The Bitcoin Conference 2024 is in full swing, with numerous prominent Bitcoin (BTC) proponents sharing their views at the event in Nashville.
One of the speakers is Michael Saylor, co-founder and chairman of MicroStrategy. While his company is currently the largest public holder of Bitcoin, Saylor would like to see another party, the U.S. government, take that position.
‘America needs to own more Bitcoin’
“The U.S. government should own the majority of the world’s Bitcoin,” Saylor said during his speech.
According to Saylor, the U.S. government would need to own more than 10.5 million Bitcoin to hold the majority of all Bitcoin ever mined. Currently, the government owns 208,898 BTC, mostly obtained through seizures, worth approximately $14 billion. This is just a fraction of the amount needed, according to Saylor.
Saylor predicts that Bitcoin’s market cap could reach $280 trillion by 2045, which would be a huge increase from its current value. This would mean that one Bitcoin could be worth more than $5 million. Saylor previously predicted that the market cap could reach $100 trillion.
Will there be a US Bitcoin reserve?
His statement rekindles the idea of a US Bitcoin reserve. Earlier, Robert Kennedy Jr., the independent presidential candidate and avid Bitcoin advocate, spoke out in favor of a national Bitcoin reserve. He said it would be one of the first measures he would take if he were to become president.
Senator Cynthia Lummis confirmed during the conference that the United States will indeed build a Bitcoin reserve under a Trump administration. This would start with the 220,000 BTC the country currently holds, which Trump and Lummis say will never be sold.
Lummis added that the government plans to purchase 1 million Bitcoin within five years. If this scenario were to become reality, the implications for Bitcoin and the crypto sector would be enormous, likely resulting in a large price increase. However, this also raises questions about the centralization of the Bitcoin network. How desirable is it for one party, in this case the US government, to own so much Bitcoin?
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Source: https://newsbit.nl/ook-michael-saylor-pleit-voor-een-amerikaans-bitcoin-reserve/
