Author: Esther Hui; Source: Cryptonews
MicroStrategy founder Michael Saylor strongly supports the proposal put forward by President-elect Trump to establish a strategic Bitcoin reserve.
In his 'Digital Asset Framework' policy released on Friday, the proposal outlines a roadmap for the US to drive the growth of the digital asset industry, establish clear compliance standards, and ensure the rights of crypto asset holders and companies.
Saylor says the US needs to lead the digital economy
Saylor's framework emphasizes the importance of the US leading the global digital economy through innovation in the digital asset space.
He wrote, "By establishing a clear taxonomy, a legal rights framework, and actual compliance obligations, the US can lead the global digital economy."
He added that these measures can unlock trillions of dollars in wealth, empower millions of businesses, and ensure the dollar's cornerstone position in the digital financial system.
As a long-time Bitcoin supporter, Saylor rose to prominence in 2020 when MicroStrategy began aggressively acquiring Bitcoin.
The company, which primarily provides business intelligence software, currently holds around $42.6 billion in Bitcoin, making it the world's largest corporate Bitcoin holder.
While Saylor is widely seen as a Bitcoin maximalist, his framework goes beyond Bitcoin, proposing universal standards applicable to all digital assets.
He suggests creating a comprehensive taxonomy to classify digital assets, including "digital commodities" like Bitcoin, "digital securities" such as tokenized equity or debt, "digital currencies" backed by fiat, and "digital tokens" that provide utility.
Non-Fungible Tokens (NFTs) and tokens linked to physical assets like gold and oil are also explicitly classified.
Saylor's proposal calls for establishing a comprehensive framework of rights and responsibilities for issuers, exchanges, and other participants in the digital asset ecosystem.
This framework will ensure transparency, compliance with local laws, and accountability.
He emphasized, "No one has the right to lie, cheat, or steal. All participants must be civilly and criminally liable for their actions."
To encourage innovation, Saylor advocates limiting the compliance cost of token issuance to 1% of the company's managed assets and capping the annual maintenance cost at no more than 10 basis points.
He believes this approach can significantly reduce the cost of issuing tokens, from $10 million to $100 million down to $10,000 to $100,000, and shorten the timeline for launching new digital assets from years to minutes.
Saylor proposes expanding the stablecoin market
The core of Saylor's vision is to position the US dollar as the "global reserve digital currency."
He proposes growing the stablecoin market from the current $25 billion to $100 trillion, which would create massive demand for US Treasuries and solidify the dollar's dominance.
Saylor also supports the establishment of a strategic Bitcoin reserve, a policy that has been endorsed by legislators such as Senator Cynthia Lummis and President-elect Trump.
While Saylor did not specify the size of the reserve, he suggested it could create $16 trillion to $81 trillion in wealth, potentially eliminating the US's $36 trillion in national debt.
Trump reiterated his commitment to retaining the 198,000 Bitcoin seized by the government through criminal forfeiture and recently expressed support for establishing a Bitcoin reserve.
