Michael Saylor, executive chairman of strategy (formerly known as MicroStrategy), said at the White House Crypto Summit on Friday that pro-crypto policies and leadership could increase the US economy by up to $100 trillion over the next decade.
Saylor said that digital securities alone could add $20 trillion to the US stock market, while digital currencies could add $10 trillion to the US Treasury Department, potentially increasing US long-term capital assets by $20 trillion.
Saylor also urged the US government to buy up to 25% of Bitcoin. He argued that the investment will help resolve the national debt problem and could generate up to $81 trillion for the US Treasury by 2045 if held as a strategic preparation.
The well-known Bitcoin maximalists also highlighted how essential it is for the digital asset industry to be considered a “legal” industry “treated fairly” by government agencies, insurance companies and banks. Speaking in Washington, DC, Saylor called for an end to “hostile and unfair tax policies” and filed abolition.
“The government should encourage and provide support for major banks to detain, trade and fund Bitcoin assets,” Saylor said. “The break-up of participants in the crypto industry should not be tolerated.”
He also encouraged the government to clear the troublesome regulations that hinder early industries. “The issuer must have the right to create and issue assets without the need for prior approval from the regulator,” Saylor said.
At the same time, Saylor highlighted the need for compliance in the sector, which is full of illegal activities and bad actors. “All market participants must adhere to fair disclosure, ethical behavior and commitment to avoid conflicts of interest,” Saylor said, adding that avoiding conflicts of interest is paramount. “No one has the right to engage in fraud, and everything is civil and criminally liable for their actions.”
Crypto-related crime is surged to an industry that is $51 billion a year, chain analytics data shows.
Saylor’s strategy is Bitcoin’s largest corporate holder in the world. At the time of writing, the company holds 499,096 Bitcoins, with an average cost of $66,357 per Bitcoin.
Saylor previously predicted that Bitcoin would reach a market capitalization of $200 trillion. “Now we’re about $2 trillion in Bitcoin. That’s 20 trillion, then 200 trillion. It’s been 20% increase per year since,” Saylor told CNBC. “Its capitals range from China, China, Russia, Europe, Africa, Asia from the 20th to the 21st century.”