Michael Saylor Champions the Bitcoin-Backed Dollar To Fortify the US Financial System

• Michael Saylor suggests adding Bitcoin to boost the dollar and protect property rights in the US.
• Cynthia Lummis supports Bitcoin for financial privacy and independence, opposing CBDCs for increasing government control.
• Bitcoin gained political backing from Saylor, Lummis, and Trump, highlighting its growing impact and relevance.

MicroStrategy CEO Michael Saylor has argued that the contraction of the US economy requires the acquisition of Bitcoin to be included in the us treasury to support the dollar. Thus proposal of Saylor is perfectly aligned with the American’s belief regarding ownership of private property. As per him, the Bitcoin adoption likely benefts probability, monetary privacy, and property rights, which will enhance the dollar value.

Saylor’s support for Bitcoin emphasizes the asset’s value as a store of wealth. He argues that money backed by Bitcoin would uphold core American values. Furthermore, he claims that the US Treasury would adopt Bitcoin to improve financial privacy and property rights. Saylor said that this strategy will also help the dollar gain strength.

Cynthia Lummis’ Support for Bitcoin

On the same note, a Republican senator from the United States, Cynthia Lummis is also pro-bitcoin. She speaks against the Central Banking Digital Currency (CBDC) because she understands that such a currency means more spying from the government and less autonomy in handling your money. This is why Lummis opines that Bitcoin guards privacy and freedom of money. She henceforth agreed with Saylor’s money idea that has a dollar backed by Bitcoin.

Regarding Bitcoin’s contribution to maintaining US financial independence, Lummis has been outspoken. She said on Fox Business that having control over one’s own finances requires Bitcoin. She also underlined how Bitcoin provides inflation protection and maintains the value of the dollar. This viewpoint is consistent with Saylor’s assertion that Bitcoin can hedge against financial threats.

Bitcoin’s Growing Political Influence

Bitcoin advocacy has gained traction in American politics. The subject was a major concern during the US elections in November. Donald Trump, the former president, has backed cryptocurrencies. In addition, he thinks CBDCs are bad for people’s privacy and is against them. Trump’s actions have sparked a political conversation about cryptocurrencies and brought attention to their increasing significance in US politics.

Furthermore, a growing number of businesses now take digital currencies as payment. This pattern emphasizes how important cryptocurrencies are becoming to the financial system. As a result, the fact that politicians like Saylor, Lummis, and Trump support Bitcoin and its possible benefits suggests that the cryptocurrency is becoming more widely accepted.

Property rights and privacy are American values that align with Michael Saylor’s concept of a dollar backed by Bitcoin. This concept promises to support the dollar and protect financial autonomy. With the support of well-known figures such as Donald Trump and Cynthia Lummis, Bitcoin is beginning to acquire momentum in the US financial industry. 

Read also:

• South Korea’s Upbit Faces Increased Threats: Fortifies Asset Security
• Cynthia Lummis is Still Bulish on Bitcoin
• U.S Senator Cynthia Lummis leads charge for the first Bitcoin president
• Senator Cynthia Lummis Advocates for Bitcoin Reserves to Strengthen the US Dollar
• Senator Cynthia Lummis Files Support for Coinbase to Junk SEC Lawsuit

The post Michael Saylor Champions the Bitcoin-Backed Dollar To Fortify the US Financial System appeared first on Crypto News Land.