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MicroStrategy founder Michael Saylor proposed a crypto asset framework for the United States, which includes establishing a Bitcoin reserve that he claims could create up to $81 trillion in wealth for the country's treasury.
Saylor stated in an X post on December 21: 'Strategic digital asset policy can strengthen the dollar, offset national debt, and make the U.S. the global leader in the digital economy of the 21st century.'
Saylor's crypto framework proposes establishing a strategic Bitcoin reserve, 'capable of creating $16 to $81 trillion in wealth for the U.S. Treasury, providing a way to offset national debt.'
Under Saylor's leadership, MicroStrategy accumulated over 439,000 Bitcoins, currently worth over $41 billion, which has caused the company's stock price to soar alongside cryptocurrencies this year. He pitched the idea of purchasing Bitcoin to Microsoft, but the idea was rejected by shareholders.
Saylor's proposal defines six different investment categories: digital commodities like Bitcoin, digital securities, digital currency, digital tokens, non-fungible tokens (NFTs), and asset-backed tokens.
The framework aims to establish clear roles for issuers, exchanges, and owners, defining specific rights and responsibilities for each type of participant, while emphasizing that no participant should 'lie, deceive, or steal.'
It also provides a simplified compliance approach and proposes a compliance cost limit, with the maximum cost of token issuance being 1% of managed assets and maintenance costs at 0.1% per year.
The proposal states: 'Digital asset regulation must prioritize efficiency and innovation over obstacles and bureaucracy,' advocating for industry-led compliance rather than direct regulation.
It also stated that the U.S. has the opportunity to 'catalyze the revival of 21st-century capital markets, unlocking trillions of dollars in value creation.'
It aims to significantly reduce issuance costs from millions of dollars to thousands and expand market access from 4,000 listed companies to 40 million businesses, focusing on the rapid issuance of assets.
Finally, the crypto framework aims to help the dollar become the global reserve digital currency. It also aims to expand the global digital capital market from $20 trillion to $280 trillion, with 'American investors accounting for the majority of wealth.'
The proposal concludes: 'By establishing a clear taxonomy, a legitimate rights framework, and practical compliance obligations, the U.S. can lead the global digital economy.'
However, Bitcoin's serial critic Peter Schiff stated that the proposal is 'complete nonsense' and added that 'it would have the opposite effect. It would weaken the dollar, exacerbate national debt, and make the U.S. a laughingstock.'
According to SaylorTracker, MicroStrategy is the largest corporate holder of Bitcoin, with a total portfolio profit of 54%.