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<p>According to <a href="https://cointelegraph.com/news/michael-saylor-bitcoin-thesis-money-commodity?ref=btcpeers.com" rel="noopener noreferrer nofollow">Cointelegraph</a>, Strategy executive chairman Michael Saylor presented his Bitcoin thesis at the Bitcoin MENA conference in Abu Dhabi. Saylor described Bitcoin as a hard asset rather than money. He compared Bitcoin to crude oil that requires refinement into different financial products.</p>
<p>Economist Saifedean Ammous attended the same conference and discussed Saylor's position on Cointelegraph's Chain Reaction show. Ammous stated that Saylor does not view Bitcoin through the same lens as other Bitcoin advocates. The economist explained that Saylor sees Strategy's role as refining Bitcoin into various financial assets.</p>
<p>Strategy has accumulated 671,268 Bitcoin as of December 15, according to company records. The firm uses multiple financial mechanisms including convertible senior notes and perpetual preferred stock. <a href="https://bitcoinmagazine.com/featured/strategy-now-owns-3-2-of-btc-supply?ref=btcpeers.com" rel="noopener noreferrer nofollow">Bitcoin Magazine</a> reports that Strategy now owns 3.2% of Bitcoin's total supply.</p>
<h2 id="financial-products-enable-wider-bitcoin-access">Financial Products Enable Wider Bitcoin Access</h2>
<p>Saylor's approach allows investors to gain Bitcoin exposure through traditional corporate finance tools. Strategy's Class A Common Stock functions as a leveraged play on Bitcoin price movements. The company has issued several classes of perpetual preferred stock to institutional investors.</p>
<p>The average purchase price for Strategy's Bitcoin holdings stands at approximately $75,000 per Bitcoin. Total acquisition costs reached $50 billion with current Bitcoin net asset value at $60 billion. Strategy has made 90 separate Bitcoin acquisitions since the third quarter of 2020.</p>
<p>We reported that <a href="https://btcpeers.com/15-us-states-move-forward-with-plans-for-bitcoin-reserves/" rel="noopener noreferrer nofollow">15 US states moved forward with plans for Bitcoin reserves</a> in early 2025. Pennsylvania led the initiative by introducing the first state-level Bitcoin reserve bill in November 2024. States including Arizona, Florida, Texas, and Wyoming have pursued similar legislation.</p>
<h2 id="bitcoin-monetary-properties-remain-unchanged-despite-different-applications">Bitcoin Monetary Properties Remain Unchanged Despite Different Applications</h2>
<p>Ammous maintains that Saylor's financial strategy does not alter Bitcoin's fundamental monetary properties. The economist considers the debate an academic issue with limited real-world relevance. Ammous believes Bitcoin will ultimately become money itself as more people hold it directly.</p>
<p>Global monetary supply increases by 7% to 15% annually according to Ammous. The current system incentivizes debt use across businesses and individuals. Ammous argues that entities will need to acquire Bitcoin as capital to access affordable debt.</p>
<p>Strategy's holdings exceed the next largest corporate holder by 12 times. The company's approach has attracted institutional investors including Norway's central bank investment division. Norges Bank Investment Management now holds Strategy shares worth $500 million as of the second half of 2024.</p>

Michael Saylor Frames Bitcoin As Hard Asset Rather Than Money At Bitcoin MENA Conference

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