TL;DR
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Michael Saylor suggested “The U.S. government should own the majority of the Bitcoin in the world,” which if enacted, could lead to the mother of all supply shocks.
Full Story
Before you ask — no, Michael Saylor had not been drinking before he went on stage at the Bitcoin Conference this past weekend…
But you might have thought so when he suggested:
“The U.S. government should own the majority of the Bitcoin in the world.”
(Bitcoiners tend to want to keep governments an arms length away from BTC).
Here’s why he said it / why it’d benefit you:
In the case suggested by Saylor, the US government would hold BTC the same way it does gold — only to be used to protect against the worst of cases.
(Think: hyperinflation and large, black swan economic shocks)
The idea being: it is very rarely sold.
Now, let’s run the math on that…
If the US bought up the majority of the world’s BTC (10.5M coins) — and taking into consideration that there’s an estimated 3-6M BTC that have been lost forever — that would leave 7.5M – 4.5M bitcoins available to the market.
…add that to the fact that if the US does it, other major economic powers will follow suit in an attempt to compete…
And you get the mother of all supply shocks.
(The kind that could justify the moon boys’ claims of one day seeing a $1M BTC)
We like those numbers!
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