MicroStrategy CEO Michael Saylor has continued to defend Bitcoin (BTC). Saylor has now proposed adding cryptocurrency to the US Treasury.
In a recent post on X, Michael Saylor suggested a dollar backed by Bitcoin with the foundational attributes. He stated that such a currency would be in keeping with the American values of privacy and property while strengthening the dollar.
Michael Saylor Proposes Bitcoin-Backed Dollar for U.S.
Michael Saylor has long advocated for Bitcoin and has often explained its usefulness as a store of value. He said that Bitcoin adoption within the US Treasury can improve the financial aspects of privacy and property.
He also views this as a way of beefing up the dollar, given his words: “Nothing is more American than privacy, property rights, and a dollar backed by Bitcoin.”
In relation to US Senator Cynthia Lummis’s statement, Saylor stressed how Bitcoin is a tool for protecting one’s financial freedom. Senator Lummis, who advocates Bitcoin, has come out in the open to oppose Central Banking Digital Currency (CBDC). According to her, CBDCs would enhance government surveillance and lessen people’s financial freedom.
Lummis Advocates Bitcoin for Financial Independence
Cynthia Lummis has been an avid supporter of Bitcoin, especially stressing how it helps preserve the US financial independence. While speaking with Fox Business, she underscored that Bitcoin was useful in commanding one’s money.
“We want to make sure people can have their wallets for their Bitcoin, so they have that self-ownership over their money.”
Lummis noted,
She also claimed that Bitcoin can help preserve the value of the US dollar through diversification against inflation. This view is from Michael Saylor’s standpoint: Bitcoin can protect from economic risks. Michael Saylor and Lummis agree that Bitcoin can greatly improve the US financial system.
The promotion of Bitcoin had been a significant issue in the run-up to the US November elections. Previous president of the United States, Donald Trump, has also shown support for the sector and vowed to support it should he be re-elected. Concerning CBDC, Trump has been vocal with his disapproval, stating that it harms people’s privacy.
This is especially true with Trump, who has helped fuel the political discourse on cryptocurrencies. It also shows that cryptocurrency is becoming an important part of American politics. This has been seen in the recent past as more and more organizations are now accepting digital currencies as a mode of payment.
MicroStrategy Buys Big on Bitcoin Under Saylor
In the same year, under Saylor’s management, MicroStrategy bought a huge amount of Bitcoin. It is common knowledge that Michael Saylor supports Bitcoin, and the company keeps adding cryptocurrency. This strategy shows that Saylor fully supports the idea that Bitcoin has a bright future and is the best investment instrument in crises.
MicroStrategy’s investments have attracted much attention and have made other companies think in the same direction. Saylor advocates for his company and others as he campaigns for Bitcoin as an investment.
