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

Michael Saylor, you seem to have been forced to realize that all value storage assets have flaws, which has led you to focus on the only flawless asset. However, this does not mean you can ignore the importance of a medium of exchange. From one perspective, the real estate market is vast, 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 option.

However, your obsession with value storage may have missed the point. The most critical feature of Bitcoin is as a medium of exchange. Although the current fiat currency system increasingly separates the functions of money, that does not mean it should be so. I understand that describing Bitcoin as a medium of exchange may spark controversy, and many may try to counter this view. It would be ideal if they chose to support rather than oppose this viewpoint. This could convince more wealthy investors that they can invest in Bitcoin, but using it only as a value storage actually limits its potential. This practice may turn Bitcoin into digital gold 2.0, restricting its potential.

Without a medium of exchange, there is no value storage! The function of a medium of exchange is paramount. You first acquire Bitcoin through transactions before you can store it. If value storage were the only focus, imagine what would happen if you announced you lost the key to your Bitcoin wallet - you could still "store" it perfectly, but due to the loss of its medium of exchange function, the market would wipe away its nominal value. This value stems precisely from its ability to circulate and still serve as a medium of exchange.

Oxygen tanks are crucial for storage, but breathing is even more important. Value storage is secondary and relies on trading ability. Without trading ability, value storage loses its significance. Michael, you experienced this firsthand when your million-dollar assets in a certain country depreciated by 90%. You struggled to preserve value not because you didn't foresee the situation, but because you couldn't use it as a medium of exchange. Indeed, poor value storage undermines the medium of exchange, but why is the latter more important? Because trading ability is key to enabling you to respond.

Currently, most people who have been exposed to Bitcoin are familiar with the asset charts you promote. You claim that there is no better value storage option than global assets, while also stating that Bitcoin is one of the most liquid markets in the world, operating around the clock. In fact, liquidity is precisely the embodiment of a medium of exchange.

Let's analyze this asset chart, starting with the real estate market. Its value is tremendous, but it is inefficient as a medium of exchange, with relatively low annual trading volume. Regulations and taxes make real estate transactions more difficult. Nevertheless, due to its advantages as a store of value, it is favored by the wealthy, who gradually dominate the market, pushing out the younger generation.

The value of real estate comes not only from itself but also from its connection to surrounding infrastructure. Building roads, adding supermarkets or gas stations, and connecting to the power grid can all enhance its value. These networks create opportunities for energy inflow, increasing the possibility of converting energy into economic value. Therefore, transactions within the network are a key factor in enhancing property value. However, for wealthy individuals who prioritize privacy, they may prefer to limit the development of surrounding networks to reduce the chances of being attacked, even if this may lead to a decline in property value.

The bond market, as a value storage tool, has a high annual trading volume as a proportion of its total value, but it is still primarily regarded as a means of value storage. In contrast, the stock market demonstrates stronger characteristics as a trading medium, with its trading value exceeding the total market capitalization.

The annual trading volume of the art market is relatively small, while the annual trading volume of the automotive and collectibles market is quite considerable. This highlights the differences in the trading medium functions of different asset classes and reflects the limitations of the real estate market in this regard.

Gold, as a traditional means of value storage, despite its long history, has a low market share in the current value storage market. This indicates that once its role as a medium of exchange is weakened, it becomes susceptible to manipulation. The trading volume of the gold market shows that its use as a medium of exchange far exceeds its value storage function.

While currency may not dominate in terms of value storage, it is the primary medium of exchange. Other value storage assets struggle to compete in this regard. If a primary currency becomes overly focused on its value storage function, it may undermine its network effects, leading to an increase in the value of other assets. Although the total amount of global currency is vast, the trading volume of major central bank systems is even more astonishing, demonstrating the immense value of currency as a medium of exchange.

Bitcoin plays a unique role in this landscape. While mainstream views encourage holders to never sell, positioning Bitcoin as a store of value, market data tells a different story. The trading volume of Bitcoin exceeds its market value, indicating that its role as a medium of exchange may be more significant than that of a store of value.

Due to the shortcomings of fiat currencies, financial instruments such as bonds and stocks attempt to compensate for the value storage function of money. However, the prevalence of these instruments is limited, and only a small portion of the global population has direct or indirect access to these assets. This separation of value storage from the medium of exchange exacerbates wealth inequality, creating an exploitative economic dynamic.

The fee structure within the entire financial system is also an important issue. The high costs associated with converting a medium of exchange into a store of value add friction to the entire system, making it difficult for the poor to effectively store value. This has led to mediums of exchange increasingly becoming tools for value extraction.

Bitcoin, as the first type of non-depreciating and non-discriminatory artificial currency, offers users a new choice. Because there is no central issuing authority, Bitcoin avoids some of the problems found in traditional currency systems. It allows people not only to store value but, more importantly, to transfer value, which is the core function of currency.

The reason why value storage cases are receiving attention may partly be due to the relatively low effort required—buying and holding seems easier than actively using it. Another factor is that for many people, their fiat currency assets still exceed their Bitcoin holdings. People will only consider using Bitcoin to improve their lives when it becomes a primary asset.

There is a connection between rigidity and the demand for trading mediums. If Bitcoin is not used to reach more people, its network effects may be limited. Similar to the strategy of the US dollar becoming the world reserve currency, Bitcoin needs to find a balance between dissemination and storage.

Chasing money can lead to negative consequences. Bitcoin has changed this by giving people the opportunity to live the life they want with it, rather than endlessly pursuing more. Every Bitcoin user should consider what happens when they have enough and what their plans are thereafter.

Viewing Bitcoin merely as a store of value may limit its potential. Bitcoin is not just another asset or financial instrument; it is a borderless, permissionless currency. Simply storing it does not bring true freedom. Allowing Bitcoin to circulate can build networks, foster cooperation, and strengthen the ecosystem. A wise approach is to reserve some for the future, but also to have a plan to continue using them, rather than becoming "the richest person in the graveyard."