Michael Saylor Compares Bitcoin to ‘Manhattan in Cyberspace’, Urging US to Own Majority

Michael Saylor urges the US to invest in Bitcoin, comparing it to Manhattan in cyberspace and highlighting its potential for economic stability and growth.

In the midst of the long awaited Bitcoin Conference, Michael Saylor, the executive chairman and co-founder of MicroStrategy, has emphasized the importance of Bitcoin for the United States.

JUST IN: 🇺🇸 Michael Saylor says, “US Govt. should own the majority of #Bitcoin.” 👀

“BTC is the Manhattan in cyberspace.” 🚀 pic.twitter.com/ALFoF6iSTP

— Bitcoin Magazine (@BitcoinMagazine) July 26, 2024

In a statement, Saylor suggested that the US government should own the majority of Bitcoin, likening it to owning “Manhattan in cyberspace.” Saylor drew parallels between historical land acquisitions and the potential value of Bitcoin, emphasizing its importance in securing the nation’s economic future in the digital age.

Historical Comparisons and Economic Strategy

Michael Saylor highlighted how past economically rational decisions, such as the Louisiana Purchase, the acquisition of Alaska, and the development of the Port of New York, significantly boosted the US economy.

These events expanded the country’s territory and resources, enhancing international commerce and strengthening the dollar. Saylor argued that similar strategic investments in Bitcoin could ensure economic stability and growth, positioning Bitcoin as a crucial asset in cyberspace.

US Government’s Bitcoin Holdings

These statements by Saylor come amid reports of a Bitcoin transfer worth $4 million to the Coinbase exchange. This particularly involved digital assets seized in 2021 from a 2018 criminal conviction.

It also comes amid discussions on the potential for Bitcoin to become a US reserve asset. Notably, recent reports highlighted the Department of Justice’s substantial holdings of approximately 200,000 BTC, making the US the sovereign state with the largest Bitcoin holdings.

🚨 BREAKING:

CNBC discusses the possibility of the US Government holding Bitcoin as a reserve currency. 🇺🇸

Good to know that such discussions are already taking place – and according to David Schwartz, #XRP could become the world reserve currency! pic.twitter.com/uu3SgFURQh

— 𝓐𝓶𝓮𝓵𝓲𝓮 (@_Crypto_Barbie) July 22, 2024

Government Actions and Industry Reactions

It is important to note that Saylor has particularly been vocal when it comes to advocating for Bitcoin. Recall that the German authorities recently sold 49,858 BTC tokens, worth approximately $2.9 billion, as part of an emergency action related to a criminal investigation.

This decision faced criticism from industry leaders who noted that it came at a time when Bitcoin is rapidly gaining recognition from Wall Street. Michael Saylor, along with others, expressed disapproval of the hasty liquidation, suggesting that being without Bitcoin constitutes an emergency in itself.

Ultimately, Saylor’s company, MicroStrategy, has been a dedicated Bitcoin investor since 2020, with investments exceeding $8.3 billion and an unrealized profit of over $6.2 billion.

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