Michael Saylor advocates for the U.S. government to become the largest holder of Bitcoin globally. He is the co-founder and executive chairman of MicroStrategy.
Speaking on the Bitcoin 2024 commentary desk, Saylor likened purchasing Bitcoin today to acquiring Manhattan with “paper and trinkets.” He emphasized that the U.S. government should become the largest holder of Bitcoin globally.
An ardent supporter of Bitcoin, Saylor predicted that the cryptocurrency’s market cap could soar to $280 trillion by 2024, an increase of over 200 times. Previously, he projected Bitcoin’s market cap could exceed $100 trillion, implying a potential price of $5 million per coin.
To hold the majority of all mined Bitcoin, the U.S. government would need over 10.5 million BTC, valued at approximately $711 billion at current prices. Currently, the government owns 208,898 BTC, worth $14 billion, seized from criminal activities.
Saylor’s vision aligns with independent U.S. presidential candidate Robert F. Kennedy Jr., who recently expressed a desire for the U.S. government to have equal Bitcoin exposure as it does to gold. The federal government holds the world’s largest gold reserves at 8,134 metric tons, worth $615 billion. Kennedy proposed using Bitcoin as part of a basket of hard assets to back the U.S. dollar.
Saylor supports this idea, stating, “You back the dollar by doing something economically rational,” and comparing Bitcoin to “cyber Manhattan.” He elaborated that acquiring Bitcoin now would be akin to purchasing Manhattan before it becomes worth hundreds of trillions of dollars.
Both Kennedy and Donald Trump have positioned themselves as allies to the crypto community. They are speaking at the Bitcoin 2024 conference this week in Nashville, advocating for Bitcoin miners and the broader cryptocurrency market.