- Keiser dismissed Michael Saylor’s $10 trillion Bitcoin-pegged stablecoin proposal as implausible due to restrictive US dollar policies.
- Keiser praised El Salvador’s Bitcoin strategy, citing it as a peaceful financial revolution compared to the US dollar’s centralized control.
- Saylor proposed a US digital asset framework, emphasizing stablecoins backed by treasuries to extend the dollar’s global dominance.
Famous crypto analyst and broadcaster, Max Keiser has questioned Michael Saylor on his latest suggestion on the establishment of a stablecoin pegged to be $10 trillion in the USA. Keiser pointed out that this kind of plan cannot be initiated based on the current construct of the US dollar. Which he claimed is diametrically wrong with the concept of decentralized finance.
Michael Saylor, the co-founder and the executive chairman of the MicroStrategy business intelligence organization, has recently suggested using Bitcoin as a reserve for a stablecoin. This is backed by the US dollar yet it will boost the dollar’s predominance in a digital economy. Saylor suggests that this may open up a market worth trillions, and increase the use of US treasuries.
Keiser, however, dismissed this idea, citing the restrictive policies underpinning the US dollar. In a recent statement, he labeled the dollar as “the ultimate proof-of-stake shitcoin.” While highlighting its reliance on centralized control and exclusion. Keiser emphasized that such characteristics are antithetical to Bitcoin’s decentralized and transparent framework.
.@Saylor’s idea, that the US creates a $10 trillion stable coin backed by Bitcoin is unlikely to happen because the US is extremely restrictive about who gets to use the USD.
The USD is the ultimate proof-of-stake shitcoin, and the US government is never going to open-source… pic.twitter.com/nT5ckmP0K8
— Max Keiser (@maxkeiser) December 21, 2024
El Salvador’s Bitcoin Strategy Highlighted as a Model
Keiser proposed the US financial system’s move to a different monetary system of Bitcoin of El Salvador as a model under President Nayib Bukele. The country that adopted Bitcoin as a legal tender is up for attaining even more of the digital asset. The country aims to buy 20,000 BTC more.
In Keiser’s opinion, this approach puts Bitcoin in compliance with its basic principles of transparency and impartiality. He claimed that El Salvador’s strategy represents a peaceful financial revolution, contrasting sharply with the force-backed nature of the dollar. According to Keiser, the US would struggle to implement a Bitcoin-pegged stablecoin without undermining the value of the dollar.
Saylor Advocates for a US Digital Asset Framework
Michael Saylor’s vision extends beyond a Bitcoin-backed stablecoin. He has proposed a broader framework for digital assets, calling for clear regulations that would allow US banks to issue stablecoins backed by treasuries. In an interview, he outlined how such a system could bolster the dollar’s dominance in regions like South America, Africa, and Asia.
Saylor also suggested the US could consider reallocating some of its gold reserves to acquire Bitcoin for strategic purposes. He emphasized that a clear regulatory structure would not only counter offshore stablecoins but also position the US as a leader in the digital economy.
While Keiser’s critique highlights the challenges of implementing a Bitcoin-backed stablecoin. Saylor’s proposals underline the increasing relevance of digital assets in global finance. The debate reflects differing views on how the US can adapt to the evolving cryptocurrency landscape.
