Dump Gold For Bitcoin: Microstrategy’s Exec. Chair Michael Saylor

• Microstrategy’s executive chairman, Michael Saylor, urged the US government to sell the gold reserves and buy Bitcoins instead.
• Saylor stressed demonetizing the entire gold asset class.
• He advised the government to acquire 20-25% of Bitcoin’s circulating supply.

Michael Saylor, Former CEO of Microstrategy, has been a prominent vocal advocate for Bitcoin. Under his leadership, Microstrategy admitted a radical move, selling its shares to buy Bitcoins. As a result, the firm has acquired 400,000 BTC, valued at approximately $40 Billion.

In a recent interview with Yahoo Finance, Michael Saylor proposed a similar strategy for the USA. He suggested that the USA should sell its gold reserves and replace them with Bitcoin.

He argued that Bitcoin would help improve the US financial system. It will also help strengthen the dollar’s position globally.

US Govt Should Dump Gold for Bitcoin, “The Digital Gold”

Saylor has, multiple times in the past, referred to Bitcoin as the “digital gold.” The Executive Chairman of Microstrategy has now urged the US government to dump the real gold with digital gold.

During the interview, Michael Saylor said, “Dump your gold. Sell all the US gold and buy Bitcoin. You will demonetize the entire gold asset class. And our enemies hold gold in their banks, so their assets would go to zero. Our assets would go to $100 trillion.”

Saylor’s suggestion of adopting Bitcoin over gold isn’t new. Even in the past, he has made similar statements.

On March 11, 2024, in an interview with CNBC, Saylor mentioned,” Bitcoin is certainly at least digital gold.” He further stated, “It’s going to eat gold. It’s got all of the great attributes of gold and none of the defects of gold.”

After Trump’s win, Salyor’s vision could become reality. The crypto world may soon see a Bitcoin US reserve as promised by the President-elect in his election campaigns.

Many prominent voices are in favor of the Bitcoin reserve. One of them is Wyoming Senator Cynthia Lummis. She has previously proposed a bill to accelerate the process. The bill proposes the US government acquire 1 million Bitcoins to build the reserve.

Strategic Benefits for the US

According to Saylor, replacing Bitcoin with gold comes with numerous strategic benefits. With Bitcoin’s assistance, the US can continue to control the dollar’s worldwide reserve status.

He stressed that the government should acquire 20 to 25% of Bitcoin’s circulating supply. That is approximately 4 to 5 million BTC.

Using it as a strategic asset, the US can maintain its position as the global financial system’s leader. Such a move might draw in global financiers and shift money flows in favor of Bitcoin. This would raise the market value and encourage more people to use digital currency.

Michael Saylor’s proposal could give the US an upper hand in international relations. The US can leverage its Bitcoin reserve, especially over countries like Russia and China.

Both countries are major rivals of the US, and both of them hold substantial gold reserves. Switching from gold to Bitcoin might be a smart economic move to outsmart geopolitical opponents.

Michael Saylor’s vision presents a provocative possibility. Whether or not the U.S. government heeds Saylor’s advice, his statements underscore a growing sentiment.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.