Michael Saylor’s Bitcoin thesis: money or commodity?
Michael Saylor, executive chairman of Strategy, views Bitcoin primarily as a hard asset rather than as a medium of exchange. Saylor’s strategy centers on accumulating Bitcoin and offering financial products—such as company stock and preferred shares—that provide investors exposure to Bitcoin’s price movements, effectively positioning Strategy as a Bitcoin-focused financial institution. He likens Bitcoin to crude oil, with his company acting as a refiner that turns it into accessible financial assets. Economist Saifedean Ammous, author of *The Bitcoin Standard*, recognizes this perspective but maintains that Bitcoin fundamentally serves as money and that its monetary properties remain unchanged, regardless of how corporate actors choose to interact with it. Ammous argues that as global fiat systems incentivize debt and expand the money supply, more fiat-based financial tools will leverage Bitcoin. Ultimately, he believes increasing demand for Bitcoin will solidify its role as money, with individuals and businesses accumulating Bitcoin as capital and stores of value. Ammous recently began advising the Africa Bitcoin Corporation, driven by rising Bitcoin adoption in South Africa’s retail sector.
