Saylor takes a different path to a similar conclusion. His view is that Bitcoin is not money, but “digital property.”

What Saylor is suggesting is that we fundamentally reorient our view such that the dollar, and local fiats in general, are no longer an enemy. They’re not even in the same industry.

Saylor smartly identifies this as the path of least resistance. Why make enemies of the banks, national governments, and corporations if we don’t have to? Each of them, for their own reasons, has a major attachment to their domestic fiat currency. If we view Bitcoin as digital property rather than digital money, all of a sudden we’re out of conflict with these actors and we still win the same prize.

Carter isn’t being bearish, he’s being a realist. Due to Bitcoin’s very inelastic supply, it will likely never become a suitable unit of account. It will always spike and dive, and no one wants their groceries to go up 30% next week, even if they may go down 50% the next.