Bitcoin’s Future as Currency

The ETFs miss the point, though. Bitcoin is not an asset to hold; it is a currency to use. Bitcoin doesn’t have a price, it has an exchange rate. The future of bitcoin is not that of an asset sitting in an ETF or buried in one’s backyard in a hardware wallet. Currencies are meant to transact.

***

For this future to exist, though, companies and institutions have to be built within the Bitcoin economy. Meanwhile has built one of the first: a fully-fledged, regulated life insurance company denominated in bitcoin. We conduct all our business in bitcoin. We are regulated by the Bermuda Monetary Authority, which lets us operate on a modified accounting basis with bitcoin as the unit of currency.

We operate a life insurance company like any other. But instead of being in a currency with depreciating purchasing power — like dollars, euros, yen, Swiss francs, or pound sterling — our currency is bitcoin, which is appreciating as a store-of-value.

That means that our company truly operates on the Bitcoin Standard. We state our balance sheet and income statement entirely in bitcoin. Our policyholders pay their premiums in bitcoin, and we make guarantees and promises in bitcoin – agreeing to pay all claims out to beneficiaries entirely in bitcoin….

Source: Bitcoin’s Future as Currency