MicroStrategy Chairman and Bitcoin advocate Michael Saylor has once again come to the forefront by calling on the US government to sell its gold reserves and invest in Bitcoin instead.
Saylor’s proposal, outlined at a recent meeting, is based on the idea that Bitcoin has emerged as the ultimate global reserve capital network.
“Bitcoin is better than real estate, better than stocks,” Saylor said, adding that no corporate or real estate asset can rival Bitcoin as a long-term investment. He suggested that the U.S. could catalyze Bitcoin’s growth by purchasing 20-25% of the network on behalf of the government.
Saylor has viewed Bitcoin as a transformative financial instrument that could strengthen the U.S. economy while diminishing the value of rival countries’ gold reserves. He argued that by selling all of its gold holdings and buying Bitcoin, the U.S. could cash in on Bitcoin’s growth while weakening the finances of countries with significant gold reserves, such as China and Russia.
“Dump your gold,” Saylor urged, adding: “Sell all US gold, buy Bitcoin. This transaction is essentially free because you can buy 5 million Bitcoin for the price of gold.”
Saylor also noted the broader implications of such a move, suggesting that demonetizing gold could reduce its value to near zero, which could significantly impact countries that rely on gold reserves, while Bitcoin’s value could skyrocket. “Our assets will reach $100 trillion, and we will control the world’s reserve currency network as well as the world’s reserve capital network,” he said.
*This is not investment advice.
