US To Buy 1 Million Bitcoin For Reserves, Hints Michael Saylor
Michael Saylor, founder of MicroStrategy, proposed that the U.S. government could acquire one million Bitcoin for its strategic reserves during an interview ahead of the White House Crypto Summit. MicroStrategy currently holds about 500,000 Bitcoin, representing 2.4% of the global supply. Saylor mentioned a multi-year acquisition plan, referencing a six-month process outlined in a recent executive order. The U.S. government is estimated to hold 200,000 Bitcoin, valued at approximately $17 billion. Saylor advocates for a gradual purchasing strategy to avoid market disruption and emphasizes Bitcoin's classification as "digital property." He argues that Bitcoin is suitable for national reserves, distinguishing it from other digital assets. Saylor compared Bitcoin to historical land acquisitions, asserting its value as a digital asset. He believes that government adoption of Bitcoin can coexist with its decentralized ethos and that nations will increasingly engage with digital currencies for economic empowerment. At the time of reporting, Bitcoin was priced at $91,725.
