MicroStrategy co-founder Michael Saylor has suggested that the U.S. government should sell its gold reserves and use the proceeds to purchase bitcoin. His proposal has sparked widespread discussion, prompting Max Keiser, Bitcoin advisor to El Salvador’s president, to update his price target for the cryptocurrency to $2.2 million.

I’m raising my target price for Bitcoin from $220,000 to $2,200,000 @saylor’s speculative attack on the $20 trillion global Gold market has a very high probability of success. $MSFT leveraging the $200 trillion global fixed income market to ‘Rug pull’ Gold is happening‼️ https://t.co/U9qv2H1zMD
— Max Keiser (@maxkeiser) December 8, 2024

Saylor advocated for the U.S. to acquire 20-25% of Bitcoin’s total supply and hold it as a national reserve asset. He emphasized that this move would strengthen America’s financial dominance globally, devalue other nations’ gold reserves, and attract capital inflows into the U.S. economy.

He also noted that countries, including BRICS members, would likely follow suit by accumulating Bitcoin, even selling other assets to do so.

Currently, MicroStrategy holds 402,100 BTC, which represents roughly 1.9% of Bitcoin’s total supply.

Similar proposals to establish Bitcoin reserves have been floated in various U.S. states, including Pennsylvania, Texas, and Florida, as well as internationally in Canada and Brazil.