Two prominent crypto personalities—Michael Saylor of MicroStrategy and Sen. Cynthia Lummis of Wyoming—support the call to create a Bitcoin reserve.
In a CNBC interview, Saylor reiterated his bullish take on Bitcoin and suggested that creating a reserve of 1 million Bitcoins could help cut US debt by $16 trillion, or by 45%.
Before Saylor’s comments on the CNBC interview, Rep. Lummis filed a bill increasing the country’s digital asset reserves. The US government will buy up to 1 million Bitcoins over five years as laid out in the Lummis Bill.
Michael Saylor and Lummis believe integrating the top digital asset as part of the reserve can help solve the country’s growing debt woes.
Michael Saylor Says BTC Can Cut Debt By 45%
In an interview, Michael Saylor supported the proposal to accumulate 1 million Bitcoin. He explained that a Bitcoin reserve can help reduce the country’s debt by $16 trillion, or by 45%. Saylor also shared MicroStrategy’s plans, including its target of raising $42 billion to invest in more Bitcoins.
Bitcoin is Manifest Destiny for the United States. My discussion of The Red Wave, MicroStrategy’s $42 Billion Plan, the compelling logic of the Strategic #Bitcoin Reserve, and getting ready for the 100K party, with @MorganLBrennan. pic.twitter.com/fvkwRnCzlU
— Michael Saylor
(@saylor) November 14, 2024
Saylor is looking forward to the country’s strategic Bitcoin reserve, which a comprehensive plan will soon back. The MicroStrategy CEO’s bullish take on a Bitcoin reserve is partly based on President Donald Trump’s support for the crypto industry.
In a 2024 Bitcoin conference held at Nashville, then-candidate Trump promised to establish a Treasury reserve with 200k Bitcoins. In a Twitter/X post, Saylor mentioned that Bitcoin is US’ “manifest destiny.” He also teased his followers about his company’s $42 billion plan and the road to 100k.
Lummis And The Bitcoin Bill
Lummis is one of the Senate’s vocal crypto supporters. Earlier this year, the Wyoming senator filed a bill authorizing the US government to increase its digital asset reserve. The Lummis bill authorizes the government to acquire up to 1 million Bitcoins in five years. Last Thursday, the lawmaker suggested selling the US central bank’s gold reserves to acquire additional Bitcoins for the government.
If the Lummis bill passes, Saylor estimates that the US government can generate $16 trillion in savings. For Saylor, the best approach to protecting the USD is to end debt. The next best option is to own another capital asset —Bitcoin.
Saylor Highlights The ‘Trump Max’ ScenarioMichael Saylor argues that the acquisition of strategic assets is familiar. He shared that the US government has acquired oil, gold, helium, and grain, which offered trillion-dollar returns.
Saylor also shared his thoughts on the “Trump Max” scenario, where the government will acquire up to 4 million BTC. He estimated that this could bring $81 trillion in returns. Saylor added that the Trump scenario is the most logical approach to addressing the US debt.
Featured image from CNBC, chart from TradingView