Okay, money IS a form of property. The process of a thing becoming the dominant money begins with it becoming a store of value, then it becomes a medium of exchange, & then a unit of account. This is happening in different stages for different people all the time. For the majority of people bitcoin is still just a store of value, but the best store of value, (without major obstacles to exchange) will generally become the means of exchange & then unit of account. There are already many of us who are using it as a means of exchange & unit of account because it is a better form of money than dollars, which is a pretty good sign that others will too.
I don’t know if a good money is the best form of property and I don’t think anyone can know this for sure (context matters and changes). But to circle back to my point, Saylor recently said #Bitcoin is not a medium of exchange meaning it’s not money (although Saylor also said many times that Bitcoin is money). I somewhat agree with Saylor on this with the nuance that #BTC is a medium of exchange but not a competitive one. https://x.com/squawkcnbc/status/1767205014307565691
Discussion
I don’t think the medium of exchange and store of value properties related to each others. They can happen in any order or stands on their own. Personally, I don’t see a path for #Bitcoin to become a global medium of exchange hence, I think what Saylor says makes sense but I would rather prefer to see Bitcoin influencers wanted to see Bitcoin evolving towards this use case rather than discounting it like it doesn’t matter. It’s almost like Saylor wants to rewrite but Bitcoin’s history.
saylor is wallst thug
Medium of exchange is not something that can stand on its own. The dollar HAD to be bootstrapped with gold & with sound monetary policy, without that it never would have become a dominant MoE. The dollar's current lack of sound monetary policy, its inability to store value, is the reason it is falling out of favor as the global MoE. Bitcoin's value & ease of use on secondary layers basically makes global MoE status a very likely probability. Economic laws just aren't negotiable things. In the long run it doesn't really matter what govts or any of the gate keepers want, capitulation is inevitable.
I disagree, most fiat currencies have never been backed by gold and they are well adopted as a medium of exchange. #Bitcoin promise was to combine good hard money properties with those of the medium of exchange. It’s great on the former but hasn’t delivered on the latter. By the way this issue is true for all #crypto so far.
Well, if you start issuing tokens & you lock people in a building & require them to pay you tokens to get out, people may trade the tokens. But most things that have served as a MoE with any significance either had value or utility themselves or they were fiat tokens that could be converted to & from dollars or some other thing of value. The convertibility is generally the key to establishing a network & to getting people invested so that the value they are storing in a particular MoE can be harvisted. The entire fiat scam depends on people treating the tokens as a store of value in some form or fashion. Same with shitcoins that promise to be the next big thing. And it's ridiculous to say that shitcoins or even the fiat in most tiny countries qualify as a MoE but bitcoin doesn't when many billions of dollars in bitcoin trade hands every day. I use bitcoin as a MoE all the time. I have never used shitcoins as a MoE nor most fiat currencies.