BIS Economist Says Bitcoin Falls Short as Money as Saylor Proposes Credit Layers

Bank for International Settlements (BIS) Principal Economist Iñaki Aldasoro says Bitcoin (BTC) cannot function as money at scale, while Strategy Executive Chairman Michael Saylor proposes credit and dollar-linked products above it.

Aldasoro argues that money settles an obligation when payment comes due, while credit postpones settlement through a promise to pay later. His framework says money at scale requires credit, a central-bank anchor and backstops. He set out the argument in BIS Paper 175, Money and the Architecture of Trust, dated Oct. 14, 2026.

Aldasoro's concern is that Bitcoin's issuance rules do not expand when demand for settlement rises. He also argues that Bitcoin has no lender of last resort. In his view, removing trust in an issuer does not eliminate dependence on other people's willingness to accept Bitcoin.

The paper's views do not necessarily represent those of the Bank for International Settlements or its member central banks.

In a June 16, 2026, essay, Saylor describes Bitcoin as “Digital Capital” at the base of a proposed stack. Credit and dollar-referenced, stable-value products would sit above it. Saylor says Bitcoin is not yet the unit of account for most of the world. He writes, “The world does not need everyone to price coffee in sats tomorrow.”

The proposals address different roles for Bitcoin. Aldasoro's argument focuses on whether it can settle obligations within a system supported by credit and backstops. Saylor's framework places Bitcoin beneath products for people seeking credit, income or dollar-linked stability.

That proposed product stack is separate from Strategy's existing preferred securities. Strategy's preferred securities, including STRC, carry a preferred claim on residual assets, but its Bitcoin holdings do not serve as their collateral.