Capital is an abstract concept. Gold is a representation of capital. So is the US Dollar, so is MSTR stock and so is Bitcoin. All just representations of the abstraction.

The question is which representation is the best one to use for any given use case. And the answer changes depending on circumstances and time.

Just because Satoshi did not use the word "Capital" in his whitepaper or in communications with others doesn't mean that Bitcoin is not capital. Terminology does not make something what it is, function does.

Capital is the abstration behind Money, and Money has all properties: Store of Value, Medium of Exchange, Unit of Account. Words get in the way here, they don't help.

Saylor is a businessman, in the United States. Of course he is going to talk about money in terms of the US Dollar. That's not a surprise, it's just the default.

I agree with you that anything tied to the value of the US Dollar is going to go to zero against Bitcoin. USDC, USDT, anything related. No question.

But that doesn't mean that the USD and stablecoins are not representations of capital that we can or should use. It means that if we set our default to BTC, we will be building. If that default is set to USD, we will be sinking.

I'd rather build than sink.