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According to popular MicroStrategy CEO Michael Saylor, the United States should dump its gold reserves and buy Bitcoin. The vision of shared strategic reserves does not exist in the conception of this popular entrepreneur and leading Cryptocurrency evangelist. In his opinion, any investment in assets other than BTC represents a waste of capital.
In a post on his X account, the crypto enthusiast shared a portion of a recent interview in which he talks about BTC. In his words, Bitcoin is a superior investment to real estate and stocks. “There is no single company or real estate that you can own longer than Bitcoin,” he said.
The businessman’s idea is to monetarily disarm rivals of the United States such as Russia and the powerful China. In his opinion, these countries could do a lot of damage by dumping gold, given that they also have great wealth. Meanwhile, the US could do the same to anticipate possible threats from these nations.
He emphasizes that by selling the treasured gold, the North American country could buy up to 5 million bitcoins. With such a move, he says, the enemies of the United States would be monetarily disarmed and unable to do harm.
Is buying Bitcoin a matter of national security?
The move to dump gold and buy Bitcoin with those funds would cause enemy assets to tank. Meanwhile, US assets would take on enormous value, as this bold move would force China, Russia and other countries to purchase large masses of BTC and create greater scarcity.
Thus, acquiring BTC is a matter of national security within the scheme imagined by Saylor. The businessman’s proposal did not take long to generate criticism among detractors of cryptocurrencies. It should not be lost sight of that there is a rivalry between supporters of gold and BTC that dates back several years.
Peter Schiff, one of the main defenders of gold and deep enemy of Bitcoin, was quick to respond to Saylor’s post. “If the US sells its gold to buy 25% of the bitcoins, causing the price of gold to go to zero, how will it be able to buy 25% of the bitcoins?” he wrote ironically.
Basically, by starting the sale of gold from the world’s largest reserves, the price would plummet in a matter of minutes. A stampede would cause large holders to immediately exit their positions in the metal. Thus, at the conclusion of the sales, the US would not have money to buy BTC. On the other hand, the result is that China and Russia will be able to buy a lot of gold at a low price and the US would be left with empty strategic reserves, according to Schiff’s reasoning.
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