Michael Saylor urges the U.S. to secure the majority of Bitcoin, likening it to historical economic expansions like the Louisiana Purchase and Alaska.
Saylor views Bitcoin as “cyber Manhattan,” essential for future U.S. economic stability and growth.
The U.S. government currently holds around 200,000 BTC, highlighting significant federal cryptocurrency involvement.
Recently, during the Bitcoin conference in Nashville, Tennessee, Michael Saylor, the Executive Chairman of MicroStrategy, suggested that the United States government should own the majority of the global Bitcoin reserves.Saylor compared Bitcoin to historical U.S. territorial acquisitions, suggesting that just as these lands boosted the U.S. economy and international commerce, Bitcoin could similarly fortify the U.S. dollar’s position in the global economy
JUST IN: Michael Saylor says, “US Govt. should own the majority of #Bitcoin.” “BTC is the Manhattan in cyberspace.” pic.twitter.com/ALFoF6iSTP
— Bitcoin Magazine (@BitcoinMagazine) July 26, 2024
Saylor drew analogies between the potential Bitcoin acquisition and historic economic expansions like the Louisiana Purchase and the acquisition of Alaska. He explained how these decisions expanded U.S. territory, resources, and financial influence, strengthening the dollar. Saylor believes securing a significant share of Bitcoin could enhance the U.S. economy in the digital age.
Historical Precedents in Economic Strategy
According to Saylor, past U.S. investments in land and resources have been economically beneficial and helped secure the nation’s economic future. Saylor pointed out several historic events in which U.S. investments were financially helpful.He noted that the development of the Port of New York and the early purchases of significant territories like Alaska and Louisiana profoundly affected the U.S. economy by enhancing its commerce capabilities and resource base.
Saylor argues that Bitcoin represents a digital equivalent of these physical assets, describing it as “cyber Manhattan.” He advocates for acquiring Bitcoin before its value escalates further, akin to how the Dutch secured Manhattan with minimal investment.
Current U.S. Government Bitcoin Holdings
The discussion around Bitcoin comes at a time when the U.S. government has already amassed substantial Bitcoin holdings through various seizures linked to criminal activities. Recent transactions noted a significant Bitcoin transfer to the Coinbase exchange, which involved assets seized back in 2021 from a conviction dating to 2018.
These holdings place the U.S. among the top sovereign owners of Bitcoin, prompting discussions on its potential role as a reserve asset. The United States Department of Justice controls around 200,000 BTC, reflecting the government’s notable cryptocurrency involvement.
Industry Reactions and Government Actions
The U.S. is not alone in managing large quantities of Bitcoin. For instance, German authorities recently sold off a significant amount of BTC, Which Saylor and various industry leaders criticized the deal, claiming that selling Bitcoin holdings was a strategic mistake.
Under Saylor’s leadership, MicroStrategy has invested in Bitcoin since 2020, accumulating over $8.3 billion. Despite shifts in Bitcoin’s market value, Saylor’s firm has an unrealized profit that exceeds $6.2 billion.
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