Key Takeaways
- Michael Saylor supports a strategic Bitcoin reserve for the U.S.
- Wyoming Senator Cynthia Lummis proposes U.S. Treasury accumulate 1 million BTC.
- Bitcoin 2024 conference marked a significant inflection point for Bitcoin.
Michael Saylor, co-founder of MicroStrategy, proposed that the United States establish a strategic Bitcoin reserve, similar to the historic Louisiana Purchase, during an interview on CNBC on August 6.
This recommendation is tied to his support of the BITCOIN Act, introduced by Wyoming Senator Cynthia Lummis, which calls for the U.S. Treasury to gradually amass 1 million BTC, representing about 5% of the total Bitcoin supply.
Saylor highlighted the historical significance of the Louisiana Purchase, stating:
Thomas Jefferson purchased the Louisiana Territory for $15 million in 1803 and nearly doubled the size of the United States. Bitcoin is scarce, desirable digital property. It’s a great idea to trade a little bit of currency or paper for someplace that billions of people are gonna want to be in 100 years.
Saylor’s stance
Saylor is known for his optimistic views on Bitcoin and recently predicted that the cryptocurrency’s value could soar to $13 million per coin by 2045.
Speaking at the Bitcoin 2024 conference, he noted the event as a pivotal moment for Bitcoin, bringing together key political figures, including U.S. presidential candidates and lawmakers, who expressed support for Bitcoin adoption.
