Michael Saylor, the founder of MicroStrategy, has proposed a digital asset policy for the United States. His plan includes the creation of a bitcoin reserve that could yield up to $81 trillion for the country.
A strategic digital asset policy can strengthen the US dollar, neutralize the national debt, and position America as the global leader in the 21st-century digital economy—empowering millions of businesses, driving growth, and creating trillions in value. https://t.co/7n7jQqPkf1
— Michael Saylor⚡️ (@saylor) December 20, 2024
“A strategic digital asset policy can strengthen the US dollar, neutralize the national debt, and position America as the global leader in the 21st-century digital economy, empowering millions of businesses, driving growth, and creating trillions in value,” Saylor stated.
The entrepreneur proposed categorizing digital assets into six types: commodities like bitcoin, securities, currencies, tokens, NFTs, and tokenized RWAs.
Saylor outlined the goal of the framework as establishing clear roles for issuers, exchanges, and users. He emphasized the primary rule for market participants: “do not lie, cheat, or steal,” and defined their specific rights and responsibilities.
According to Saylor, the issuance of digital assets should be as straightforward as possible. The costs of issuing tokens should not exceed 1% of AUM, with maintenance costs capped at 0.1%.
Reducing expenses and democratizing access could expand the US capital market from 4,000 public companies to 40 million businesses, Saylor believes.
“Digital asset regulation should prioritize efficiency and innovation, not market slowdown and bureaucracy,” he stressed.
He argues that implementing this strategy would help the US seize leadership in the digital asset sector, which is projected to grow to $280 trillion globally.
“American investors will gain the majority of this wealth,” Saylor noted.
A national bitcoin reserve, if established, could reach a value of $81 trillion, which, combined with “enormous demand” for US government bonds, could address the national debt issue.
This is complete bullshit. The proposal would do the opposite. It would weaken the dollar, exacerbate the national debt, and making America a laughing stock. It would deprive business of power, diminish growth, and destroy value.
— Peter Schiff (@PeterSchiff) December 20, 2024
“This is complete nonsense. The proposal would have the opposite effect. It would weaken the dollar, exacerbate the national debt, and make America a laughing stock. It would weaken business, reduce growth, and destroy value,” wrote noted bitcoin critic and Euro Pacific Capital President Peter Schiff in response.
In December, MicroStrategy increased its bitcoin reserves to 439,000 BTC as the asset reached new record highs.
Saylor believes the US government should also purchase bitcoins to build a reserve, regardless of the rising price.