Michael Saylor pushes for ‘a dollar backed by Bitcoin’, says it’s ‘more American’ 
Cryptocurrency Jul 12, 2024 Share
Michael Saylor, the executive chairman of MicroStrategy (NASDAQ: MSTR), has reiterated his push for Bitcoin (BTC), suggesting that it could find significant use cases within the United States Treasury.
In a post on X (formerly Twitter) on July 12, Saylor called for a dollar backed by Bitcoin, highlighting the cryptocurrency’s underlying attributes.
He believes such a currency would uphold core American values like privacy and property rights while strengthening the dollar.
Picks for you
Buy signal for two strong cryptocurrencies this week 6 hours ago AI predicts Solana price for July 31, 2024 8 hours ago Bitcoin angles indicate 'most aggressive' price yet to come, according to analyst 8 hours ago Pixelverse Secures an additional $2 million from Web3 VCs 9 hours ago
“Nothing is more American 🇺🇸 than privacy, property rights, and a dollar backed by Bitcoin,” he said.
Saylor made the remarks in response to comments by US Senator Cynthia Lummis, who expressed her opposition to central bank digital currencies (CBDCs). Lummis emphasized the importance of Bitcoin in preserving American financial sovereignty during a Fox Business interview.
CBDCs opposition
She argued that without CBDCs, Americans would be free from government surveillance, and individual wallets for Bitcoin would ensure personal control over finances.
“We want to make sure people can have individual wallets for their Bitcoin, so they have that sovereign over their own money. We want the US dollar to remain strong, and actually having Bitcoin in reserve can help the US dollar remain strong,” she said.
This proposal by both individuals highlights the push by Bitcoin proponents to enhance the US financial system by offering a hedge against inflation and increasing financial privacy through decentralization.
Saylor’s endorsement of Bitcoin is well known, with MicroStrategy making significant investments in the cryptocurrency. He frequently highlights Bitcoin’s benefits as a store of value and a safeguard against economic turmoil.
On the other hand, Senator Cynthia Lummis, a consistent supporter of Bitcoin, advocates for policies that promote cryptocurrency innovation while protecting individual financial freedom.
This push for Bitcoin comes as cryptocurrencies emerge as a hot topic for the upcoming United States November elections. Notably, former President Donald Trump has maintained that he will support the crypto sector if re-elected.
Trump has also opposed the possibility of launching a CBDC, noting that the currency would impede privacy.
