Saylor: Bitcoin is digital capital, not a payment method
- —BIS paper dated Oct. 14 says bitcoin lacks banks, deposit insurance and a lender of last resort
- —Saylor proposes a private credit layer: equities, bonds and dollar-indexed products tied to BTC
- —The dispute is over who guarantees stability: central banks or private issuers
- —The 2022 collapses of Celsius, BlockFi and FTX showed the risks of crypto-backed credit
Why it matters: The debate will shape whether bitcoin becomes a reserve asset with a credit superstructure or stays a speculative instrument.
Source: Cointribune
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