MicroStrategy Former CEO Michael Saylor has been extremely vocal about the potential of creating a Bitcoin Strategic Reserve for the US since the possibility for the victory of a pro-crypto candidate in the US election emerged. US President-elect Donald Trump recently hinted about his plan to establish the reserve. The big question is: Will he be able to create one? The political scenario certainly looks challenging. Here is what you should know.
Michael Saylor’s Take on Trump’s Crypto Policy
In a recent interview, expressing happiness about the victory of pro-crypto candidate Trump in the US presidential election, Saylor called for the establishment of a new structured framework, which is low regulatory and pro-innovation in approach, to boost the digital sector under the next US regime. He strongly appealed for the creation of the BTC reserve.
The Bitcoin Strategic Reserve Debate
The concept of a strategic reserve has faced strong criticism, particularly from lawmakers. Senator Kirsten Gillibrand recently emerged as one of the most vocal critics of the reserve concept. She strongly questioned the legitimacy and purpose of the reserve plan. Indicating that it would not be an easy job for Trump to push forward the reserve plan, she emphasised indirectly about the importance of convincing people about the benefits the US economy could receive through the plan.
Saylor’s Vision: A Strategic Bitcoin Move
When asked about Gillibrand’s criticism and her argument related to understanding the purpose of the US BTC reserve move, Saylor presented the reserve plan as a strategy to maintain the financial dominance of the US in the global market.
Pointing to the competition the country faces from competitors like Russia and China, he advised the United States to buy at least 20 to 25% of the total supply of Bitcoin. He claimed that if the US sells its gold reserve to purchase Bitcoin, the move would weaken competitors relying primarily on gold and could propel the value of the US capital reserve to several trillions.
Bank of America’s Bitcoin Investments
Interestingly, in a recent interview, Steve Weiss, a former executive in the Bank of America, revealed that the bank is aggressively buying Bitcoin. What this implies is: growing confidence of institutional investors in Bitcoin.
In conclusion, the debate over Bitcoin’s role in the US economy is intensifying, with potential policies, investments and reserves reshaping its future.
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