During a recent keynote speech at Bitcoin MENA in Abu Dhabi, Michael Saylor, executive chairman of Strategy, articulated a vision for Bitcoin that diverges significantly from its original concept as a “peer-to-peer electronic cash system.” Instead, Saylor proposed what many interpreted as a “Bitcoin central bank” model. This viewpoint has sparked discussions within the cryptocurrency community given Saylor’s prominent role in advocating for Bitcoin through strategic treasury purchases over the past five years.
Accompanying Saylor at the conference was noted Bitcoin economist Saifedean Ammous, renowned for his influential book, The Bitcoin Standard. The two are known to frequently collaborate, with Saylor even contributing a foreword to Ammous’ publication. In a conversation on Cointelegraph’s Chain Reaction show, Ammous remarked that Saylor does not consider Bitcoin in the conventional sense of currency, but rather as a hard asset similar to crude oil. He elaborated, stating, “I don’t think he sees Bitcoin as money. He’s been very clear about that. He sees Bitcoin more as an asset.”
Saylor’s approach is reflective of a broader strategy he has employed to maximize investor exposure to Bitcoin. His company offers a Class A Common Stock (MSTR), allowing investors to indirectly participate in Bitcoin’s price movements. By utilizing various corporate finance mechanisms, Strategy has raised billions through offerings of convertible senior notes. This innovative funding model supports ongoing Bitcoin acquisitions; as of mid-December, the company had accumulated 671,268 Bitcoin. Recent financing efforts also included the issuance of multiple classes of perpetual preferred stock to institutional investors.
Despite Saylor’s perspective, Ammous remains steadfast in his belief that Bitcoin retains its foundational role as money. “I think of Bitcoin as being the asset itself. And I think people just need to hold Bitcoin,” Ammous stated. He suggested that the ongoing rise in global monetary supply, which increases by 7%-15% annually, implies a perpetual demand for Bitcoin as a stable alternative.
Ammous emphasized the connection between Bitcoin and financial stability, posing that individuals and businesses will increasingly need to acquire Bitcoin as a robust capital asset in order to access favorable debt terms. He predicted that this dynamic would lead to a growing trend where larger cash reserves are held in Bitcoin, ultimately reinforcing its status as a monetary unit.
As Ammous steps into an advisory role with the Africa Bitcoin Corporation, he highlights a commitment to advancing Bitcoin’s adoption within retail environments and fostering unique circular economies, particularly in South Africa. His engagement with ABC signals a proactive approach to promoting Bitcoin’s utility in everyday transactions, further echoing the ongoing dialogue about its evolving role in the global financial landscape.
