Saylor tells US to sell all gold and buy Bitcoin – crazy or not?
MICHAEL Saylor, the outspoken advocate for Bitcoin and co-founder of MicroStrategy, has once again stirred the pot, suggesting that the US government should sell all its gold reserves and purchase Bitcoin instead.
At first glance, this proposal seems extreme, a headline-grabbing pronouncement with little practical grounding.
Yet beneath the surface lies an idea that warrants consideration - especially as the US struggles with growing debt, economic volatility, and global currency competition. While a wholesale pivot from gold to Bitcoin is improbable, a more measured embrace of digital assets under a Trump administration might not be as far-fetched as it seems.
Why Saylor’s proposal deserves a second look
To understand the merit in Saylor’s argument, it is essential to revisit the core reasons governments hold gold in the first place.
Gold, a finite resource, has been a trusted store of value and a hedge against inflation and currency debasement for centuries. The US holds over 8,000 metric tons of gold, worth approximately $500 billion, primarily as an economic stabilizer. But gold is also static. It does not generate yield, and its value, while stable, does not always appreciate meaningfully in comparison to emerging asset classes.
Here comes Bitcoin. Like gold, Bitcoin is finite - capped at 21 million coins - and increasingly viewed as 'digital gold' due to its decentralised nature and resistance to manipulation.
Unlike gold, however, Bitcoin operates on blockchain technology, a system that fosters transparency, efficiency, and speed of transactions.
Saylor’s premise is clear: Bitcoin has the potential to outperform gold as a store of value in an increasingly digital economy. If the US were to transition even part of its gold reserves into Bitcoin, it could take a pioneering role in cementing Bitcoin’s status as a reserve asset while benefiting from its potential for substantial long-term appreciation.
It’s worth considering, too, the strategic significance of Bitcoin on the global stage. The digital currency ecosystem is growing rapidly, with other nations - notably China - making strides in launching digital currencies to challenge the dominance of the US dollar.
By integrating Bitcoin into its reserves, the US would send a powerful signal of leadership in the digital asset space, boosting confidence in both the technology and its own financial future.
Trump, Bitcoin, and a less extreme path forward
Saylor’s proposal, while visionary, is unlikely to happen in full. The idea of liquidating gold reserves - an asset entrenched in economic tradition - would face immense political and institutional resistance.
But under Donald Trump, a more tempered embrace of Bitcoin may not be so far off the mark. Trump positioned himself as the pro-Bitcoin candidate during the2024 election campaign. His policies tend to prioritize deregulation, entrepreneurial innovation, and bold economic experiments - all of which could lay the groundwork for a meaningful shift toward Bitcoin in the government’s asset strategy.
One plausible step would be the formal recognition of Bitcoin as a strategic reserve asset. Rather than selling off its gold, the US government could allocate a small but significant portion of its reserves to Bitcoin, perhaps starting with 1-5%.
Such a move would demonstrate confidence in digital assets while mitigating the risks of overexposure to an inherently volatile market. It would also create a foundation for integrating Bitcoin more deeply into the global monetary system without compromising the stabilizing presence of gold.
Additionally, Trump’s administration could introduce policies to incentivize Bitcoin adoption across the private sector.
This might include regulatory clarity for institutional investors, tax incentives for companies holding Bitcoin, or even encouraging digital asset infrastructure development in the US.
By fostering an environment where Bitcoin thrives, the government could indirectly bolster its own reserves, as the growing adoption and demand for Bitcoin would likely push its value higher.
Why this matters
The argument for Bitcoin as part of the US reserve strategy reflects broader economic and geopolitical realities.
The US dollar’s dominance is being challenged on multiple fronts, with countries increasingly seeking alternatives to bypass its influence. Bitcoin, as a decentralised and borderless asset, offers a unique opportunity for the US to hedge against such challenges while modernising its reserve portfolio.
In addition, integrating it into reserves aligns with the direction of financial innovation. Blockchain technology is reshaping the global economy, and Bitcoin sits at its centre. By incorporating Bitcoin, the US would align its reserves with the future, rather than anchoring itself solely to the past.
Critics will argue that Bitcoin’s volatility makes it unsuitable as a reserve asset. While it’s true that Bitcoin experiences short-term swings, its long-term trajectory has been markedly upward. Institutional adoption and increasing scarcity are helping stabilize its value over time.
A carefully managed exposure to Bitcoin - rather than an all-in approach - could mitigate these risks while allowing the US to benefit from its upside potential.
While Michael Saylor’s call for the US to replace its gold with Bitcoin may be extreme, it sparks an important conversation about the evolving nature of value, reserves, and global leadership. Under a Trump administration, a smaller, calculated step toward Bitcoin could emerge as a realistic and advantageous policy shift.
Allocating even a modest percentage of reserves to Bitcoin would mark the beginning of a new era for financial strategy—one that embraces innovation, hedges against global uncertainties, and positions the US at the forefront of the digital asset revolution.
The future of finance is digital, and Bitcoin has already proven itself as a cornerstone of this transformation. While gold may remain a steadfast anchor, Bitcoin offers the US an opportunity to not just keep pace but to lead.
And for a candidate like Trump, who thrives on bold moves and economic disruption, this might be one bet worth making.
Nigel Green, deVere Group CEO and founder
