Michael Saylor, a prominent Bitcoin advocate, recently stated that the US government should own the majority of the world's Bitcoin. At the Bitcoin 2024 conference, he predicted that Bitcoin's market capitalization could skyrocket to $280 trillion by 2024, an increase of more than 200 times from current levels. This prediction echoes his previous assessment that Bitcoin's market capitalization could exceed $100 trillion, with each coin potentially worth $5 million.

To achieve such dominance, the US government would need to own 10.5 million BTC, worth approximately $711 billion. The US government currently owns 208,898 BTC confiscated from criminal activity, worth $14 billion. An acquisition of this scale would represent a major shift in the financial landscape and has the potential to strengthen the US dollar and strengthen its role in international trade.

Saylor's vision is consistent with the recent views of independent U.S. presidential candidate Robert F. Kennedy Jr. that the US government should have an amount of Bitcoin similar to its gold reserves. The Federal Reserve currently holds 8,134 tons of gold, worth $615 billion. Kennedy suggested that having significant Bitcoin reserves could support the US dollar as a stable asset category.

Saylor also supports this view, citing the economic and strategic benefits of historic decisions such as the construction of the Port of New York. For example, the construction of the Port of New York greatly increased United States international trade. Similarly, large holdings of #Bitcoin could strengthen the dollar and cement US global financial dominance.

This potential move would be unprecedented and would indicate a forward-thinking approach to economic stability and growth in the face of the growing importance of digital currencies. He cites similar examples of economically sound decisions.