Michael Saylor Urges US to Sell Gold and Buy Bitcoin for Reserves
Highlights:
- MicroStrategy founder urges the US to replace gold with Bitcoin, acquiring 20-25% of supply.
- Saylor sees Bitcoin as a top long-term asset, predicting a $100 trillion value.
- Cathie Wood and Jerome Powell believe Bitcoin’s future could surpass gold’s market value.
MicroStrategy founder and chairman Michael Saylor has sparked renewed debate on Bitcoin as a strategic reserve. In a recent Yahoo Finance interview, Saylor highlighted key reasons for the US to replace gold with BTC.
In a brief clip, the Bitcoin proponent suggested that BTC could enable the US government to maintain its reserve currency status and dominate the global capital network. He also recommended that the US acquire 20-25% of the current Bitcoin supply. He believes that if the government takes this step, gold’s value will drop. This would create an economic issue for rival countries. Saylor thinks that Russians, Chinese, and others will sell their assets to buy Bitcoin. He argues this will lead to capital flowing back to the US after gold loses value.
The United States should buy #Bitcoin and sell Gold.pic.twitter.com/HD69iy1EAO
— Michael Saylor⚡️ (@saylor) December 7, 2024
Previously, Saylor predicted that the value of the Bitcoin reserve could rise to about $100 trillion. Meanwhile, discussions about a strategic Bitcoin reserve are progressing under the Donald Trump administration.
Trump stated at the Bitcoin 2024 conference in July that, if elected, the US government would not sell any BTC seized from illegal activities. After Trump won the election on November 5, Wyoming Senator Cynthia Lummis, a Trump supporter and crypto advocate, said she would push for a law to have the US government buy 1 million BTC. The plan is to hold the BTC for at least 20 years.
Bitcoin Is the Real Long-Term Bet: Michael Saylor
Michael Saylor views BTC as a top long-term asset. He describes it as a reliable store of value during inflation. Saylor advises investors to adopt a decade-long approach and gradually buy Bitcoin with extra funds. Despite short-term volatility, he believes Bitcoin will surpass traditional assets and fiat currencies in the long term.
Under Saylor’s leadership, MicroStrategy has accumulated 402,100 BTC, valued at $40.12 billion. This represents an unrealized profit of $16.64 billion, reflecting a 70.86% gain on the investment. Earlier this week, the company acquired 15,400 Bitcoins after raising $1.5 billion through stock sales. The ongoing adoption of Bitcoin has brought significant value to MSTR shareholders.
Cathie Wood and Jerome Powell on Bitcoin’s Bright Future
On December 5, Cathie Wood, founder and CEO of ARK Investment Management, said Bitcoin’s future looks promising, even after it passed $100,000. She highlighted that ARK sees Bitcoin as “a much bigger idea than gold.”
Wood also compared the values of gold and Bitcoin. Gold, with a much longer history than BTC, has a market cap of about $17.6 trillion. Bitcoin’s market cap recently reached $1.9 trillion. Wood believes Bitcoin is still in its early stages and could eventually surpass gold’s market value.
Indeed, @ARKInvest believes that bitcoin is a much bigger idea than gold!
— Cathie Wood (@CathieDWood) December 5, 2024
Before Bitcoin reached $100K, Fed Chair Jerome Powell referred to it as “virtual gold.” He pointed out that Bitcoin serves as a store of value, much like gold. Powell views Bitcoin as a rival to gold rather than the US dollar.
Jerome Powell Live at DealBook Summit 2024 https://t.co/rw4fWXJioI
— Andrew Ross Sorkin (@andrewrsorkin) December 4, 2024
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Syed Ali Haider
Syed Ali Haider is a contributing crypto writer for Crypto2Community. He is a crypto and blockchain journalist with over six years of experience. Syed Ali is a Blockchain enthusiast and writer passionate about enhancing the acceptance, adoption, and integration of Blockchain technology worldwide. He has also advocated for digital freedom and cybersecurity for many years. Haider has been featured in a number of high-profile crypto and finance outlets, including Coincult and more.
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