Is Bitcoin a currency or an asset? The theoretical debate between Saylor and Ammous

Source: BlockMedia Original Title: Sailor vs Saifeddine “Is Bitcoin a Currency or an Asset” Debate Intensifies Original Link: https://www.blockmedia.co.kr/archives/1022726

Clash of Perspectives

Bitcoin’s creator, Satoshi Nakamoto, defined Bitcoin as “electronic money” in the white paper, but MicroStrategy Chairman Michael Saylor has offered a new interpretation—defining Bitcoin as an “asset.” Saylor’s theory contrasts with the traditional view of Bitcoin as a currency, sparking widespread discussion in the industry.

Saylor advocates: “Bitcoin is like unrefined crude oil— a hard asset, while MicroStrategy’s role is to ‘refine’ it into financial assets.”

Concept of a New Financial System

At the “Bitcoin MENA” conference in Abu Dhabi, Saylor proposed a new financial system based on Bitcoin. Some attendees described it as a “Bitcoin central bank concept.”

Saifeddine, author of “The Bitcoin Standard” and economist, commented on Saylor’s view: “Saylor sees Bitcoin as an asset rather than a currency; he uses crude oil as a metaphor for Bitcoin.” He further explained: “Just as Standard Oil refined crude oil into consumer products like kerosene and gasoline, Saylor enhances investment accessibility by converting Bitcoin into various financial products.”

MicroStrategy’s Bitcoin Strategy

Over the past five years, MicroStrategy has made Bitcoin the core of its financial strategy. Through its stock (MSTR), it provides investors with an indirect Bitcoin investment tool. Saylor has raised funds for Bitcoin purchases using various financial instruments such as convertible bonds and preferred stock issuance, and recently issued multiple perpetual preferred stocks (STRK, STRF, STRD, STRC, etc.) to institutional investors.

As of the 15th, MicroStrategy holds 671,268 Bitcoins. Saylor interprets this as proof that “companies can design various financial products collateralized by Bitcoin.”

The Essence of the Debate

However, Saifeddine emphasizes that Saylor’s view does not change the essence of Bitcoin. In an interview, he stated: “Saylor’s approach is logically understandable, but Bitcoin remains a currency.” He added: “Ultimately, people will hold Bitcoin, and that is the role of money.”

Saifeddine pointed out that the global money supply grows by 7-15% annually, reinforcing a debt-driven economic structure. He predicts: “As Bitcoin grows, these ‘fiat currency-style financial products’ will be restructured based on Bitcoin.” He believes that “Bitcoin will eventually become the base currency of capital.”

He further elaborated: “Businesses and individuals need to hold Bitcoin to access low-cost credit. This process will naturally merge with the expansion of Bitcoin circulation, ultimately making Bitcoin a ‘reserve asset.’”