Originally published on: August 06, 2024
Michael Saylor, the co-founder of MicroStrategy and a strong advocate for Bitcoin, believes that creating a “strategic reserve” of the cryptocurrency could be as monumental for the United States as the Louisiana Purchase. Saylor, whose company holds billions of dollars worth of BTC, recently voiced his support for Senator Cynthia Lummis’ proposed BITCOIN Act, which aims to gradually accumulate 1 million BTC, equivalent to nearly 5% of the total supply.
Comparing this potential move to Thomas Jefferson’s acquisition of the Louisiana Territory in 1803, Saylor emphasized the scarcity and value of Bitcoin as a digital asset. He stated, “It’s a great idea to trade a little bit of currency or paper for someplace that billions of people are gonna want to be in 100 years.”
Saylor’s optimism for BTC extends to his price forecast, with a bold prediction of $13 million per coin by 2045. During a recent keynote speech at the Bitcoin 2024 conference, he highlighted the increasing institutional interest in Bitcoin, citing the involvement of US presidential candidates, governors, senators, and house members.
In the wake of a recent market crash that saw a $510-billion drop in total market capitalization, Bitcoin’s price experienced an 18% decline. Despite this volatility, long-term investors, including BlackRock’s iShares Bitcoin Trust, remained resilient, with zero net outflows recorded on August 5.
As the landscape of digital assets continues to evolve, Saylor’s vision for a BTC strategic reserve sparks conversation about the transformative potential of cryptocurrencies in shaping the future of economic strategies. Embracing a “triple maxi” approach to investing in Bitcoin, he encourages individuals and institutions alike to recognize the long-term value and growth opportunities within the digital asset space.