Satoshi Nakamoto’s Bitcoin whitepaper envisioned the future of Bitcoin. “peer-to-peer electronic cash system,” Bitcoin’s largest proponent appears to have a totally different view on the purpose of Bitcoin.
Michael Saylor presented what some described as plans to a “Bitcoin central bank” During the keynote speech of Bitcoin MENA, he spoke about his experiences as a Bitcoin enthusiast.
Saifedean Ammous was also present at the Abu Dhabi conference. He is well known in Bitcoin circles as a writer of The Bitcoin Standard. Ammous, Saylor and others are known to speak regularly. Saylor wrote the foreword in Ammous’s most famous book.
Ammous, speaking on Cointelegraph’s Chain Reaction Show, acknowledged that Saylor did not see Bitcoin through the same lenses as other Bitcoin supporters.
Related: Saylor pitches Bitcoin-backed banking system to nation-states
“I don’t think he sees Bitcoin as money. He’s been very clear about that. He sees Bitcoin more as an asset. One of the great metaphors he uses is that Bitcoin is like crude oil in that it is a hard asset,” Ammous said.
“Just like Standard Oil refined crude oil into standard forms of consumer oil like kerosene or gasoline, he sees Strategy’s role as refining crude Bitcoin into different forms of financial assets that allow people access to them.”
Saylor uses existing corporate financing mechanisms to expose investors to Bitcoin.
Investors can buy Class A Common Stocks (MSTR), which are a leveraged bet on Bitcoin’s price, since the primary goal of the company is to collect BTC.
The company has raised millions of dollars by issuing convertible senior notes. These are a form of debt which can be turned into equity in the future to purchase more Bitcoin. He has issued several types of perpetual preferred stock to institutions (STRK, STRF STRD STRC).
Strategy has been implemented as of December 15, 2015. accumulated 671,268 Bitcoin.
Bitcoins are still currency
Saifedean claims that Strategy’s Bitcoin gamebook does not change Bitcoin’s financial properties.
“I can see the logic behind it. Ultimately, it’s an academic issue. It doesn’t have much of real-world relevance,” Saifedean pronounced.
“In theory, I think of Bitcoin itself as the money. I think of it as being the asset itself. And I think people just need to hold Bitcoin. And I think in the long run, people are going to hold Bitcoin. Now, as long as the fiat money printer exists, there will be all kinds of fiat games that can and will be played.”
Related: Hard money vs. privacy? Saifedean Ammous questions crypto’s privacy push
Saifedean claimed that annual global money supply rises by between 7%-15% and the system encourages debt.
“There’s an enormous world that is used to getting into financial debt for all kinds of purposes. You’re going to see that increase. As Bitcoin grows, you’re going to be seeing these kinds of financial fiat tools and products being deployed on Bitcoin.”
What does this mean in reality? In short, both businesses and consumers will be required to use Bitcoin as an exemplary capital in order to get access to affordable debt.
“Ultimately, all of that has to be built on a foundation of buying Bitcoin. One way or the other, that just means more and more people buy Bitcoin and the size of cash balances in Bitcoin increases. And in my mind, that inevitably means that Bitcoin becomes the money itself.”
Ammous appeared on Chain Reaction following the announcement by Africa Bitcoin Corporation that the economist was to advise the company.
Stafford Masie (ABC’s President) said Ammous’ primary motivation in advising ABC stemmed from the adoption of Bitcoin by retail outlets and the circular economies unique to South Africa.
Related: Why Bitcoin’s popular narratives don’t match the data: James Check on 2026
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Source: cointelegraph.com
