Buying a “strategic reserve” of Bitcoin would be another “Louisiana Purchase moment” for the United States, according to Michael Saylor, the outspoken co-founder of business intelligence company MicroStrategy. Speaking on CNBC on August 6, Saylor endorsed Wyoming Senator Cynthia Lummis’ proposed BITCOIN Act, which aims to compel the US Treasury to gradually accumulate 1 million BTC, almost 5% of the total supply.
“Thomas Jefferson purchased the Louisiana Territory for $15 million in 1803 and nearly doubled the size of the United States,” Saylor remarked. “Bitcoin is scarce, desirable digital property. It’s a great idea to trade a little bit of currency or paper for someplace that billions of people are gonna want to be in 100 years.”
Saylor’s company, MicroStrategy, owns approximately $8 billion worth of BTC. He has consistently been bullish on Bitcoin and recently predicted that its price could reach approximately $13 million per coin by 2045. This forecast was made during his keynote speech at the Bitcoin 2024 conference on July 26.
The Bitcoin 2024 conference, which Saylor described as “very catalytic and marked an inflection point for Bitcoin,” attracted significant attention from political figures, including US presidential candidates, governors, senators, and house members who voiced their support for the digital asset. “Now, it’s possible to discuss nation-states holding Bitcoin on the balance sheet. And if nation-states are going to buy it, then it’s reasonable for institutions, corporations, and individuals to buy it as well,” Saylor told CNBC.
Saylor has urged investors to become “triple maxi” BTC bulls, advocating for pouring all available resources into BTC with the goal of achieving a nine-figure net worth in the coming decades.
His comments came just one day after the entire crypto market experienced a $510-billion drop in total market capitalization during a market crash. Despite Bitcoin’s approximate 18% price decline, it has shown partial recovery. Notably, long-term investors have remained resilient, with BlackRock’s iShares Bitcoin Trust (IBIT) experiencing zero net outflows on August 5, despite the market turbulence.
