Michael Saylor, in his essay “What is Money?,” argues that Bitcoin (BTC) is a superior form of money compared to gold and fiat currency. He defines money as stored economic value from labor, time, and intelligence, and contends that good money must resist “monetary entropy” caused by inflation, taxes, and confiscation. Saylor claims Bitcoin combines gold’s durability and scarcity with fiat’s digital transferability, while avoiding government interference. He calls Bitcoin “digital monetary energy” and “the engineering solution to the problem of money.” Despite Bitcoin’s current price of about $63,000—roughly 50% below its $126,080 all-time high—Saylor’s thesis rests on long-term scarcity, not short-term stability.
Michael Saylor has published an essay, “What is Money?,” arguing that Bitcoin is a better form of money than gold and fiat currency. He contends that money is economic value stored from labor, time, and intelligence, and that good money must maintain value over time and cross borders easily.
Saylor describes inflation, taxes, fees, restrictions, and confiscation as “monetary entropy.” He contrasts gold, which is durable and scarce but physically difficult to move and store, with fiat money, which is easy to transfer digitally but vulnerable to government policy changes, freezes, and inflation.
Saylor argues that Bitcoin combines the strengths of both while reducing their weaknesses. It is digital, making storage and transfer easier than gold, and its supply is governed by a public protocol, not a government. As he said, “Bitcoin is digital gold, but it is more useful to understand it as digital monetary energy.”
He concluded, “Bitcoin is the engineering solution to the problem of money.” Saylor’s argument is based on long-term scarcity, not current price stability. Bitcoin is about 50% below its 2025 all-time high of $126,080, trading near $63,000 at press time.
BTC’s fixed maximum supply of 21 million underpins this long-term scarcity thesis. However, its ability to maintain purchasing power over 100 years remains untested, as Bitcoin was introduced in 2009. The current price emphasizes the gap between Saylor’s monetary thesis and short-term price stability.
This coincides with his firm, Strategy, changing its ‘never sell Bitcoin’ strategy to selling 6,916 BTC in 2026 alone. Saylor also criticized the concept of BIP-110. Despite these moves, Strategy still holds the highest Bitcoin DAT with 840,447 BTC.
