Microstrategy CEO Michael Saylor has urged the United States to replace the gold in its reserves with Bitcoin. Saylor added that the move will help solidify the country’s financial dominance. According to his prediction, Saylor foresees Bitcoin hitting $100 trillion if this strategy is adopted. Others like Cathie Wood have agreed with Saylor’s statements amid growing discussions about the United States’ reserves.
In a recent interview, Saylor reignited his postulation about Bitcoin being a reserve asset. He said if the United States made the move, it would benefit the country greatly, noting that it would increase its overall control of the capital network. He wants the United States to acquire about 25% of the total Bitcoin supply. Saylor said the move would reduce gold’s appeal, forcing holders of the precious metal to dump them and buy Bitcoin.
Microstrategy CEO ranks Bitcoin ahead of gold
The Microstrategy CEO has always loved Bitcoin, drumming up the need for individuals and entities to purchase the asset. He highlighted that if the US adopts his strategy, it would propel Bitcoin to $100 trillion. In comparison, the current worth of Bitcoin is $2 trillion, making it a hard task to achieve. Despite the hard task, Saylor is still convinced that Bitcoin is better than gold, asking the US to sell its gold reserve and become the world reserve capital with Bitcoin.
Saylor’s thoughts are shared across the market, with Ark Invest CEO Cathie Wood saying that Bitcoin has a bright future before tipping it to hit $17 trillion soon. Federal Reserve Chair Jerome Powell has also keyed into the belief, calling Bitcoin a virtual gold.
Microstrategy, under Saylor, has become the largest holder of Bitcoin, owning about 402,000 BTC. The buying strategy has also paid off, with the company sitting on over $40 billion including unrealized profits.
Saylor’s latest statement will be a bold move for the United States. It also aligns with the growing acceptance of crypto among the elites and the ruling class in the country. In addition, incoming President Donald Trump is also pro-crypto, with several reports suggesting that he intends to form an advisory council that will look into exploring Bitcoin as a reserve asset.