The head of an American business intelligence firm has urged the US government to buy more Bitcoin and create a reserve to improve the country’s economic governance.
MicroStrategy executive chairman Michael Saylor has made a controversial proposal that the US should sell its gold to build a national reserve.
Exchange Bitcoin shares
Saylor also brought up an absurd proposal that would garner a lot of criticism, urging the US government to exchange its gold for Bitcoin.
The head of MicroStrategy, known as a strong advocate of Bitcoin, told the US to rethink its economic strategy and switch to the first-born cryptocurrency.
In an interview with Yahoo Finance, Saylor made a bold recommendation that the country’s leadership should dump all their gold reserves so the government can buy more Bitcoin.
Image: Firstpost
“Get rid of your gold, sell all the US gold, and buy Bitcoin because you can buy 5 million Bitcoin for the price of gold,” he said.
Don’t Buy Too Much Gold
Saylor prohibited the US government from buying more gold from his national reserve.
A proponent of Bitcoin has previously noted that gold is an ineffective store of value, saying that gold is “old” and has many weaknesses.
The United States must buy #Bitcoin and sell Gold.pic.twitter.com/HD69iy1EAO
— Michael Saylor⚡️ (@saylor) December 7, 2024
For example, he explained that moving a large amount of gold would have logistical challenges, according to him, which is the opposite of Bitcoin which is portable and secure.
Saylor said trading gold with Bitcoin will raise the country’s wealth to $100 trillion, adding that it is also a strategy to improve the nation’s economic governance.
“You will withdraw money from every asset class of gold and our enemies will hold gold in their banks, so that their assets/assets will go to zero, while our assets/assets will go to billions of dollars,” he explained.
The data showed that the US is among the countries with the largest gold holdings, estimated to comprise 72% of the country’s currency.
According to TradingEconomics, the US government has 8,133 tons of gold and has ordered international commodity trading.
Bitcoin Can Replace Gold
Analysts have previously predicted that gold may be replaced by Bitcoin as the leading store of value by the end of the decade.
Bernstein Research explained that Bitcoin is a better option than gold because it has a technological edge and growing adoption.
Previously, Saylor suggested that Bitcoin will surpass gold in the market, saying that the crypto market capitalization will reach $ 280 trillion compared to the gold market of $ 45 trillion.
US President-elect Donald Trump is determined to establish a Bitcoin Strategic Reserve to make cryptocurrency a leading national asset and propel the US forward as the most successful country in crypto-currency.
Featured image from Pexels, chart from TradingView