TL; DR
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suggested Michael Saylor ‘The US Government Should Own Most of the World’s Bitcoin’ which, if implemented, could lead to the mother of all supply shocks.
Full story
Before you ask, no, Michael Saylor hadn’t been drinking before he took the stage at the Bitcoin conference last weekend…
But that’s what you might have thought when he suggested:
“The US government should own most of the world’s Bitcoin.”
(Bitcoiners tend to want to keep governments at an arm’s length from BTC).
Here’s why he said it/why it would benefit you:
In Saylor’s proposed case, the US government would hold BTC in the same way as gold – only to be used to protect against the worst cases.
(Think: hyperinflation and big black swan economic shocks)
The idea is: it is so terribly rarely sold.
Now let’s do some math on that…
If the US were to buy up most of the world’s BTC (10.5 million coins) – and taking into account that an estimated 3-6 million BTC are lost forever – 7.5 million to 4.5 million bitcoins remain available to the market.
… add that to the fact that if the US does it, other major economic powers will follow suit in an effort to compete…
And you get the mother of all supply shocks.
(The kind that might justify the moon boys’ claims that they would one day see a $1 million BTC)
We love those numbers!