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.

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