Bitcoin

Gold

<ul>
 <li aria-level="1">Saylor’s strategy aims for U.S. to control 20-25% of Bitcoin supply, potentially destabilizing rival nations’ gold reserves.</li>
 <li aria-level="1">Critics like Peter Schiff challenge the feasibility, citing potential inflation and financial implications of large-scale Bitcoin purchases.</li>
</ul>
Michael Saylor, Chairman of MicroStrategy, has proposed that the U.S. government should consider exchanging its <a href="https://www.ethnews.com/us-treasury-defines-bitcoin-as-digital-gold-amidst-soaring-market-cap/" rel="noopener noreferrer nofollow">gold reserves for Bitcoin (BTC)</a>, arguing that this swap could bolster the nation’s economic stance and establish it as the leader of the global reserve capital network.
Saylor suggests that the U.S. acquire between 20% and 25% of the total Bitcoin supply, which amounts to over 5.2 million coins. He asserts that this move would not only strengthen the domestic economy but would also prompt other nations, including China and Russia, to convert their assets into Bitcoin, thereby increasing capital inflow to the United States.
Saylor’s vision is that by doing so, the U.S. could effectively ‘demonetize’ the gold asset class, reducing the value of its political rivals’ gold reserves to zero.&nbsp;
<blockquote>
 “Our assets would soar to $100 trillion, and we would control the global reserve capital network as well as the world reserve currency,” claimed Saylor.
</blockquote>
However, this proposal has sparked debate. <a href="https://www.ethnews.com/will-bitcoin-burn-investors-peter-schiff-warns-against-michael-saylors-promises/" rel="noopener noreferrer nofollow">Peter Schiff</a>, a noted Bitcoin skeptic, has questioned the feasibility of Saylor’s suggestion, arguing that selling gold to buy Bitcoin might not be as cost-free as Saylor indicates. According to Schiff, this could also be inflationary, as it would require the issuance of more dollars to purchase the Bitcoins.
This discussion is not new. U.S. Senator Cynthia Lummis has previously proposed that the U.S. sell some of its gold to acquire Bitcoin. Lummis has championed the creation of a U.S. strategic Bitcoin reserve, suggesting that maintaining a BTC reserve could provide significant economic benefits.
These proposals highlight the growing interest in Bitcoin as a potential strategic <a href="https://www.ethnews.com/will-bitcoin-replace-gold-top-analyst-predicts-massive-shift-in-next-decade/" rel="noopener noreferrer nofollow">reserve asset</a>, reflecting a significant shift in how cryptocurrencies are perceived at the highest levels of financial policy and economics.

<div class="cryptoboxes" id="mcw-12344" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-chartcoin="BTC" data-chartcurrency="USD" data-chartrate="1.000268" data-charttype="chart" data-chartview="day" data-charttheme="light" data-chartsmooth="true" data-chartareacolor="" data-chartbgcolor=""></div>
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Bitcoin (BTC-USD) is currently trading at $99,642.41, with a slight decline of -0.40% in the past trading session. The price range over the day has been between $99,487.45 and $101,212.48, signaling a consolidation phase after recent bullish momentum.&nbsp;
On a broader scale, BTC is approaching resistance near its 52-week high of $103,900.47, while its support is observed around $98,000, which has acted as a psychological floor in recent movements.
Technical indicators such as the Relative Strength Index (RSI) suggest Bitcoin is nearing overbought territory, hovering around 68. This indicates caution for new buyers as a pullback could be on the horizon.&nbsp;
<figure id="attachment_110944" aria-describedby="caption-attachment-110944" style="width: 100%" class="wp-caption aligncenter"><img fetchpriority="high" decoding="async" class="size-full wp-image-110944" src="https://www.ethnews.com/wp-content/uploads/2024/12/BTCUSDT_2024-12-08_21-08-33.png" alt="BTCUSDT_2024-12-08_21-08-33" width="1634" height="771">
 <figcaption id="caption-attachment-110944" class="wp-caption-text">
 Source: Tradingview
 </figcaption>
</figure>
Meanwhile, moving averages highlight a bullish trend, with the 50-day MA ($95,800) crossing above the 200-day MA ($92,300), forming a golden cross—a historically bullish indicator. The MACD is also in a positive divergence, reinforcing upward momentum.
In the immediate term, traders should watch for a break above $101,500, which could lead to a retest of all-time highs.&nbsp;
However, a failure to hold above $99,000 may lead to a deeper retracement towards the $96,000 level. Market participants are advised to monitor volume trends, as declining volumes might indicate weakening momentum.
The post <a href="https://www.ethnews.com/michael-saylor-advocates-for-u-s-to-replace-gold-with-bitcoin/" rel="noopener noreferrer nofollow">Michael Saylor Advocates for U.S. to Replace Gold with Bitcoin</a> appeared first on <a href="https://www.ethnews.com" rel="noopener noreferrer nofollow">ETHNews</a>.

Michael Saylor Advocates for U.S. to Replace Gold with Bitcoin

ETHNews

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