Saylor: EU Needs Bitcoin Amid Euro Weakness

Michael Saylor, Bitcoin advocate and executive chairman of MicroStrategy, recently suggested the European Union should consider purchasing Bitcoin in response to the Euro's recent decline against the US dollar. The Euro's weakening followed a Federal Reserve report hinting at potential future interest rate cuts, causing the Euro to fall from 1.08 USD to 1.07 USD.

Euro Under Pressure

The Federal Reserve's decision to keep interest rates steady, coupled with Chair Jerome Powell's suggestion of a possible 50-basis-point rate cut before the end of 2025, and pressure from US President Donald Trump, contributed to the dollar's strengthening against other currencies, including the Euro. This increase in the US dollar's value is linked to a rally in US stocks and bonds.

Saylor's Bitcoin Proposal

Saylor publicly advocated for Bitcoin as a potential solution to the Euro's instability. He argued that a Bitcoin reserve could have mitigated the recent Euro devaluation. At the time of writing, Bitcoin's price had risen by 2.6% against the US dollar, trading at $85,400. Saylor further pointed to Bitcoin's outperformance compared to the Turkish Lira (TRY) since 2021 as further evidence of its potential as a hedge against currency devaluation.

Growing Support for EU Bitcoin Adoption

This sentiment is echoed by Sarah Knafo, a member of the European Parliament, who also urged the EU to create a strategic Bitcoin reserve, drawing parallels to El Salvador's successful Bitcoin adoption and its positive impact on the economy.

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