Tech • IA • Crypto
Multiple Paths, One Asset: Spend, Borrow, or Hodl? | Bitcoin 2026
8/10TL;DR
The role of Bitcoin as a means of payment is at the center of debate, between everyday use and store of value.
KEY POINTS
A central definition of money
Money is defined as a market good that is not consumed, used solely to store and transfer value. In this sense, Bitcoin appears as a “pure” form of money, unusable for other physical purposes. Its essential functions are limited to saving and exchange, two pillars that shape its adoption.
Uneven usage across regions
In many emerging countries, Bitcoin is indeed used for everyday payments. In contrast, in Western economies, it is still mostly seen as a store of value. This gap is explained in part by local economic dynamics and by Gresham’s law, which encourages spending the currency considered less reliable.
The challenge of large-scale payments
Turning Bitcoin into a global payment method remains a long-term effort. The main obstacle is no longer technological but behavioral. Consumers remain attached to bank cards, attracted by perks like rewards or cashback, funded by high fees imposed on merchants, often between 3% and 5%.
The fintech push
Companies like Block, Cash App, and Square are deploying solutions to democratize Bitcoin payments. The integration of QR codes, the Lightning Network, and contactless payments aims to make the experience as seamless as Apple Pay. Some systems even allow users to pay in dollars while settling merchants in Bitcoin, removing tax frictions.
A fast-growing hybrid model
The use of fiat balances to pay via Bitcoin infrastructure is growing rapidly. This system avoids taxable events while benefiting from the network. It paves the way for mass adoption, especially among the 55 million monthly users of Cash App who do not yet use Bitcoin.
A challenge to traditional networks
Bitcoin is presented as an open alternative to closed networks like Visa and Mastercard, accused of forming a duopoly and imposing their terms. The goal is to create an interoperable system that fosters competition between wallets and reduces costs for merchants.
A matter of financial freedom
Beyond technology, Bitcoin represents resistance to increasing surveillance and control of payments. In a context marked by the rise of artificial intelligence and widespread traceability, preserving a peer-to-peer payment system is seen as essential for individual freedoms.
The key role of credit and capital
The development of credit backed by Bitcoin remains limited by financial market realities. Despite the quality of the collateral, rates are still influenced by alternative yields, such as government bonds around 3.5% to 4.5%. Access to cheaper financing will depend on Bitcoin’s gradual integration into traditional institutions.
CONCLUSION
Between technological innovation, user inertia, and political stakes, Bitcoin is slowly progressing toward its ambition of becoming a universal currency, with payments as the next major challenge to overcome.