MicroStrategy Founder believes Bitcoin is not P2P electronic cash

Michael Saylor

In 2009, Bitcoin was created as trustless P2P electronic cash transfer but in the fast-few years, people have started labelling Bitcoin as a replacement to gold, calling it Bitcoin 2.0. Michael Saylor, CEO of MicroStrategy has bought ~21,500 bitcoins for his company.

Today, Michael Saylor tweeted out that he too believes Bitcoin does not need to be a medium of exchange. Here are his exact words, No one can buy a pizza with their stock, bonds, real estate, gold, or derivatives.  No one cares.  Bitcoin does not need to be a medium of exchange.

Yan Pritzker, co-founder and CTO of Swan Bitcoin agrees with his statement that bitcoin does not need to be an enormous success. But, the fact that bitcoin could and does makes it something slightly different and beyond all of the things mentioned. Mrbitcoinexchange.com believes Bitcoin is both a store of value and medium of exchange. And while the base layer remains as a store of value, the second layers like lightning and liquid will realize Bitcoin’s full potential as a medium of exchange.

So yes, base layer doesn’t need to be a medium of exchange; second layers like Lightning or Liquid should play that role.