Michael Saylor Advocates for US Bitcoin Accumulation

Michael Saylor, a Bitcoin evangelist and co-founder of BTC-focused Strategy, recently shared his thoughts on why the US government should begin accumulating Bitcoin for the Strategic Bitcoin Reserve (SBR).

In a tweet, Saylor referenced the historical land acquisitions by US colonists from Native Americans, emphasizing how the value of these lands has exponentially increased over time.

Historic Precedents for Bitcoin Accumulation

Saylor highlighted historical examples relevant to the Strategic Bitcoin Reserve, mentioning states such as Louisiana, California, Alaska, and Manhattan. He pointed out that these lands were bought at prices that seem minuscule compared to their current value.

He urged the current US administration to begin purchasing Bitcoin for the SBR, which was sanctioned by an executive order signed by the president last week. He remarked, “We purchased 78% of the United States for $40 million. America should buy Bitcoin,” in his tweet.

In a previous tweet, Saylor argued that accumulating Bitcoin would position the US as a leader in cyberspace. He reaffirmed this position in his latest statements.

Strategy’s Fundraising Plans

According to reports, Strategy plans to issue and sell shares of its 8.00% series A perpetual strike preferred stock at $0.001 per share, aiming to raise $21 billion for increasing its Bitcoin holdings. The company, formerly known as MicroStrategy, has changed its ticker to STRK. The shares will be convertible into Strategy’s class A common stock.

As it stands, Saylor’s company holds slightly over 499,000 Bitcoins, valued at nearly $42 billion, with plans to increase holdings to beyond half a million BTC. Currently, Bitcoin’s market price is $81,608.