Michael Saylor Compares Potential U.S. Strategic Bitcoin Reserve to the “Louisiana Purchase”

Michael Saylor Compares Potential US Strategic Bitcoin Reserve to “Louisiana Purchase”

MicroStrategy co-founder Michael Saylor likened the idea of ​​the US acquiring a “strategic reserve” of Bitcoin to the historic Louisiana Purchase.

Saylor strongly supported the BITCOIN Act proposed by Wyoming Senator Cynthia Lummis, which would have the U.S. Treasury Department gradually hoard one million BTC, roughly 5% of the total supply.

Saylor, whose company holds about $8 billion worth of Bitcoin, likened the proposal to Thomas Jefferson’s purchase of the Louisiana Territory in 1803, which nearly doubled the size of the U.S. territory. He emphasized Bitcoin’s rarity and desirability, suggesting that it would be a no-brainer to exchange currency for the digital asset, which he believes will be in high demand within a century.

The event’s significant impact was highlighted at the Bitcoin 2024 conference, where Saylor gave an optimistic keynote, predicting that Bitcoin could reach $13 million per coin by 2045. The conference attracted the attention of US presidential candidates, governors, senators, and congressmen, all of whom showed support for Bitcoin.

Saylor emphasized that the idea that nation states could hold Bitcoin on their balance sheets is increasingly accepted, arguing that if countries start buying Bitcoin, it would set a precedent for institutions, companies and individuals to do the same.