The fundamental aim of Bitcoin is to eliminate the need for traditional financial systems, rather than reinstate them.
When I heard Michael Saylor, the Executive Chairman of Strategy, express his desire to see $200 trillion in credit based on Bitcoin once its market cap reaches $100 trillion at the recent Bitcoin Treasuries Unconference, it made me feel quite uncomfortable.
BREAKING: Michael Saylor states that if Bitcoin achieves a $100 trillion valuation, there could be an additional $200 trillion in credit established upon it.
Bitcoin is just beginning
pic.twitter.com/SbgH9gW7fb
— Bitcoin Archive (@BTC_Archive) September 17, 2025
This morning, when Coinbase CEO Brian Armstrong echoed a similar sentiment, I began to feel that we are straying from our original purpose.
COINBASE CEO JUST ANNOUNCED LIVE ON CNBC THAT A CAPITAL AND CREDIT MARKET WORTH $100 TRILLION CAN BE RECONSTRUCTED ON #BITCOIN AND CRYPTO
WE’RE “REVAMPING THE FINANCIAL SYSTEM” pic.twitter.com/AmUGAEkeo7
— Vivek Sen (@Vivek4real_) September 18, 2025
For those unfamiliar with the inception of Bitcoin, it emerged as a response to the financial crisis between 2007 and 2009—a period marked by excessive leverage and over-financialization.
I don’t envision Satoshi Nakamoto coding Bitcoin with thoughts like “How can I create another asset for us to financialize and repeat past mistakes?” Instead, what seems more plausible is that Satoshi aimed to introduce “A new type of currency that retains value over time so individuals can depend less on conventional financial products.”
I’m uncertain whether we will ever experience a future entirely dominated by hyperbitcoinization where no other currencies exist. However, I suspect that the envisioned debt levels of $100 to $200 trillion proposed by both Saylor and Armstrong would likely involve various other currencies. In such cases, bitcoin may have been reduced merely to “digital capital,” which diverges from my vision for its role. (To be fair though; it could serve as both digital capital and money simultaneously.)
I envision something akin to bitcoin circular economies—global communities utilizing bitcoin as their primary currency. I’ve visited several such communities and observed their profound positive effects on members’ lives.
A significant number within these groups have never had access to bank accounts or participated in broader digital finance systems; thus they are often ineligible for credit applications. Yet through bitcoin they can save money and establish small businesses using those savings.
This illustrates one of Bitcoin’s core strengths: It empowers individuals overlooked by traditional finance while protecting those who do have access from falling into debt traps.
A completely definancialized future may not be achievable—and that’s perfectly acceptable. Acknowledging this reality is one thing; however imagining a finance system built around bitcoin before achieving widespread adoption as intended by Satoshi feels premature at best.
It would be wonderful if leading figures within this industry focused on realizing the initial vision behind bitcoin before suggesting its integration into outdated corrupt systems merely as another form of collateral.
This article first appeared on Bitcoin Magazine written by Frank Corva under the title “Let’s Not Create $200 Trillion in Credit on Top of Bitcoin.”