Michael Saylor introduces Bitcoin-backed digital banking systems to governments around the world

On December 9, according to Cointelegraph, Strategy founder Michael Saylor is urging governments to develop Bitcoin-based digital banking systems that can offer high-yield, low-volatility accounts with the potential to attract trillions of dollars in deposits. At the Bitcoin MENA event held in Abu Dhabi, Michael Saylor stated that countries can use overcollateralized Bitcoin reserves and tokenized credit instruments to create regulated digital bank accounts that provide higher yields than traditional deposits. Michael Saylor pointed out that bank deposits in Japan, Europe, and Switzerland offer almost no returns, while euro money market funds yield about 150 basis points and U.S. money market rates are close to 400 basis points. He said this also explains why investors are turning to the corporate bond market: “If people didn’t have such an aversion to bank accounts, the corporate bond market wouldn’t exist at all.”