Market Michael Saylor’s Bitcoin Thesis: Money Or Commodity? 2025
Bitcoin advocates have been divided over Michael Saylor’s updated BTC thesis, leaving question marks over how the Strategy CEO views the cryptocurrency.
Satoshi Nakamoto’s Bitcoin white paper envisioned a “peer-to-peer electronic cash system,” but Bitcoin’s biggest proponent seems to have an entirely different view of its purpose.
Strategy executive chairman Michael Saylor, whose company has been buying Bitcoin aggressively for nearly five years since adopting a Bitcoin (BTC) treasury strategy, presented what many described as plans for a “Bitcoin central bank” during his keynote speech at Bitcoin MENA.
Economist Saifedean Ammous, well-known in Bitcoin circles for penning The Bitcoin Standard, was also a notable figure attending the conference in Abu Dhabi. Ammous and Saylor are understood to converse regularly, with Saylor having written the foreword of Ammous’ most famous book.
Speaking on Cointelegraph’s Chain Reaction show, Ammous acknowledged that Saylor does not view Bitcoin as money through the same lens as other Bitcoin proponents.
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.
Saylor has used various existing corporate finance mechanisms to allow investors to gain exposure to Bitcoin.
The company’s Class A Common Stock (MSTR) allows investors to buy shares in Strategy, which acts as a leveraged play on the price of Bitcoin, as the company’s primary strategy is to accumulate BTC.
Strategy has also raised billions of dollars through offerings of convertible senior notes, a type of debt that can be converted into equity at a future date, to buy more Bitcoin. His most recent innovations saw the issuance of several classes of perpetual preferred stock (STRK, STRF, STRD, STRC) to institutional investors.
Source: CoinTelegraph
