Michael Saylor, the outspoken co-founder of business intelligence company MicroStrategy, has drawn a striking comparison between acquiring a strategic reserve of Bitcoin and the historic Louisiana Purchase. Speaking on CNBC, Saylor supported Wyoming Senator Cynthia Lummis’ proposed BITCOIN Act, which would compel the US Treasury to accumulate 1 million BTC, nearly 5% of the total supply. According to Saylor, this move could be as transformative as Thomas Jefferson’s acquisition of the Louisiana Territory in 1803.
Endorsing the BITCOIN Act
Michael Saylor, whose company owns approximately $8 billion worth of BTC, passionately endorsed the BITCOIN Act. “Thomas Jefferson purchased the Louisiana Territory for $15 million in 1803 and nearly doubled the size of the United States,” Saylor said. “Bitcoin is scarce, desirable digital property. It’s a great idea to trade a little bit of currency or paper for someplace that billions of people are gonna want to be in 100 years.”
Along with Saylor, speakers at Bitcoin 2024 included two US presidential candidates. Source: BTC Inc
His advocacy for Bitcoin is well-known, having previously forecasted that the cryptocurrency’s price could reach around $13 million per coin by 2045. This bold prediction was reiterated during his keynote speech at the Bitcoin 2024 conference, where he urged investors to become “triple maxi” BTC bulls, investing heavily in Bitcoin to secure a nine-figure net worth in the coming decades.
Catalytic Events and Market Movements
Saylor described the Bitcoin 2024 conference as “very catalytic,” marking an inflection point for Bitcoin. The event attracted significant attention, with US presidential candidates, governors, senators, and house members expressing support for the digital asset. Saylor noted, “Now, it’s possible to discuss nation-states holding Bitcoin on the balance sheet. And if nation-states are going to buy it, then it’s reasonable for institutions, corporations, and individuals to buy it as well.”
His comments followed a dramatic $510-billion drop in the total crypto market capitalization during a recent market crash. Despite Bitcoin’s price declining by approximately 18%, long-term investors remained resilient. BlackRock’s iShares Bitcoin Trust (IBIT) saw no net outflows on Aug. 5, underscoring continued confidence in the cryptocurrency.
Triple Maxi Strategy and Future Predictions
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Saylor’s enthusiasm for Bitcoin extends beyond the present, with his “triple maxi” strategy encouraging investors to maximize their BTC holdings. He advised, “You finance the house for Bitcoin, you buy Bitcoin, you flip all your assets to Bitcoin, and then you move to a cheap tax jurisdiction where you actually can avoid some taxes and invest an extra fifty grand in Bitcoin.”
Michael Saylor’s forecast of Bitcoin reaching $13 million per coin by 2045 is ambitious, yet he sees this as a base case scenario. He posited that in a bear case, Bitcoin could be worth $3 million per coin, while in a bull case, it could soar to $49 million. This wide range reflects his unwavering belief in Bitcoin’s potential to transform the financial landscape.
For Saylor, Bitcoin’s value lies in its resistance to entropy. Unlike physical assets that deteriorate over time, Bitcoin is “immortal, immutable, and immaterial.” He explained, “Entropy is diluting the value of physical assets. It’s sucking the capital, the energy out of them. Bitcoin is the exception. It is the solution to our economic dilemma.”
The Future of Bitcoin and Economic Stability
Saylor’s vision for Bitcoin extends to its potential role in economic stability. He believes that Bitcoin’s unique properties make it an ideal strategic reserve for nation-states, particularly in an era where traditional assets are subject to depreciation. “There’s a reason it’s called Earth and not Heaven,” Saylor remarked, emphasizing Bitcoin’s infinite lifespan compared to the limited longevity of physical assets.
MicroStrategy, under Saylor’s leadership, continues to be one of the world’s largest public holders of Bitcoin. As of June 20, the company held a total of 226,331 BTC, acquired for roughly $8.33 billion at an average price of $36,798 per coin.
Conclusion
Michael Saylor’s advocacy for a Bitcoin strategic reserve reflects his deep conviction in the cryptocurrency’s future value and transformative potential. By likening this move to the historic Louisiana Purchase, Saylor envisions a future where Bitcoin plays a central role in economic strategy and stability. As the US and other nation-states consider their positions on digital assets, Saylor’s bold predictions and strategic insights will undoubtedly influence the ongoing discourse in the crypto and financial sectors. Stay tuned for more updates on this evolving story on The Bit Journal
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