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Switzerland's Bitcoin Ambition: A Vision for the Middle East

Michael Saylor, Executive Chairman of Strategy, has called on the Middle East to position itself as "the Switzerland of the 21st century" by adopting bitcoin-backed banking practices.

During his keynote at Bitcoin MENA, Saylor highlighted this as a significant opportunity, valuing it at $200 trillion, if the region embraces bitcoin custody and related financial products.

He proposed that sovereign wealth funds could begin investing in bitcoin, while banks should offer custody services and credit against the cryptocurrency.

Saylor envisions a future in which digital money accounts can be generated, supported by bitcoin credit instruments that would yield returns up to 8%.

He asserted that the U.S. is leading a global shift towards bitcoin, citing widespread governmental support, even from high-ranking officials.

Saylor noted that major U.S. banks, previously resistant to bitcoin, are now proactively engaging with it, moving towards credit issuance backed by bitcoin derivatives.

His company, Strategy, currently holds over 660,000 BTC and is in the process of launching various BTC-backed credit instruments.

Saylor described these developments as laying the groundwork for a radical new financial system focused on digital mechanisms.

"Digital capital creates digital credit, and digital credit creates digital money," he stated, calling it the "killer app" for future finance.

As interest in bitcoin banking grows, the Middle East stands at a crossroads, potentially leading a wave of global digital financial evolution.