Two prominent figures in the cryptocurrency space – MicroStrategy’s Michael Saylor and Senator Cynthia Lummis of Wyoming – support the call to create… Bitcoin Reserve.
In an interview with CNBC, Saylor reiterated his bullish view on Bitcoin and suggested that creating a reserve of 1 million Bitcoins could help. Reducing US debt by $16 trillionOr by 45%.
Prior to Saylor’s comments on the CNBC interview, Rep. Lummis introduced a bill to increase the country’s digital asset reserves. The US government would purchase up to 1 million bitcoins over five years as stipulated in the Loomis bill.
Michael Saylor and Loomis believe that incorporating the best digital assets as part of the reserve could help solve the country’s growing debt problems.
Michael Saylor says BTC can reduce debt by 45%
In an interview, Michael Saylor supported the proposal to accumulate 1 million Bitcoins. He explained that Bitcoin reserves could help reduce the country’s debt by $16 trillion, or 45%. Saylor also shared MicroStrategy’s plans, including its goal of raising $42 billion to invest in more bitcoin.
Bitcoin is the manifest destiny of the United States. My discussion of the red wave, MicroStrategy’s $42 billion plan, and the compelling logic of the strategy #Bitcoin Book and get ready for your 100,000th party with @morganbrennan. pic.twitter.com/fvkwRnCzlU
– Michael Saylor⚡️ (@saylor) November 14, 2024
Saylor is eyeing the country’s strategic bitcoin reserve, which a comprehensive plan will soon restore. MicroStrategy CEO’s bullish stance on Bitcoin reserves is based in part on President Donald Trump’s support for the cryptocurrency industry.
At the 2024 Bitcoin Conference in Nashville, then-candidate Trump promised to create a Treasury reserve containing 200,000 bitcoins. In a post on Twitter/X, Saylor stated that Bitcoin is the “manifest destiny” of the United States. He also teased his followers about his company’s $42 billion plan and the road to $100,000.
Loomis and the Bitcoin bill
Lummis is a crypto supporter in the Senate. Earlier this year, a Wyoming senator introduced a bill that would allow the US government to increase its digital asset reserve. The Loomis bill would allow the government to acquire up to 1 million bitcoins within five years. Last Thursday, Rep. suggested Selling US central bank gold Reserves to obtain additional Bitcoins for the government.
If the Loomis bill passes, Saylor estimates that the US government could generate $16 trillion in savings. For Saylor, the best way to protect the US dollar is to eliminate debt. The next best option is to own another capital asset – Bitcoin.
Saylor highlights the “Trump Max” scenario.
Michael Saylor says acquisitions of strategic assets are commonplace. He noted that the US government acquired oil, gold, helium and grains, providing revenues of $1 trillion.
Saylor also shared his thoughts on a “Trump Max” scenario, where the government would receive up to 4 million bitcoins. He estimated that this could generate revenues of $81 trillion. Saylor added that Trump’s scenario is the most logical approach to addressing US debt.
Featured image from CNBC, chart from TradingView