Michael Saylor Supports U.S. Proposal for Strategic Bitcoin Reserve

Michael Saylor, co-founder of MicroStrategy, recently voiced his support for the establishment of a strategic Bitcoin reserve.

The proposal, first introduced by U.S. Senator Cynthia Lummis in July, aims to strengthen the country’s financial position by accumulating Bitcoin as a store of value.

The United States needs a Strategic #Bitcoin Reserve. https://t.co/ZKy3WMbuaz

— Michael Saylor⚡️ (@saylor) November 6, 2024

 

Under this plan, the U.S. government would gradually purchase 1 million Bitcoins over five years, acquiring around 200,000 coins annually. This would make up about 5% of Bitcoin’s total supply, and purchases would be carried out in a way that minimizes market disruption.

The Bitcoin would be stored in secure vaults, with the coins locked for at least 20 years, ensuring they wouldn’t be sold for decades. A key feature of the proposal is transparency, with quarterly public reports to be published by the U.S. Department of the Treasury.

While advocates see this move as a way to enhance the nation’s economic stability, critics argue that Bitcoin doesn’t hold the same strategic importance as other assets like oil. Some believe that encouraging Bitcoin adoption shouldn’t be viewed as a national security priority for the U.S.