Michael Saylor, co-founder and chairman of MicroStrategy, the largest institutional owner of Bitcoin, made a bold proposal, stating that the US government should own a large portion of Bitcoin. Saylor argued that the US government should be the primary owner of Bitcoin, owning the majority of all Bitcoins in the world.

Saylor, who made this statement at the Bitcoin 2024 commentary table, predicted that the market value of Bitcoin could rise to 280 trillion dollars by 2024 and that there would be a growth of more than 200 times. This estimate surpasses previous projections that Bitcoin's market cap could exceed $100 trillion and points to a potential value of $5 million per Bitcoin.

Stating that the US government should currently have 10.5 million BTC worth $711 billion to own the majority of Bitcoins to be mined, Saylor said that the government currently has 208,898 BTC worth $14 billion seized from criminals.

Saylor's vision also aligns with the views of independent US presidential candidate Robert F. Kennedy Jr. Earlier this week, Kennedy proposed that the US government allocate Bitcoin equivalent to its gold reserves. Currently, the federal government holds the world's largest gold reserves, with 8,134 metric tons worth $615 billion.

Kennedy presented this significant allocation of Bitcoin as part of a basket of hard assets supporting the US dollar. By supporting this idea, Saylor said, "by taking an economically rational step, you support the dollar." He cited the construction of the New York port, which contributes to the US's international trade, as an example of the positive effects of such a decision.

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I EXPLAIN IN DETAIL.

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