Saylor says US should buy $392B in Bitcoin

Michael Saylor, founder of Strategy, has advocated for the U.S. to secure a strategic Bitcoin (CRYPTO:BTC) reserve to ensure cyberspace dominance.

Speaking at the CPAC conference in Washington D.C. on February 20, Saylor suggested that the U.S. should aim to hold 20% of the Bitcoin network.

"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, I think it will be the United States," Saylor stated.

He believes that owning 4 to 6 million Bitcoin could help pay off the national debt.

Saylor estimates this would require the U.S. to purchase an additional 3.9 million Bitcoin, costing approximately $392 billion at current prices.

Saylor cautioned against the risks of other nations, such as Saudi Arabia, Russia, China, or European countries, acquiring Bitcoin first.

He emphasised that Bitcoin is a commodity without an issuer, making it incorruptible and capable of reaching escape velocity.

Saylor's vision involves categorising assets like Bitcoin as "digital commodities" and establishing clear rights for issuers, exchanges, and owners.

He also envisions the digital asset market expanding to $280 trillion.

Senator Cynthia Lummis has proposed a more conservative approach, suggesting the U.S. Treasury purchase 200,000 Bitcoin annually for five years, totaling one million tokens, or about 5% of Bitcoin’s total supply.

Strategy currently holds 478,740 Bitcoin, valued at around $47 billion.

The firm's portfolio has seen a 51% profit, or around $16 billion, with a dollar cost average purchase price of $65,000 per coin.

At the time of reporting, the Bitcoin (BTC) price was $98,350.49.