Saylor has mentioned that the United States is most probably having its strategic Bitcoin reserve with robust planning in the near future.
On November 14, the Senator presented the idea of selling the partial gold reserves of the Fed to purchase 1 million BTC.
Senator Cynthia Lummis presented a bill that suggested growth in the digital asset reserves of the state. Adding more to this, she also came up with a plan to collect 1 million tokens in the coming five years.
The executive chairman and the co-founder of MicroStrategy, Michael Saylor along with the Wyoming Senator has plans to introduce a strategic Bitcoin reserve in the United States. The Chairman has given an interview with CNBC in which he mentioned that collecting around 1 million Bitcoins in the coming five years will eventually reduce the US national debt by around $16 trillion.
According to him, this will help in reducing 45% of the current debt. Saylor also commented on the matter of the Red Wave in the US elections and the victory of Donald Trump impacting the crypto industry. Along with this, he highlighted the plans of the company to bring up $42 for purchasing additional Bitcoins.
The proposed bills
It is noteworthy that Saylor has mentioned that the United States is most probably having its strategic Bitcoin reserve with robust planning in the near future. At the time of the Bitcoin 2024 conference in Nashville, the newly elected President promised that he would be working on a plan for the US government to hold 200,000 Bitcoins as reserves.
Straight after that, Senator Cynthia Lummis presented a bill that suggested growth in the digital asset reserves of the state. Adding more to this, she also came up with a plan to collect 1 million tokens in the coming five years.
On November 14, the Senator presented the idea of selling the partial gold reserves of the Fed to purchase 1 million BTC. If the proposed bill gets passed in its current form, the United States will immediately be free from a $16 trillion by buying 1 million Bitcoin, says Saylor.
Major asset purchases
Michael Saylor has further added in his interview that, “The best way to safeguard the dollar is to ensure you make an exit for the debt and become rich. The other best way for the same is to ensure that if anybody ever thinks about another capital asset except the treasury bill, you own it.” And that asset according to him is Bitcoin.
The chairman also threw light on the acquisition of strategic assets by the United States and mentioned that it is not a new concept, quoting some major asset purchases made so far. He also highlighted other strategic purchases in the history of the state such as gold, oil, grain, and helium.
All the mentioned things have provided multi-trillion-dollar returns. Talking about such recent developments, the House of Pennsylvania has passed a bill to make a state Bitcoin reserve.
He also commented, “You are a nation and this is what nations do. Bitcoin is the clear fate for this nation. In my opinion, the Trump government as well as Senator Lummis understands this and this is the reason why it will happen.”
