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

December 9th — Per Cointelegraph, Michael Saylor, founder of Strategy, is urging governments worldwide to build Bitcoin-powered digital banking systems. These systems could offer high-yield, low-volatile accounts capable of drawing trillions of dollars in deposits. During a speech at the Bitcoin MENA event in Abu Dhabi, Saylor noted nations can tap overcollateralized Bitcoin reserves and tokenized credit instruments to launch regulated digital banking accounts, offering yields higher than traditional deposits. He pointed out that bank deposits in Japan, Europe, and Switzerland yield almost nothing, whereas Euro money market fund yields hover around 150 basis points and U.S. money market rates are near 400 basis points. This, he said, explains why investors are flocking to the corporate bond market: “If people weren’t so averse to bank accounts, the corporate bond market wouldn’t exist at all.”