Two prominent figures in the cryptocurrency industry – Michael Saylor of MicroStrategy and Senator Cynthia Lummis of Wyoming – support the call for the creation of Bitcoin book.
In an interview with CNBC, Saylor reiterated his bullish stance on Bitcoin and suggested that a reserve of 1 million Bitcoins could be helpful cut US debt by $16 trillionor by 45%.
Prior to Saylor’s comments in the CNBC interview, Rep. Lummis introduced a bill to escalate the nation’s reserves of digital assets. The U.S. government will purchase up to 1 million Bitcoins over five years, as outlined in the Lummis Act.
Michael Saylor and Lummis believe that including the most significant digital asset in the reserve could assist solve the country’s growing debt problems.
Michael Saylor Claims BTC Could Reduce Debt by 45%
In an interview, Michael Saylor supported the proposal to raise 1 million Bitcoins. He explained that the Bitcoin reserve could assist reduce the country’s debt by $16 trillion, or 45%. Saylor also shared MicroStrategy’s plans, including a goal to raise $42 billion to invest in more Bitcoin.
Bitcoin is manifest destiny for the United States. My discussion of the Red Wave, MicroStrategy’s $42 billion plan, compelling strategy logic #Bitcoin Book and get ready for the 100,000 party @MorganLBrennan. pic.twitter.com/fvkwRnCzlU
— Michael Saylor⚡️ (@saylor) November 14, 2024
Saylor looks forward to the country’s strategic Bitcoin reserves, which will soon be restored as part of a comprehensive plan. MicroStrategy CEO’s bullish stance on Bitcoin reserves is based in part on President Donald Trump’s support for the cryptocurrency industry.
During the 2024 Bitcoin conference in Nashville, then-candidate Trump promised to create a treasury reserve consisting of $200,000. Bitcoins. In a post on Twitter/X, Saylor mentioned that Bitcoin is the “manifest destiny” of the United States. He also teased his followers about his company’s $42 billion plan and path to $100,000.
Lummis and the Bitcoin Act
Lummis is one of the most vocal cryptocurrency supporters in the Senate. Earlier this year, a Wyoming state senator introduced a bill authorizing the U.S. government to escalate the digital asset reserve. The Lummis Act authorizes the government to acquire up to 1 million Bitcoins over five years. Last Thursday, a councilor suggested this sale of gold by the US central bank reserves to purchase additional Bitcoins for the government.
If the Lummis Act passes, Saylor estimates the U.S. government could generate $16 trillion in savings. According to Saylor, the best way to protect the dollar is to eliminate debt. The next best option is to own another capital asset – Bitcoin.
Saylor highlights the “Trump Max” scenario.
Michael Saylor argues that acquiring strategic assets is familiar. He said that the U.S. government had purchased oil, gold, helium and grain, resulting in trillions of dollars in returns.
Saylor also shared his thoughts on the “Trump Max” scenario, in which the government will raise up to 4 million BTC. He estimated it could generate a return of $81 trillion. Saylor added that Trump’s scenario is the most logical approach to solving the US debt problem.
Featured image from CNBC, chart from TradingView
