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Strategy founder and Bitcoin advocate Michael Saylor has urged the US government to form a strategic BTC reserve and buy up to 20% of the leading crypto’s supply.
“There’s only room for one nation-state to buy up 20% of the network, and obviously, I think it should be the United States,” Saylor said at the CPAC conservative movement conference in Washington DC on Feb. 20. “I think it will be the United States.”
Michael Saylor Says Bitcoin Could Strengthen The US Dollar And Slash National Debt
Saylor went on to suggest that it would be easy for the US to hold 20% of Bitcoin’s supply. A a US BTC stockpile would strengthen the dollar, enrich the nation, and enable the US to pay off its national debt, he said.
And the US not buying up 20% of the BTC supply would leave open the door for another country to seize the opportunity, he added.
”You wouldn’t want the Saudis to buy it first, or the Russians, or the Chinese or Europeans,” he said.
BTC managed a 1% gain in the past 24 hours, but still trades below the psychological $100K mark at $98,398.61 as of 1:26 a.m. EST. 20% of BTC’s supply would be approximately 4 million coins. At current prices, this would equate to over $393.5 billion.
To put the size of this proposed investment into perspective, the US Strategic Petroleum Reserve currently holds around 395 million barrels estimated at a value of only $29 billion.
New ICO Offers Holders Free Bitcoin
While Saylor urges the US to buy up massive quantities of Bitcoin, some investors are increasing their exposure to the leading crypto through Bitcoin meme coin BTC Bull Token (BTCBULL).
The project will reward token holders with BTC airdrops when Bitcoin’s price reaches certain milestones for the first time.
So far, the crypto has raised over $2.5 million through its blockbuster presale in less than two weeks.
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