MicroStrategy founder Michael Saylor proposed a framework for crypto assets in the U.S. that includes establishing a Bitcoin reserve, which he claims could create up to $81 trillion in wealth for the country's treasury.
Saylor stated in his X post on December 21: "Strategic digital asset policy can strengthen the dollar, offset national debt, and make America the global leader in the 21st-century digital economy.
Saylor's crypto framework proposes establishing a strategic Bitcoin reserve, "capable of creating $16 to $81 trillion in wealth for the U.S. treasury, providing a pathway to offset national debt.
Under Saylor's leadership, MicroStrategy has accumulated over 439,000 Bitcoins, currently valued at over $41 billion, causing the company's stock price to soar alongside cryptocurrencies this year. He pitched the idea of purchasing Bitcoin to Microsoft, but the proposal was rejected by shareholders.
Saylor's proposal defines six different categories of investment: 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 should "lie, cheat, or steal."
It also provides a simplified compliance approach and proposes a compliance cost limit, with a maximum cost of 1% of managed assets for token issuance and a maintenance cost of 0.1% per year.
The proposal states: "Digital asset regulation must prioritize efficiency and innovation, not obstacles and bureaucracy," advocating for industry-led compliance rather than direct regulation.
It also indicated that the U.S. has the opportunity to "catalyze the revival of 21st-century capital markets, unleashing 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 fast asset issuance.
Finally, the crypto 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 "American investors holding most of the wealth."
The proposal concludes: "By establishing a clear taxonomy, a legitimate rights framework, and practical compliance obligations, the U.S. can lead the global digital economy."
However, Bitcoin's relentless critic Peter Schiff stated that the proposal is "complete nonsense," adding that "it would have the opposite effect. It would undermine the dollar, exacerbate national debt, and make America a laughingstock."
According to data from SaylorTracker, MicroStrategy is the largest corporate holder of Bitcoin, with a total portfolio profit of 54%.