Store Of Value vs Payment System
One of the debates that has raged inside and outside of the Bitcoin community since I got involved back in 2012 is whether Bitcoin was a store of value vs a means of payment.
When I first started buying and owning Bitcoin, I would use it as a means of payment all the time.
I would whip out my phone and send Bitcoin to people instead of paying cash.
This was a Bitcoin t-shirt I bought in the summer of 2013:
At today’s prices, that t-shirt cost me $830. I love that t-shirt.
This was a payment I made that same summer for a golf caddie:
And this was a gift I made to the Bitcoin foundation in the spring of 2013:
That gift is almost $700k at today’s prices.
I share these three transactions with all of you to make a point.
And that point is that you can’t keep spending something that goes up as much as Bitcoin has.
So I don’t spend Bitcoin anymore.
I hold it.
It’s a store of value now.
That much is clear.