Michael Saylor: The Digital Asset Strategy Dominating the 21st Century Global Economy
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Michael Saylor: The Digital Asset Strategy Dominating the 21st Century Global Economy
With the right digital asset framework, policies, and leadership, we can enrich our citizens, strengthen businesses, dominate the global economy, and pay down national debt.
Navigating Web3 tides with focused insightsTranslation: Huang Shiliang
After reading MicroStrategy CEO Michael Saylor's article titled "A Digital Assets Strategy to Dominate the 21st Century Global Economy", published following his participation in the White House crypto asset discussion meeting,
I think if the U.S. truly implements this strategy, it could become an extraordinarily powerful national strategy.
The article can be roughly summarized as follows:
1. Mobilize the full strength of the United States to aggressively accumulate cryptocurrencies—especially Bitcoin—and drive up its price. (The specific implementation details are not elaborated.)
2. Promote the global development of cryptocurrency and blockchain technology, establishing them as the world’s most important financial assets.
3. Completely rebuild America’s financial infrastructure around blockchain and digital currencies—including regulatory policies—to ensure U.S. absolute dominance in the field of digital assets.
These measures feel extremely aggressive, but I believe they directly lead to the following outcomes.
First, the U.S. dollar's hegemony would be further strengthened.
Due to the borderless nature of blockchain and cryptocurrency, once the dollar is seamlessly integrated onto blockchains, most small countries’ fiat currencies could be completely overwhelmed by on-chain dollars—currency controls would be ineffective unless a country lacks internet access entirely.
If the U.S. actually holds large amounts of Bitcoin as national reserves while the crypto-based economy expands globally, the credibility of the U.S. dollar will become even more robust.
Second, a unified global financial capital market may emerge—an efficient, worldwide capital market.
Again, thanks to blockchain’s borderless architecture, capital—being naturally drawn to movement and concentration—will effectively break through geopolitical barriers and overcome current time-zone limitations within traditional financial systems via blockchain technology.
Third, American financial institutions and infrastructure (such as Wall Street, Goldman Sachs, and U.S. banks) will ultimately control the global financial system. Smaller nations won’t even need to develop their own financial infrastructure anymore.
Of course, such a strategy might bring negative consequences too—possibly exacerbating issues akin to “financialization” or “decoupling from the real economy.”
It's also somewhat puzzling why, although Michael Saylor himself only buys Bitcoin, his proposed strategy actually relies more heavily on smart contract platforms like Ethereum.
Below is the AI-translated version of Michael Saylor’s original article:
A Digital Assets Strategy to Dominate the 21st Century Global Economy
Preface
With the right digital asset framework, policy, and leadership, we can enrich our citizens, empower businesses, dominate the global economy, and pay down national debt. The U.S. economy stands to gain $60–100 trillion over the next decade, along with lasting and profound societal benefits.
Digital Assets: Establishing a Rational Framework to Spark a Crypto Renaissance
A clear and rational classification system for digital assets eliminates unnecessary confusion, conflict, and controversy, while accelerating innovation, collaboration, and capital formation. A streamlined framework introduces four new categories of digital assets, seamlessly integrating traditional finance (securities, commodities, and currency) with the emerging digital economy. This framework must be elegant, intuitive, and scalable to serve billions of people and millions of companies.
Digital Token: Issued by an entity, backed by digital utility, used for capital creation and innovation.
Digital Security: Issued by an entity, backed by securities or commodities, used to improve capital efficiency and enable globalization.
Digital Currency: Issued by an entity, backed by fiat money, used for digital commerce and reinforcing dollar dominance.
Digital Commodity: No issuing entity, backed by the power of a decentralized network, used for capital preservation and appreciation.
Vision: Unleashing the Power of the Crypto Industry to Drive Global Economic Growth
Millions of American businesses, artists, influencers, and institutions could rapidly issue digital tokens through digital exchanges and instantly access capital markets.
Thousands of stocks, bonds, ETFs, and commodities could be issued as digital securities, circulating 24/7 across global computer networks.
U.S. government bonds and currency could circulate globally as digital currencies, further solidifying America’s dominance in international banking, credit, and currency markets.
Digital commodities—especially Bitcoin—would attract massive global capital inflows as long-term assets, with the United States as the primary beneficiary.
Principles: Reviving Capitalism and Property Rights, Becoming the World’s Banker
Issuers have the right to create and issue assets without prior regulatory approval.
Exchanges have the right to custody, trade, and transfer customer digital assets without obstruction.
Market participants and customers can freely custody, trade, and transfer digital assets without regulatory interference or censorship.
Digital assets should flow freely across the internet, unimpeded by censorship or regulation, at speeds limited only by computation.
The industry should proactively assume disclosure and compliance responsibilities, enabling markets to operate efficiently and organically.
By establishing superior financial protocols, the U.S. will lead the evolution of global digital finance, attract worldwide capital, and lay the foundation for the future digital economic system.
Action Items: End Discrimination Against Crypto Assets and Enable Banking Support
Regulators must not impose prior approval requirements on asset issuers.
Exchanges must be allowed to custody, trade, and transfer digital assets and cooperate normally with traditional financial institutions like banks, avoiding "de-banking."
Government and traditional finance must fully recognize the legitimacy and fairness of crypto assets.
Strategic Opportunities: Transform and Dominate the U.S. Economy Over the Next Two Decades
Digital Tokens: Expand the U.S. corporate capital market by $10 trillion and dominate global products and services.
Digital Securities: Add $20 trillion to U.S. dominance in global equities, bonds, and derivatives markets, expanding financial market leadership.
Digital Currency: Grow the U.S. Treasury market by $10 trillion and strengthen hegemony in global banking, credit, and currency markets.
Digital Commodities (Bitcoin): Increase U.S. long-term capital assets by $20 trillion and reinforce the nation’s wealth foundation.
Strategic Bitcoin Reserve (SBR): A Permanent, Never-Sell Strategic Wealth Reserve
Accumulate Bitcoin strategically and systematically on a daily basis to hold 5% of the total supply (representing 99% of the Bitcoin network) by 2045.
The SBR is projected to generate $16–81 trillion in wealth for the U.S. Treasury by 2045, potentially paying off the national debt.
Never sell Bitcoin. By 2045, each Bitcoin will be a steadily appreciating long-term national asset, securing prosperity for generations.
Conclusion: Act Now to Ensure Absolute U.S. Leadership in the 21st Century Economy
The time to act is now. Policymakers, regulators, and industry leaders must swiftly collaborate to establish a responsible digital asset regulatory framework that ensures market integrity, unlocks trillions in economic value, strengthens national security, and establishes the United States as the global leader in the 21st-century digital economy.
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