BIS Paper Shows Meme-Level Grasp of Bitcoin, But Agrees With Saylor on Key Point

A BIS paper argues that Bitcoin’s fixed supply and lack of a central issuer make it structurally different from conventional money, but it questions whether those features support a stable monetary system. Its treatment of Bitcoin drew criticism for an apparent misunderstanding of how the network works. The paper nonetheless aligns with Michael Saylor on a key point: Bitcoin’s supply cap is central to its appeal as a scarce asset. This reinforces Bitcoin’s store-of-value narrative even as its broader monetary role remains contested.