Author: Martin Young, CoinTelegraph; Translated by: Deng Tong, Jinse Finance
MicroStrategy founder Michael Saylor proposed a cryptocurrency asset framework for the U.S., which includes establishing a Bitcoin reserve that he claims could create up to $81 trillion in wealth for the country's treasury.
Saylor stated in an X post on December 21: "A strategic digital asset policy can strengthen the dollar, offset national debt, and make the U.S. the global leader in the 21st-century digital economy."
Saylor's cryptocurrency framework proposes to establish a strategic Bitcoin reserve that "can create $16 to $81 trillion in wealth for the U.S. Treasury, providing a way to offset national debt."
Under Saylor's leadership, MicroStrategy has accumulated over 439,000 Bitcoins, currently valued at over $41 billion, which has caused the company’s stock price to soar this year alongside the cryptocurrency. He pitched the idea of purchasing Bitcoin to Microsoft, but the idea was rejected by shareholders.
Saylor's proposal defines six different investment categories: digital commodities like Bitcoin, digital securities, digital currencies, digital tokens, non-fungible tokens (NFTs), and asset-backed tokens.
The framework aims to establish clear roles for issuers, exchanges, and owners, defining specific rights and responsibilities for each type of participant, while emphasizing that no participant can "lie, cheat, or steal."
It also provides a simplified compliance approach and proposes compliance cost limits, with a maximum issuance cost of 1% of asset management and maintenance costs at 0.1% per year.
The proposal states: "Digital asset regulation must prioritize efficiency and innovation, rather than obstacles and bureaucracy," advocating for industry-led compliance instead of direct regulation.
Excerpt from Saylor's (Digital Asset Framework). Source: Michael Saylor
It also states that the U.S. has the opportunity to "catalyze the revival of 21st-century capital markets, unlocking trillions of dollars in value creation."
It aims to significantly reduce issuance costs from millions of dollars to thousands and expand market access from 4,000 listed companies to 40 million businesses, focusing on the rapid issuance of assets.
Finally, the cryptocurrency framework aims to help the dollar become the global reserve digital currency. It also aims to expand the global digital capital market from $20 trillion to $280 trillion, with "U.S. investors capturing the majority of the wealth."
The proposal concludes: "By establishing a clear taxonomy, legitimate rights framework, and practical compliance obligations, the U.S. can lead the global digital economy."
However, Bitcoin's serial critic Peter Schiff stated that the proposal is "utter nonsense," adding that "it will have the opposite effect. It will undermine the dollar, exacerbate national debt, and make the U.S. a laughingstock."
According to data from SaylorTracker, MicroStrategy is the largest corporate holder of Bitcoin, with a total portfolio profit of 54%.
