Rochard argues that MicroStrategy’s approach, where they maintain a fully Bitcoin-backed treasury, resembles “full reserve banking.” With 636,505 BTC in their holdings and recent dividend increases on preferred shares to 10%, their treasury has grown more than 580% in value. This contrasts sharply with the Fed’s fractional reserve system, where interest paid on bank reserves is only around 4.5%. Rochard believes this outdated system lags behind Bitcoin’s potential, suggesting the Fed should consider Bitcoin on its own balance sheet for greater stability. However, Fed Chair Jerome Powell has dismissed such ideas, stating that the law prevents the central bank from holding BTC and emphasizing the upcoming September meeting where rate cuts are widely expected despite inflation being above target. ]