Max Keiser Rejects Michael Saylor’s Stablecoin Idea, Champions Bitcoin Standard

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As a seasoned researcher with a keen eye for financial trends and a deep understanding of the crypto landscape, I find Max Keiser’s perspective both insightful and thought-provoking. His comparison of the USD to a “proof-of-stake shitcoin” underscores the stark contrast between traditional fiat currencies and decentralized digital assets like Bitcoin.

Max Keiser, well-known cryptocurrency expert and commentator, has lately expressed skepticism about Michael Saylor’s suggestion for the US to develop a $10 trillion stablecoin tied to Bitcoin. According to Keiser, this idea seems improbable due to the tight regulations surrounding the USD.

Kaiser described the U.S. dollar as “the premier ‘proof-of-stake’ cryptocurrency in a figurative sense,” highlighting that its worth stems more from power and exclusivity, rather than inclusivity and impartiality.

Max Keiser Slams Saylor’s Bitcoin Stablecoin Idea

Max Keiser, a renowned cryptocurrency expert and commentator, recently delivered a pointed criticism towards the existing global financial framework, specifically focusing on the concept of a United States stablecoin backed by Bitcoin.

Regarding Michael Saylor’s suggestion for a $10 trillion Bitcoin-backed stablecoin in the U.S., Keiser found it impractical, pointing out the rigid policies surrounding the US dollar. He likened the USD to the “ultimate proof-of-stake shitcoin,” suggesting that its worth derives from centralized control and exclusivity, as opposed to the openness and impartiality advocated by decentralized platforms such as Bitcoin.

It’s improbable that Saylor’s proposition of the U.S. issuing a $10 trillion stablecoin backed by Bitcoin will come to fruition, as the U.S. maintains stringent regulations on who can utilize the US dollar.

The USD is the ultimate proof-of-stake shitcoin, and the US government is never going to open-source…

— Max Keiser (@maxkeiser) December 21, 2024

Keiser highlighted the contrast between the U.S. dollar’s foundation on power and Bitcoin’s philosophy of tranquility. He used El Salvador’s shift to a Bitcoin standard under President Nayib Bukele as an illustration of a tranquil financial transformation. Reinforcing their dedication to Bitcoin, Keiser stated that El Salvador is paving the way for a more equitable and transparent monetary structure by pledging to acquire an additional 20,000 Bitcoins.

Max Keiser emphasized that the U.S. might not be able to establish a Sovereign Bitcoin Reserve (SBR) without causing the collapse of the US dollar and, consequently, losing global influence. However, El Salvador, under President Nayib Bukele, finds itself in an unusual position to implement this strategy: the country has boosted its daily Bitcoin purchases and aims to add another 20,000 Bitcoins to its reserves, showcasing a daring approach that reflects its dedication to adopting the Bitcoin standard and reshaping its economic path.

Michael Saylor Urges US to Leverage Stablecoins to Strengthen the Dollar

Max Keiser primarily discussed his recent interview with CNBC, during which Saylor proposed a strategy for the U.S. to capitalize on President-Elect Trump’s incoming administration by establishing a digital assets framework that would solidify the dollar as the leading digital currency. Saylor criticized the burdensome American approach towards cryptocurrencies and unclear regulations, driving companies such as Tether to issue dollar-backed stablecoins outside of the U.S.

As a researcher, I foresee a potential future where American banks could introduce their own stablecoins, thereby establishing a vast, multi-trillion-dollar global market for the US dollar.

Despite endorsing Trump’s idea of Strategic Bitcoin Reserves, Saylor pointed out that US-issued digital dollars could capture a $10 trillion global market, thereby increasing the demand for U.S. treasuries backing these tokens and extending the dollar’s influence in the emerging digital economy. He also explained that countries like Russia, China, Africa, and South America are currently leveraging stablecoins such as Tether to gain access to dollars.

This requirement could potentially be addressed if American banks, operating under stringent regulations, start issuing stablecoins backed by government securities and kept within the country’s borders. Saylor advocates that the U.S. should strive to surpass the $150 billion in offshore stablecoins, aiming instead for trillions supported by its financial system infrastructure. He has even proposed selling some of the nation’s gold reserves to acquire Bitcoin as a strategic digital asset reserve, highlighting his perspective on how the country should integrate digital assets into its future economic strategies.

 

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2024-12-21 17:40