• Max Keiser labels the US dollar overly centralized, contrasting it with Bitcoin’s openness and neutrality.
  • El Salvador advances its Bitcoin strategy, committing to purchase 20,000 BTC.
  • Michael Saylor proposes regulated stablecoins backed by US treasuries, aiming to boost the dollar’s global standing.

Crypto analyst and broadcaster Max Keiser has condemned Michael Saylor’s recent bid for a Bitcoin-backed US stablecoin. Saylor suggested that the United States could create a $10 trillion stablecoin pegged to Bitcoin, aiming to maintain the dollar’s global standing. Keiser dismissed the idea, citing restrictive US dollar policies as a fundamental obstacle.

Concerns Over the US Dollar’s Stability

Max Keiser, via his X account, claimed that enforcing a Strategic Bitcoin Reserve would destabilize the US dollar. He suggested that such actions could undermine the dollar’s global dominance and economic influence. 

. @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

 Keiser described the US dollar as the ultimate proof-of-stake shitcoin, claiming its value relies on centralized control and exclusion. He argued that this contrasts sharply with Bitcoin’s principles of openness and neutrality.

 He also pointed to El Salvador’s adoption of Bitcoin under President Nayib Bukele as a successful illustration of a peaceful financial revolution, with the nation recently committing to purchasing an additional 20,000 BTC.  Keiser highlighted El Salvador’s contrasting position, noting that the country’s strategic Bitcoin investments align with its efforts to rewrite its economic narrative.

El Salvador’s strategy includes daily Bitcoin purchases, with plans to increase its reserves. Keiser noted that these actions demonstrate the nation’s commitment to adopting a Bitcoin standard, further differentiating its financial approach from the US.

Michael Saylor’s Stablecoin Vision

In a recent interview, Saylor summarised his vision for leveraging stablecoins to maintain the dollar’s global dominance. He proposed that the US could issue stablecoins through domestic banks under clear regulatory frameworks. This strategy, he argued, would expand the dollar’s reach in the digital economy while boosting demand for US treasuries.

Saylor noted that many regions, including Russia, China, Africa, and South America, already use offshore stablecoins like Tether to access dollars. He emphasized that the US could capitalize on this demand by offering stablecoins backed by treasuries. 
 Additionally, Saylor suggested that the US should consider selling some of its gold reserves to invest in Bitcoin for a strategic reserve, further integrating digital assets into the country’s financial framework.

disclaimer read more

Crypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.