Saylor says BTC strategic reserve is ‘Louisiana Purchase’ moment for US

Buying a “strategic reserve” of Bitcoin (BTC) would be another “Lousiana Purchase moment” for the United States, according to Michael Saylor, the outspoken co-founder of business intelligence company MicroStrategy, speaking Aug. 6 on CNBC.

Saylor, whose company MicroStrategy owns approximately $8 billion worth of BTC, enthusiastically endorsed Wyoming Senator Cynthia Lummis’ proposed BITCOIN Act, which would compel the US Treasury to gradually accumulate 1 million BTC, or almost 5% of the total supply of the cryptocurrency.

“Thomas Jefferson purchased the Louisiana Territory for $15 million in 1803 and nearly double the size of the United States,” Saylor said. “Bitcoin is scarce, desirable digital property. It's a great idea to trade a little bit of currency or paper for someplace that billions of people are gonna want to be in 100 years.”

Saylor is famously bullish on BTC and forecasted that the cryptocurrency’s price would reach approximately $13 million per coin by 2045 during a mega-bullish keynote speech on July 26 at the Bitcoin 2024 conference.

Saylor told CNBC that Bitcoin 2024 was “very catalytic and marked an inflection point for Bitcoin,” noting that the conference attracted US presidential candidates, governors, senators and house members who came out in support of the digital asset.

“Now, it’s possible to discuss nation-states holding Bitcoin on the balance sheet. And if nation-states are going to buy it, then it’s reasonable for institutions, corporations and individuals to buy it as well,” Saylor said.

He has urged investors to become “triple maxi” BTC bulls, pouring all available resources into BTC buying with the goal of obtaining a 9-figure net worth in the coming decades.

Saylor’s comments come one day after the entire crypto market saw a $510 billion drop in total market capitalization during a market crash dubbed “Black Monday.” Bitcoin’s price declined approximately 18% but has partly recovered.

Long-term oriented investors have been notably resilient, with BlackRock’s iShares Bitcoin Trust (IBIT) seeing zero net outflows on Aug. 5 despite the market turbulence.