Saylor is one of the world’s most well-known Bitcoin holders and proponents. In 2020, his company made Bitcoin the main asset in its treasury and has been consistently obtaining BTC ever since. According to bitcointreasuries. net, Saylor’s MicroStrategy owns 214,246 BTC. values around $15 billion, making it one of the largest holders in the world.
For Saylor, there is a desire to better perceive the nature and primary purpose of Bitcoin. “People call it currency or virtual currency, and it’s an unfortunate ancient artifact. It is not a virtual currency. It’s a virtual property,” Saylor explained. in an interview with CNBC in early March.
With that in mind, Saylor argued that the compelling use case for this generation is “capital preservation,” so for invoices it doesn’t make much sense to him. He compared owning bitcoins to owning real estate and argued that no one complains about not being able to spend a fraction of their buildings.
“The medium of exchange is worth a trillion dollars, the store price is worth a hundred trillion dollars. . . the medium of exchange is a distraction (. . . ) Bitcoin competes with gold,” he said.
But by being touted as an electronic payment formula and expanded over the years as a global network of borderless banknotes, declared legal tender in El Salvador and used for virtual and genuine commerce, this new interpretation presented through Saylor is expected to garner a favorable reception. Negative reaction of the Bitcoin network on social networks such as X.
For example, Francis Pouliot, CEO of Canadian exchange BullBitcoin, posted a lengthy reaction stating that Bitcoin is “the most productive medium of exchange the world has ever seen. “Pouliot explained how many other people use it to make banknotes around the world and how his company has helped them. “Wall Street games and fiduciary shenanigans are a distraction,” he said, referring to Saylor’s comments.
“Almost all transactions will be conducted using Bitcoin as a medium of exchange and unit of account. These invoices will be executed using a variety of payment methods, involving varying degrees of acceptance and authorization. Large invoices will most likely be made on-chain, while smaller bills will be issued through non-custodial ‘layer 2’ payment protocols, such as the Lightning Network, custodial asset protocols such as Liquid Network or Fedimint, or employing undeniable custodial ‘Bitcoin bank accounts’,” he detailed in more detail to Me. about the future of Bitcoin invoices via X direct messages.
Saylor’s comments sparked a debate about the nature of Bitcoin, but also showed how this narrative shift is part of the new situation of holders who are part of the Bitcoin market.
In the beginning, they were more commonly cypherpunks, technologists, and geeks and their interest in having virtual money. The new wave of investors is more like Saylor: established entrepreneurs locating their own use case for BTC, in this case capital preservation. it doesn’t necessarily align with the known narratives about Bitcoin and why it exists.