Michael Saylor, executive chairman of Strategy (NASDAQ:MSTR), indicated on Thursday that the United States intends to purchase 1 million Bitcoin (CRYPTO: BTC) to create a strategic reserve, following a proposal outlined in a bill by Senator Cynthia Lummis (R-Wyo.)
He made these remarks during an interview with Fox Business, preceding a White House Crypto Summit set for Friday, where Saylor is slated to participate.
What Happened: Saylor highlighted a planned four-year acquisition strategy, utilizing the government’s existing 200,000 Bitcoin reserves, currently valued around $17 billion, to help establish this reserve.
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Saylor, whose firm holds more than 500,000 Bitcoin—approximately 2.4% of the global supply—offered insights into the suggested strategy.
“The Lummis bill outlines a plan for a strategic acquisition of Bitcoin over a period of four years, consistently day by day, to reach the target of one million Bitcoin,” he noted, mentioning a 12-member presidential task force involving industry leaders and representatives from the Senate and House.
He pointed out that the specifics of financing are not yet determined but emphasized the importance of transparency in mitigating market repercussions.
“The most prudent approach would be to proceed slowly and deliberately, maintaining clear communication and transparency,” Saylor said, addressing concerns over price volatility as supply diminishes.
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The executive characterized Bitcoin as “digital property” and a savings vehicle for Americans, likening it to historical land acquisitions such as the Louisiana Purchase.
“If you view Bitcoin as property in the digital realm… the rationale behind creating a Bitcoin strategic reserve is more about asserting control in cyberspace than merely accumulating Bitcoin,” he articulated.
Saylor recommended focusing solely on Bitcoin for the reserve, citing its position as the “universally recognized foundational asset” due to its issuer-less characteristic, while acknowledging the necessity of a broader digital asset framework to encompass currencies, securities, and tokens.
