The true value of Bitcoin lies in its circulation, not in hoarding.

Michael Saylor, you have been forced to realize that all value storage assets have flaws, which has made you focus on the only perfect asset. However, this does not mean that you overlook the importance of a medium of exchange. From one perspective, the real estate market is vast, but from another perspective, it can be intimidating. If you are under pressure to maintain the purchasing power of billions of dollars, real estate is indeed a good option.

However, your obsession with value storage may be somewhat off the mark. The biggest advantage of Bitcoin lies in its function as a medium of exchange. Although the current fiat currency system is increasingly inclined to separate the various functions of money, this does not mean it should be so. Positioning Bitcoin as a medium of exchange may provoke controversy, and many might attempt to thwart this trend. It would be much better if they chose to join rather than resist. This might convince more wealthy individuals that they can invest in Bitcoin, but merely using it as a value store is, in fact, an attack on Bitcoin. This approach could reduce Bitcoin to digital gold 2.0, leading to a predicament.

There is no value storage without a medium of exchange! The medium of exchange is paramount. You first conduct transactions before you can store Bitcoin. If value storage were the key, imagine the situation of announcing the loss of a Bitcoin wallet private key—you could still "store" it perfectly, but due to the loss of the medium of exchange functionality, the market would erase its fictitious legal value. The value of Bitcoin lies precisely in its continued ability to be used as a medium of exchange.

Oxygen tanks are crucial for storage, but breathing is even more important. Value storage is secondary and relies on trading ability. Without trading ability, value storage is meaningless. Michael, when your million-dollar assets in Argentina shrink by 90%, you experience this firsthand. You struggle to preserve value not because you did not foresee this situation, but because you cannot use it as a medium of exchange. Indeed, poor value storage can undermine the medium of exchange, but why is the latter more important? Because trading ability is key to your ability to react.

So far, most people who have been exposed to Bitcoin are familiar with the chart you promote. You claim that there is no better idea than a quality value store of over $90 trillion, and then immediately call Bitcoin one of the most liquid markets in the world, operating around the clock. Guess what? Liquidity means a medium of exchange.

Let's analyze this chart, starting with the real estate market. Its value is $330 trillion, but it performs poorly as a medium of exchange, with an annual transaction volume of only $1.3 trillion. Regulations and taxes make real estate transactions more difficult. Nevertheless, due to its advantages as a store of value, billionaires favor it, increasingly dominating the market and excluding the younger generation.

The value of real estate comes not only from the property itself but also from its connection to surrounding infrastructure. Building a road to it increases its value. Adding a supermarket or gas station, or connecting it to the power grid, will raise its value again. The network creates opportunities for energy to flow into the area, increasing the possibility of converting energy into economic value. Therefore, transactions that occur in the network are factors that enhance the value of the property. But from another perspective: if you are a billionaire and everyone covets your resources, you may not want a large network built around your house. You would prioritize privacy. The house may depreciate, but the goal would shift to increasing the cost for others to access you, thereby reducing the chances of being attacked.

The bond market, as a means of value storage, is valued at 300 trillion USD, with an annual trading volume of 140 trillion USD and new bond issuance reaching 25 trillion USD. This means that the value used as a medium of exchange accounts for about 50% of its total value each year. From this perspective, it has an advantage over real estate, but data still indicates that people mainly use it as a means of value storage.

The stock market is valued at $115 trillion, with a trading volume of about $175 trillion. This indicates that their advantages as a medium of exchange surpass their role as a store of value. Taking a well-known tech company's stock as an example, you understand it better than anyone else. How much value did it store last year, and how much value was traded through it?

The annual transaction volume in the art industry is very small, even difficult to display on a chart. Meanwhile, the transaction volume in the automotive and collectibles sectors approaches $4 trillion per year. This highlights that they are primarily viewed as a means of value storage, but it also reveals the poor performance of the real estate market as a medium of exchange - even worse than the automotive market.

Gold enthusiasts are eager to claim that gold has existed for over 5,000 years, calling it the ultimate store of value. However, it only accounts for 1.78% of the value storage market. This indicates that once its role as a medium of exchange is stripped away, it becomes susceptible to manipulation. Gold has a value of $16 trillion, but its proponents claim it can store $120 trillion in funds. They are eager for huge returns, but the market does not agree, believing that flawed fiat currencies are more valuable than shiny, lifeless metals. So, is gold a better medium of exchange? Its annual trading volume is $54 trillion, and driven by derivatives, its usage as a medium of exchange is 3.5 times that of its role as a store of value.

Currency may not dominate as a store of value, but it is by far the leading medium of exchange. Other value-storing assets cannot even compare to it. What would happen if the dollar (the top currency) became a means of storing value? It would destroy the dollar network, and as non-US asset networks emerge to meet demand, the value of non-US assets would rise. Over time, their value-storing assets would increase, while dollar assets would plummet. The total global currency amount is around $120 trillion, but look at the transaction volumes of top central banks: certain central bank payment systems process transactions worth hundreds of trillions of dollars each year. Therefore, while the store of value is $120 trillion, the medium of exchange utility of these networks is more than 20 times that, about $2.5 trillion. What would the medium of exchange value be if we include 2 billion unbanked people? How many transactions would that trigger? What would happen if microtransactions became possible?

What position does Bitcoin hold among all these? The mainstream narrative urges holders never to sell, positioning Bitcoin as a store of value. However, the market tells a different story. In 2024, Bitcoin's market capitalization reached $2 trillion, with the value of transactions on its blockchain hitting $3.4 trillion. Considering the Lightning Network (even though its exact numbers remain elusive), the total could be close to $4 trillion. This indicates that Bitcoin's role as a medium of exchange is twice that of its store of value function. So, what happens if the long-standing "HODL forever" promotional narrative begins to fade?

Due to the flaws of fiat currency, bonds and stocks have become financial "instruments" of counterfeit currency. This has created a market that prevents most people from protecting their wealth, further splitting the value storage function of currency. But how inclusive are these instruments? Or are they merely tools that siphon value from fiat mediums of exchange, directing it into the hands of privileged individuals, billionaires, and others who need to hoard?

Globally, only 10-20% of people have access to bonds, primarily through pensions or investment funds indirectly, rather than directly. For stocks, 15-25% of the population can access them. This means that up to 80% of humanity lacks these tools to protect themselves, making them vulnerable to exploitation. Separating value storage from the medium of exchange creates a dynamic of exploiters and the exploited. This amplifies the "Cantillon Effect": those who can print the medium of exchange purchase value storage assets, marginalizing 80% or more of the population. This is a feedback loop that weakens the system and widens the gap between the rich and the poor. The more money is printed, the weaker the value storage function of the currency becomes.

Another very important part of the entire system is the fees. Sending funds through the banking system incurs charges, which is a service, but when you want to convert from a medium of exchange to a store of value, the fees are higher. This creates significant friction throughout the system and makes it difficult for the poor to store their value. At this point, the medium of exchange increasingly becomes a medium of extraction rather than a medium of exchange. This is also why the store of value cases are more attractive in the fiat system.

Bitcoin is the first artificial currency that does not corrode like a melting ice cube and does not discriminate. It is the money of those who choose it. Since there is no printer, no one wants to exchange it for a "better" value storage—there is no second best. Even those without Bitcoin can use it to shape the life they want. They no longer chase money to store something, but instead build anything that can enrich their lives on the foundation of Bitcoin.

The most important idea is not to store value, but to transfer value. But to transfer value, you first need to store some. Again, to store some, someone needs to transfer some in your way first. This is why the wealthy prefer assets that do not dissipate like melting ice. At the same time, those just starting their careers focus more on gaining value rather than storing something they do not yet have.

Why is the value storage case attracting so much attention? One reason may be the effort involved. With value storage, you can buy and hold - there is no need to do any work to improve your life. With a medium of exchange, you must work to increase your savings and convince others to pay for your goods or services with Bitcoin. Another factor: for most people, their fiat portfolio still outweighs their Bitcoin portfolio. Only when Bitcoin exceeds their fiat holdings will they consider using it to improve their lives. This shift is not difficult for the majority of the world's population who lack savings or assets. This may explain why the current system refuses to let them exit, but instead pushes dependency by offering Bitcoin custody - exchanging one dependency for another.

Even rigidity is related to the demand for more trading mediums. You strongly support rigidity, but if Bitcoin is not used to reach more people, you are delaying it. Unlike you, some countries understand that to make their currency a world reserve currency, they must distribute it widely to lock in the network effect. They believe the network is key to rigidity, and since the cost of printing and sharing bills is very low, it can easily take effect. For Bitcoin, its absolute scarcity requires a balance between the quantity of dissemination and storage. However, this does not mean you should not spend a dime.

The metaphor of storing fat in the body is key to long-term survival. True, but it overlooks the need for a steady food income to sustain life before fat can be stored. Without income, there is nothing to store — so trading comes first. However, for someone who is not worried about hunger, the focus shifts to storing food to prevent spoilage. I have emphasized this point to highlight your bias toward value storage, which distorts your judgment and misleads others.

At this stage of my Bitcoin journey, I am certain of this: chasing money will corrupt you. Bitcoin has changed that—it prevents you from endlessly pursuing money and allows you to live the life you want with it. What happens when you have enough of what you want? Then what? With Bitcoin, it is entirely possible, and every Bitcoin user should be prepared with an answer to this situation. However, chasing money is a bottomless pit that you cannot fill. An old saying goes that greed is the root of all evil. I agree, but how does it work? What is the mechanism? Chasing money—making it the top priority and relegating other things to secondary status—is a mechanism.

You are not establishing the Bitcoin standard.