An executive of a US business intelligence company has urged the US government to buy more Bitcoin and build a national reserve to strengthen the country’s economic dominance.
MicroStrategy CEO Michael Saylor He made the controversial proposal that the United States should sell its gold reserves to build up the country’s reserves.
Exchange gold for bitcoin
Once again, Saylor made an eccentric proposal that would surely garner a lot of criticism, urging the US government to do so. Swapping its gold reserves for Bitcoin.
The CEO of MicroStrategy, known as a staunch advocate of Bitcoin, asked the United States to rethink its economic strategy and shift towards the premier cryptocurrency.
In an interview with Yahoo Finance, Saylor made the bold recommendation that the country’s leadership should divest all of its gold reserves so the government can buy more Bitcoin.
Image: Firstpost
“Get rid of your gold, sell all your American gold, and buy Bitcoin because you can buy 5 million Bitcoins for the cost of gold,” he noted.
Don’t buy more gold
Saylor discouraged the United States government from purchasing more gold for its national reserve.
the Bitcoin One supporter has previously pointed out that gold is an inefficient store of value, saying that gold is “obsolete” and has many vulnerabilities.
The United States should buy #Bitcoin And sell gold.pic.twitter.com/HD69iy1EAO
– Michael Saylor⚡️ (@saylor) December 7, 2024
For example, he explained that transporting a large amount of gold would have logistical challenges, which, according to him, is the opposite of Bitcoin, which is easy to transport and secure.
Saylor said that trading gold for… Bitcoin would raise the country’s assets To $100 trillion, adding that it is also a strategy to improve the country’s economic dominance.
He explained: “You will demonetize the entire gold asset class, and our enemies will keep gold in their banks, so their assets (assets) will reach zero, while our assets (assets) will reach a trillion dollars.”
The data showed that the United States is among the countries that possess the largest gold reserves, which are estimated to constitute 72% of the country’s financial reserves.
According to TradingEconomics, the US government owns 8,133 tons of gold and controls international commodity trade.
Bitcoin may replace gold
Analysts previously predicted that gold may be replaced by Bitcoin as a major store of value by the end of the decade.
Bernstein Research explained that Bitcoin is a superior alternative to gold because it has a technological advantage and increased adoption.
Earlier, Saylor suggested that Bitcoin would overtake gold in terms of market capitalization, saying that the cryptocurrency’s market capitalization would reach $280 trillion compared to gold’s market capitalization of $45 trillion.
US President-elect Donald Trump is keen to create a strategic reserve of Bitcoin to make the cryptocurrency the dominant national asset and push the US as the most successful cryptocurrency country.
Featured image from Pexels, chart from TradingView