Michael Saylor, an advocate of Bitcoin, has proposed a crypto framework for the United States, arguing that the dollar can be strengthened and a prudent policy toward digital assets may neutralize the national debt. According to Michael Saylor, inventor of MicroStrategy, a Bitcoin reserve could generate $81 trillion for the US Treasury, and he has put this proposal forward as part of a Digital Assets Framework for the US.
Saylor’s Bitcoin Strategy for the US Economy
“A strategic digital asset policy can strengthen the US dollar, neutralize the national debt, and position America as the global leader in the 21st-century digital economy,” Saylor stated in a Dec. 21 X post. According to Saylor’s crypto architecture, a strategic Bitcoin BTC$95,275 reserve may be put up to “offset national debt” by creating wealth worth $16 to $81 trillion for the US Treasury.
During Saylor’s tenure, MicroStrategy has acquired more than 439,000 BTC, which is now valued at more than $41 billion. The stock price of the company has soared this year in tandem with the cryptocurrency. The company’s shareholders ultimately rejected his proposal for Microsoft to acquire Bitcoin.
Saylor’s Digital Asset Strategy
According to Saylor’s plan, there are six different types of digital assets. Bitcoin and other digital commodities, digital securities, digital currencies, digital tokens, NFTs, and asset-backed tokens. Emphasizing that no participant can “lie, cheat, or steal,” the framework seeks to define certain rights and duties for each participant type—owners, exchanges, and issuers—in order to establish unambiguous roles.
In addition to a simplified method of compliance, it suggests caps on compliance costs, such as 1% of managed assets for token issuance and 0.1% yearly for upkeep. “Unleash trillions of dollars in value creation,” it adds, and the United States can “catalyze a 21st-century capital markets renaissance.”
Fast asset issuance is a primary goal. Along with a drastic reduction in issuance costs from millions to thousands. An expansion of market access from four thousand public corporations to forty million businesses.
Saylor’s Plan USD as Digital Reserve
One last goal of the crypto framework is to make the US dollar the de facto digital reserve currency. Also, “with US investors capturing the majority of this wealth,.” The plan hopes to increase the value of digital capital markets around the world from $2 trillion to $280 trillion.
“The United States can lead the global digital economy. By establishing a clear taxonomy, a legitimate rights-based framework, and practical compliance obligations,” the proposal stated as its final wording. Nevertheless, Peter Schiff, a longtime critic of Bitcoin, called the plan “total bullshit” and went on to say that it “would do the opposite.” America would be the object of ridicule as a result of a depreciating dollar and a ballooning national debt.
FAQs
How does Saylor's framework categorize digital assets?
Saylor's framework includes Bitcoin, digital commodities, digital securities, digital currencies, NFTs, and asset-backed tokens.
What is Saylor's goal for the US dollar in the digital economy?
He aims to make the US dollar the global digital reserve currency, boosting digital capital markets from $2 trillion to $280 trillion.
What impact does Saylor expect from his crypto framework?
Saylor envisions a 21st-century capital markets renaissance, with faster asset issuance and reduced compliance costs.
How do critics view Saylor’s proposal?
Peter Schiff criticized the plan, claiming it would lead to a depreciating dollar and a rising national debt instead of solving these issues.
