Michael Saylor, an admirer of Bitcoin, has proposed a crypto framework for the United States, believing that the dollar can be strengthened and a smart strategy toward digital assets may negate the national debt. Bitcoin-Dollar Plan, As part of his Digital Assets Framework, MicroStrategy creator Michael Saylor has proposed that the US Treasury establish a Bitcoin reserve, which, according to Saylor, could bring in $81 trillion.
US Economic Bitcoin Strategy by Saylor
“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 wrote on Dec. 21 X. Saylor’s crypto architecture suggests a Bitcoin BTC$95,275 reserve to “offset national debt” by creating $16 to $81 trillion in US Treasury wealth. Bitcoin-Dollar Plan, MicroStrategy has acquired 439,000 BTC, worth $41 billion, under Saylor. Like Bitcoin, the company’s stock price has risen this year. The company’s shareholders rejected his Bitcoin acquisition proposal to Microsoft.
Saylor’s Approach to Digital Assets
In Saylor’s scheme, six distinct categories of digital assets are identified. Cryptocurrencies, NFTs, digital commodities, asset-backed tokens, and digital securities, including Bitcoin. By outlining specific responsibilities for owners, exchanges, and issuers and stressing that no one can “lie, cheat, or steal,” the framework hopes to clear up any confusion about who does what.
The document proposes a streamlined approach to compliance and sets limits on compliance expenses, such as 1% of managed assets for token issuance and 0.1% annually for maintenance. Furthermore, it states that by “unleashing [ing] trillions of dollars in value creation,” America can “catalyze a 21st-century capital markets renaissance.”Rapid distribution of assets is a key objective. In addition to a precipitous drop in issuance costs, which have gone from millions to thousands. Increasing access to markets for forty million firms from four thousand public corporations.
Saylor’s Plan USD as Digital Reserve
Making the US dollar the de facto digital reserve currency is one last aim of the cryptosystem. In addition, “with US investors capturing the majority of this wealth,.” With this strategy, we can raise the value of global digital capital markets from $2 trillion to $280 trillion. The US has the potential to become the world’s leading digital economy. The proposal’s final text claimed.
It would accomplish its goals by creating a transparent taxonomy, a valid framework based on rights, and practical duties for compliance; however, Bitcoin naysayer Peter Schiff slammed the proposal as “total bullshit” and predicted it would have the reverse effect. An escalating national debt and a dollar that was losing value would make the United States an international laughingstock.
