Saylor Redefines Bitcoin as Infrastructure to Preserve Capital
Michael Saylor, Executive Chairman of Strategy, has reignited debate about the nature of money with his essay 'What Is Money?' published on August 15.
In it, he argues that Bitcoin transcends its status as a speculative asset and is instead an infrastructure designed to preserve and transfer capital. This vision contrasts with algorithmic scarcity, fiat currency, and gold, which Saylor believes are inferior to Bitcoin in preserving value over time.
Saylor points out the weaknesses of these alternative assets: gold suffers from ongoing costs related to transport, security, and custody, while fiat currencies expose savers' purchasing power to governments and financial institutions. He sees Bitcoin's digital scarcity and transport features as engineered characteristics designed to reduce 'monetary entropy', which he defines as the erosion of value over time.