Michael Saylor Advocates for Bitcoin-Backed Digital Banking System to Governments

BlockBeats News, December 9th, according to Cointelegraph, Strategy founder Michael Saylor is pushing for governments around the world to develop Bitcoin-based digital banking systems, which could offer high-yield, low-volatility accounts with the potential to attract trillions of dollars in deposits.

Speaking at the Bitcoin MENA event in Abu Dhabi, Michael Saylor stated that countries could leverage overcollateralized Bitcoin reserves and tokenized credit instruments to create regulated digital banking accounts, providing higher yields than traditional deposits.

Michael Saylor pointed out that bank deposits in Japan, Europe, and Switzerland have almost no yield, while Euro currency market fund yields are around 150 basis points and U.S. money market rates are close to 400 basis points. He stated that this also explains why investors turn to the corporate bond market, "If people were not so averse to bank accounts, the corporate bond market would not exist at all."