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The businessman suggests that the US dump its gold holdings and buy 5 million BTC.
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According to Saylor, this would cause Chinese, Russians and foreigners to also buy BTC.
MicroStrategy President Michael Saylor suggested that the US government should sell its gold holdings and acquire 20% to 25% of the total Bitcoin (BTC) supply, which is equivalent to more than 5.2 million coins. .
This proposal is based on the idea that bitcoin is emerging as the “world’s reserve capital network,” in the words of Saylor, who claims that this digital currency It is superior to both real estate and stocks.
According to Saylor, this move would not only strengthen the United States economy, but It would also catalyze the development of BTC reserves globally. “Then all the Chinese, the Russians and the foreigners would sell all their other assets and buy bitcoin, and the money would flow into the United States,” he said.
Saylor also suggested a broader shift: “Let the United States sell all the gold and buy bitcoin. It is a free exchange because you could buy 5 million BTC for the cost of gold.”
As he sees it, the US will “demonetize the entire gold asset class” and cause the reserves of the precious metal held by US political rivals to “reduce to zero.” “Our assets would be $100 trillion and we would control the world’s reserve capital network as well as the world’s reserve currency,” Saylor said.
However, this proposal has been questioned by figures such as Peter Schiff, a notorious bitcoin critic, who pointed out in a response to Saylor: “If the United States sells its gold to buy 25% of bitcoin, what it does is drive the price of gold to zero, how can we use it to buy 25% of the world’s BTC? Furthermore, selling gold and buying bitcoin is not free. The additional dollars put into circulation to pay for bitcoins are highly inflationary.”
Reserves in bitcoin, an idea that is “cooking”
This is not the first time this idea has been discussed. U.S. Sen. Cynthia Lummis proposed last month that the U.S. sell gold to acquire 1 million BTC or 5% of the total coin supplyas reported by CriptoNoticias. Lummis argued that the United States has more than enough gold to buy 1 million BTC.
Lummis has also been a promoter of the bill so that the United States create your own strategic bitcoin reservea topic that has been openly debated, with figures like Saylor supporting that initiative. The idea is that holding a reserve of BTC in treasury could offer significant benefits.
The United States is getting closer to establishing its own strategic bitcoin reserve. President-elect Donald Trump pledged to create this structure, using the 200,000 BTC that the US already custody as a result of enforcement actions and confiscations, as reported by this media.
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