Following recent comments by Michael Saylor about Bitcoin, new debates have emerged regarding the suitability of its use as a payment method.
Escalation of Debate within the Crypto Community
The situation in the Bitcoin community has intensified following Michael Saylor's remarks advising to pay for pizza with dollars rather than spending Bitcoin. Such a statement has raised numerous questions and criticism, especially after the restaurant chain Steak 'n Shake added Bitcoin payment options, instantly converting them to dollars. 'What’s the point of paying in Bitcoins if they don’t keep them in reserve?' is a common question among commentators.
Four Facets of Bitcoin
Bitcoin can be viewed through four main perspectives: as a store of value, a payment tool, a symbol of freedom, and as an ally in energy management. Bitcoin represents the first financial technology product in history with a fixed supply, making it unique.
Bitcoin vs. Fiat Currencies
Some experts, like Saifedean Ammous, believe that Bitcoin will eventually replace national currencies. However, Michael Saylor rejects this viewpoint, stating that credit is an integral part of complex economies and that Bitcoin should not aim to replace the fiat system. According to him, the economy requires the flexibility that fiat currency provides.
The discussion on whether using Bitcoin as a payment method should become the norm remains pertinent. Is Bitcoin merely a store of value, or does it have the potential for broader application? As of now, the answer to this question remains open.
