๐ค Michael Saylor doesnโt believe $BTC is digital money
Heโs said it on stage, in podcasts, on X, and repeated it for months. Strategy (formerly MicroStratgy) founder Michael Saylor doesnโt believe bitcoin (BTC) is digital money.
Digital money, a new phrase that joins his dozens of other invented terms, doesnโt seem to exist yet to any meaningful degree, in Saylorโs opinion.
Despite millennia of gold money, centuries of paper money, decades of fiat money, and years of digital fiat money โ not to mention BTCโs 17 year historyโ humanity is still waiting for digital money.
BTC isnโt digital money but merely โthe basis of digital money,โ Saylor explained recently.
Unlike BTC, which Saylor defines as digital capital, digital money will apparently derive from BTC-collateralized digital credit.
Digital credit, in turn, is apparently Strategyโs Stretch (STRC) and similar products.
Strategy tries to keep STRC trading at a $100 price peg while paying a generous dividend of double or triple the average money market rate. He wants investment banks to buy a lot of it.
According to Saylor, BTC is capital, not money. BTC capitalizes Strategyโs credit creation which can then mix with fiat and other bank reserves to collateralize digital money.
Saylor has repeatedly cited this idea as not his own, but rather coming from the early Bitcoin community. Namely, that reference is almost certainly Hal Finney.
๐ธ Saylor hearkens back to Hal Finneyโs BTC banks
Indeed, Finney believed as early as 2009, โI see BTC as ultimately becoming a reserve currency for banks, playing much the same role as gold did in the early days of banking. Banks could issue digital cash with greater anonymity and lighter weight, more efficient transactions.โ
Saylor agrees. โStrategy transforms digital capital (BTC) into digital credit,โ Saylor emblazoned on a slide at his latest conference speech in Abu Dhabi.
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