Michael Saylor urges the US to sell gold and invest in Bitcoin to strengthen the economy and challenge gold-dependent nations.
Michael Saylor, founder of MicroStrategy, has made a bold call for the US government. He urged it to sell all its gold reserves and invest in Bitcoin instead. Saylor suggested holding 20-25% of the current Bitcoin supply. He believes this move would strengthen the US’s position as the global reserve currency. Moreover, it will create challenges for countries relying heavily on gold. Saylor shared his opinion in a post on X, stating, “The United States should buy #Bitcoin and sell Gold.”
Saylor’s comments are, however, not without controversy. Earlier, he said that relying on big banks is safer than storing the keys in the hardware wallets. This statement attracted a lot of negative reactions from the crypto community, which relies on decentralization and security from the personal ownership of assets.
On December 4, Saylor made a three minutes impassioned speech to the Microsoft Board of Directors. He wanted to convince the technology company to embrace Bitcoin. Saylor, a staunch supporter of Bitcoin said that this was a new technology that Microsoft could not afford to underestimate. He said that Bitcoin is the biggest digital transformation of the 21st century.
Saylor Chooses Bitcoin Over Gold for US Financial Strength
Saylor, through MicroStrategy, has not relented in its quest to make big strides in the cryptocurrency market. On December 4, the company bought 15,400 Bitcoins for roughly $1.5 billion. The purchase was done at an average cost of $95,976 per Bitcoin. As a result, MicroStrategy raised its total Bitcoin stash to 402,100 BTC, making the firm one of the largest corporate holders of the cryptocurrency.
Saylor’s advocacy appears to stem from seeing Bitcoin as something greater than an investment; it is the new paradigm. Though his opinions have caused controversy, particularly concerning the US government moving from Gold to Bitcoin Saylor stands by his words. He thinks that Bitcoin can redesign economic plans and make the United States more solid in the world economy.
Ultimately, the actions of Saylor indicate that he believes that there are more benefits in the long-term than there are drawbacks. His insistence on having Bitcoin accepted in places like Microsoft, and the US government are some of the ways that show his dedication to the growth of Bitcoin. It is further concluded that such radical actions might define the further evolution of Bitcoin from economic and technological perspectives.
