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

Michael Saylor, you recognize that all value storage assets have flaws, which has led you to focus on the only asset that has no flaws. However, this does not mean you are immune to the circumstances of a medium of exchange. From one perspective, the real estate market is massive, but from another perspective, it is concerning. If you are under pressure to maintain billions of dollars in purchasing power, housing is indeed a good tool.

Your obsession with value storage completely misses the point. The most important aspect of Bitcoin is its role as a medium of exchange. While the current monetary system increasingly tends to separate various functions of currency, that does not mean it should be. Viewing Bitcoin merely as a value storage tool actually undermines it. This approach could downgrade it to digital gold 2.0, losing its true potential.

Without a medium of exchange, there is no value storage! The medium of exchange is paramount. You must receive the transaction first before you can store Bitcoin. If value storage is core, imagine the situation of announcing the loss of a Bitcoin private key – you can still "store" it perfectly, but without the functionality of a medium of exchange, the market will wipe away its surface legal value. The value of Bitcoin lies precisely in its ability to circulate and serve as a medium of exchange.

Value storage is secondary and relies on transaction capability. Without transaction capability, value storage is meaningless. You experienced this firsthand when your million-dollar assets in Argentina were diluted by 90%. You struggle to preserve value, not due to a lack of foresight, but because you cannot use it as a medium of exchange. Indeed, poor value storage undermines the medium of exchange, but why is the latter more important? Because transaction capability is key to your ability to respond.

Currently, most people who have encountered Bitcoin are familiar with the chart you promoted. You claimed that there is no better idea than a clean value store of $9 trillion, and then stated that Bitcoin is one of the most liquid markets in the world. In fact, 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 difficult. Nevertheless, because it is much better as a store of value, the wealthy favor it and gradually dominate the market, squeezing out the younger generation.

The value of a house comes not only from the house itself but also from its connection to surrounding infrastructure. Building roads, adding commercial facilities, or connecting to the power grid can enhance its value. The network creates opportunities for energy inflow, increasing the possibility of converting energy into economic value. Therefore, transactions within the network are a key factor in increasing the value of a house.

The bond market, as a means of value storage, has a value of 300 trillion dollars, with an annual trading volume of 140 trillion dollars and new bond issuances reaching 25 trillion dollars. This means that its value as a medium of exchange accounts for about 50% of the total value each year. From this perspective, it is superior to 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 dollars, with a trading volume of approximately 175 trillion dollars. This indicates that their function as a medium of exchange surpasses that of a store of value.

The annual transaction volume in the art industry is quite small, while the automotive and collectibles industries have an annual transaction volume close to $4 trillion. This highlights that they are primarily viewed as a means of value storage, while also revealing the poor performance of the real estate market as a medium of exchange.

The gold market has a size of 16 trillion USD, with an annual trading volume of 54 trillion USD. Driven by derivatives, its use as a trading medium is 3.5 times that of its role as a store of value.

Currency may not dominate in terms of asset value storage, but it is the leading medium of exchange so far. The total global currency amount is approximately $120 trillion, but the trading volumes of top central banks far exceed this figure: Fedwire is about $1,182 trillion, TARGET2 is about $765 trillion, CHAPS is about $145 trillion, and others (partially) are about $500 trillion.

What is the position of Bitcoin in this pattern? The mainstream view encourages holders to never sell, positioning Bitcoin as a means of value storage. However, the market tells a different story. In 2024, Bitcoin's market value reached $2 trillion, while the value of transactions on its blockchain reached $3.4 trillion. Considering the impact of the Lightning Network, the total could approach $4 trillion. This indicates that Bitcoin's role as a medium of exchange is twice that of its value storage function.

Due to the flaws of fiat currency, bonds and stocks have become alternative financial "instruments". This has created a market that hinders most people from protecting their wealth, further splitting the value storage function of currency. But how inclusive are these instruments? Or do they merely extract value from the legal medium of exchange and direct it into the hands of the privileged class?

Globally, only 10-20% of people have access to bonds, primarily through pensions or indirectly through investment funds. For stocks, 15-25% of the population can access them. This means that at least 75% of humanity cannot use these tools to protect themselves, making them vulnerable to exploitation. Separating value storage from means of exchange creates a dynamic of exploiters and the exploited, amplifying the "Cantillon Effect."

Bitcoin is the first artificial currency that does not devalue like melting ice and does not discriminate. It is the currency of those who choose it. Since there is no "printing press", no one wants to exchange it for a "better" store of value. Even those without Bitcoin can use it to shape the life they want.

The most important thing is not storing value, but transferring value. To transfer value, you first need to store some. Similarly, to store value, someone needs to transfer some to you first. This is why the wealthy prefer assets that do not dissipate like melting ice. At the same time, those who are just starting their careers focus more on acquiring 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 lesser effort involved. With value storage, you can buy and hold without the need to do extra work to improve your life. In contrast, a medium of exchange requires you to work hard to increase savings and persuade others to pay for goods or services with Bitcoin. Another factor is that, for most people, their fiat investment portfolio still outweighs their Bitcoin investment. They will only consider using it to improve their lives when Bitcoin surpasses their fiat holdings.

Even Bitcoin's "rigidity" is related to the demand for more transaction media. If Bitcoin is not used to reach more people, supporting rigidity is actually hindering its development. The United States understands that in order for the dollar to become the world reserve currency, they must distribute it widely to lock in the network effect. For Bitcoin, its absolute scarcity requires a balance between the quantity of dissemination and storage.

Chasing money can corrupt a person. Bitcoin has changed that - it prevents you from endlessly pursuing money and lets you live the life you want with it. What happens when you have enough of what you want? This is a question every Bitcoin user should be ready to answer.

In the end, Bitcoin is not just another asset or financial instrument—it is a borderless, permissionless currency. Treating it otherwise diminishes its true value. Simply storing it will not bring freedom. Allowing Bitcoin to flow can build networks, promote cooperation, co-create a better future, and strengthen the ecosystem. Save some for the future, but don’t become the richest person in the graveyard—leave them as a plan for continued use.