Michael Saylor, co-founder and executive chairman of MicroStrategy, the largest institutional owner of Bitcoin, made a bold statement. Saylor believes that the US government should be the primary owner of Bitcoin, owning the majority of all Bitcoins in the world.
Saylor made this statement at the Bitcoin 2024 commentary desk. A well-known Bitcoin enthusiast, he predicted that the Bitcoin market value will skyrocket to $280 trillion by 2024, a growth of more than 200 times. This prediction follows his previous prediction that Bitcoin's market cap could exceed $100 trillion, pointing to a potential value of $5 million per coin.
To own the majority of all Bitcoins to be mined, the US government would need to own 10.5 million BTC, currently worth $711 billion. As of now, the government has 208,898 BTC worth $14 billion seized from criminals.
Saylor's vision echoed independent U.S. presidential candidate Robert F. Kennedy Jr. In the same direction as. Earlier this week, Kennedy expressed his desire to have Bitcoin equivalent to the US government's gold holdings. The federal government currently holds the world's largest gold reserves of 8,134 metric tons worth $615 billion.
Kennedy suggested this significant allocation to Bitcoin as part of a basket of hard assets to support the US dollar. Saylor shares this thought and says, “by doing something that is economically rational, you support the dollar.” He cited the construction of the New York port, which strengthened US participation in international trade, as an example of such a decision.
*This is not investment advice.