BIS economist Iñaki Aldasoro argues that bitcoin cannot serve as everyday money without the credit structures and public backstops that support fiat money. Strategy co-founder Michael Saylor also sees bitcoin as capital rather than a currency for everyday payments, but advocates building private credit products on top of it.
Saylor has proposed a dollar-pegged payment product combining bitcoin-backed credit with fiat cash equivalents. Strategy already sells yield-paying preferred stock, but that product is not collateralized by its bitcoin; its dividends come from the company. Aldasoro favors public backstops for credit, while Saylor says shareholders would absorb volatility in Strategy’s approach.
