Michael Saylor, co-founder of MicroStrategy, recently compared the idea of the United States acquiring a “strategic reserve” of Bitcoin to the historic Louisiana Purchase.
Saylor voiced strong support for Wyoming Senator Cynthia Lummis’ proposed BITCOIN Act. This bill aims to have the U.S. Treasury gradually accumulate one million BTC, nearly 5% of the total supply.
Saylor, whose company holds about $8 billion in Bitcoin, likened the proposal to Thomas Jefferson’s 1803 purchase of the Louisiana Territory, which nearly doubled the size of the U.S. He emphasized Bitcoin’s scarcity and desirability, suggesting it’s wise to exchange currency for this digital asset, which he believes will be highly sought after in a century.
At the Bitcoin 2024 conference, where Saylor delivered an optimistic keynote predicting Bitcoin could reach $13 million per coin by 2045, he noted the event’s significant impact. The conference drew attention from U.S. presidential candidates, governors, senators, and house members, all showing support for Bitcoin.
Saylor highlighted the growing acceptance of the idea that nation-states might hold Bitcoin on their balance sheets. He argued that if countries start buying Bitcoin, it sets a precedent for institutions, corporations, and individuals to follow suit.
