Michael Saylor, chairman of MicroStrategy and a staunch advocate for Bitcoin, has proposed a controversial idea: the burning of private keys upon an individual’s death.
He argues that this practice would enhance Bitcoin’s scarcity, ultimately benefiting the global community of Bitcoin holders by increasing the value of the remaining supply.
In a recent interview, Saylor likened this concept to Bitcoin’s halving process, where mining rewards are reduced every four years to control the influx of new coins. By permanently removing access to Bitcoins tied to burned keys, the circulating supply would diminish, thereby increasing scarcity—a core principle of Bitcoin’s value proposition.
Saylor emphasizes that there will only ever be 21 million Bitcoins, making it a deflationary asset. Currently, over 94% of Bitcoins have been mined, with only about 1 million remaining.
He believes that by encouraging individuals to destroy their Bitcoin keys upon death, a legacy would be created for future holders, further enhancing the asset’s value.
The proposal has sparked a heated debate within the crypto community. Supporters view it as a bold move to reinforce Bitcoin’s deflationary nature, while critics remain skeptical.
Saylor’s vision extends beyond mere asset preservation; he sees Bitcoin as a means to create a more inclusive and stable global economy. He hopes to be remembered as a pivotal figure in Bitcoin’s evolution, bridging its early days with its mainstream acceptance in commerce and governance.
