Michael Saylor, the vocal co-founder of MicroStrategy, recently likened the acquisition of a “strategic reserve” of Bitcoin (BTC) to a modern-day “Louisiana Purchase” for the United States. Speaking on CNBC on August 6, Saylor enthusiastically supported Wyoming Senator Cynthia Lummis’ proposed BITCOIN Act, which aims to compel the U.S. Treasury to gradually amass 1 million BTC, amounting to nearly 5% of the cryptocurrency’s total supply.
“Thomas Jefferson acquired the Louisiana Territory for $15 million in 1803, effectively doubling the size of the United States,” Saylor remarked. “Bitcoin represents a scarce and highly coveted digital asset. It’s an astute move to exchange a modest amount of currency or paper for something that billions will desire a century from now.”
At the Bitcoin 2024 conference, alongside Saylor, several U.S. presidential contenders also took the stage, highlighting the growing political interest in the digital currency. Saylor, who has a bullish outlook on BTC, projected that the cryptocurrency could soar to around $13 million per coin by 2045 during a highly optimistic keynote on July 26.
He noted that the Bitcoin 2024 event was “very catalytic and marked an inflection point for Bitcoin,” attracting a diverse array of political figures, including presidential candidates, governors, and senators, all expressing their support for the digital asset.
“It’s now conceivable for nation-states to hold Bitcoin on their balance sheets. If countries are considering purchasing it, then it stands to reason that institutions, corporations, and individuals should do the same,” Saylor explained.
He has encouraged investors to adopt a “triple maxi” BTC approach, urging them to invest all available resources into Bitcoin, with aspirations of achieving a nine-figure net worth in the coming decades.
Saylor’s remarks came on the heels of a significant market downturn, where the crypto market experienced a staggering $510 billion loss in total market capitalization. Bitcoin’s price fell by approximately 18% but has since shown signs of recovery.
Despite the turbulence, long-term investors have remained steadfast. Notably, BlackRock’s iShares Bitcoin Trust (IBIT) reported zero net outflows on August 5, highlighting the resilience of investors amidst the market volatility.
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