"It's not digital currency. It's digital property.... The compelling use case is capital preservation for everyone in the world.... Medium of exchange is only worth a trillion dollars. Store of value is worth a hundred trillion dollars. #Bitcoin is going to embraced as property. It doesn't have to be a currency. Nobody's trying to buy a cup of coffee with a fraction of their building on 5th Avenue.... But every rich person I know owns property in London or New York City or somewhere, and none of them complain about not being able to spend their building as a medium of exchange. The killer application is capital preservation for everybody. The store of value is the killer use case. Medium of exchange is a distraction."

- nostr:npub15dqlghlewk84wz3pkqqvzl2w2w36f97g89ljds8x6c094nlu02vqjllm5m

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Discussion

Bitcoin really is a journey.

When the exchanges run out of sats, MOE will be the only escape hatch for the middle and working class.

Bitcoin is so excellent as a SoV in part bc it is a low-friction MoE as well. Global 24/7 transferability of the monetary unit is a critical piece of the value prop.

Gold is a high friction MoE and 99% of it just sits in vaults. The metal is static and largely so is the price.

My concern with this “digital property” classification is that it can then be taxed as other real property is. It is not difficult to imagine a property tax on digital property at the state or federal level, as opposed to the city or county level.

It would be much better to classify bitcoin as a “digital commodity” nostr:npub15dqlghlewk84wz3pkqqvzl2w2w36f97g89ljds8x6c094nlu02vqjllm5m

Wise words indeed.

Eventually Bitcoin will become a medium of exchange but not on the base layer. The fees to move BTC in the future will be sooo much higher than they are now.