Saylor’s leadership, MicroStrategy has become the largest corporate holder of Bitcoin, owning over 402,000 BTC. This strategy has paid off, with the holdings now worth over $40 billion, showing significant unrealized profits.

Saylor’s proposal for a national Bitcoin reserve is bold and aligns with growing discussions about cryptocurrency reserves in the US. Likewise, the incoming Trump administration has suggested forming a crypto advisory council to explore Bitcoin as a strategic reserve asset.

A Step-By-Step System To Launching Your Web3 Career and Landing High-Paying Crypto Jobs in 90 Days.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Ethereum (ETH) Price Closes Above $3,900 — Is a New All-Time High Possible Before 2024 Ends?Once again, the price of Ethereum (ETH) has risen above $3,900. This bounce has hinted at a further price increase for the altcoin before the end of the year.
Author  Beincrypto
Dec 17, 2024
Once again, the price of Ethereum (ETH) has risen above $3,900. This bounce has hinted at a further price increase for the altcoin before the end of the year.
placeholder
Ethereum slides below $3,000 as sellers defend $3,020 and $2,880 becomes the key lineEthereum fell below $3,000 after failing at $3,200, with resistance at $3,020 and key support at $2,880; a break lower could target $2,800 and $2,750, while a rebound needs $3,120–$3,150.
Author  Mitrade
Jan 21, Wed
Ethereum fell below $3,000 after failing at $3,200, with resistance at $3,020 and key support at $2,880; a break lower could target $2,800 and $2,750, while a rebound needs $3,120–$3,150.
placeholder
Bitcoin’s Whale Map Shifts as BTC Drops Below $90,000Bitcoin fell below $90,000 to around $88,300 as risk-off headlines hit markets, while on-chain data shows new whales now lead Realized Cap with a ~$98,000 cost basis and ~$6B unrealized losses.
Author  Mitrade
Jan 22, Thu
Bitcoin fell below $90,000 to around $88,300 as risk-off headlines hit markets, while on-chain data shows new whales now lead Realized Cap with a ~$98,000 cost basis and ~$6B unrealized losses.
placeholder
Gold moves away from record high as safe-haven demand fades on easing trade war concernsGold (XAU/USD) is seen extending the previous day's modest pullback from the vicinity of the $4,900 mark, or a fresh all-time peak, and drifting lower through the Asian session on Thursday.
Author  FXStreet
Jan 22, Thu
Gold (XAU/USD) is seen extending the previous day's modest pullback from the vicinity of the $4,900 mark, or a fresh all-time peak, and drifting lower through the Asian session on Thursday.
placeholder
Bitcoin Slides Into Weekly Close as Bulls Confront $86K Price TestBitcoin has started to lose momentum as U.S. futures prepare for opening, with markets bracing for anticipated volatility catalysts. The cryptocurrency witnessed multi-day lows leading up to the end of the week, as investors face a looming period of macroeconomic uncertainty.
Author  Mitrade
3 hours ago
Bitcoin has started to lose momentum as U.S. futures prepare for opening, with markets bracing for anticipated volatility catalysts. The cryptocurrency witnessed multi-day lows leading up to the end of the week, as investors face a looming period of macroeconomic uncertainty.
goTop
quote