Give Saylor credit. He put Bitcoin at the top of his "monetary spectrum" and called it digital capital. He is right about that part. Here is the step he will not take. Everything to the right of pure Bitcoin on that chart is a layer of someone else's promise. Digital credit is money you are owed. Digital money is money someone issues. Digital currency is money you rent. Only the first rung is actually yours. That is not a ladder of stability. It is a ladder of counterparty risk. And this is Wall Street doing exactly what Wall Street was always going to do with Bitcoin. Wrap it, tranche it, stack layers on top until they've built something else that behaves like the system Bitcoin was built to escape. None of those layers are Bitcoin. They are the middleman, reintroduced with a ticker symbol. Bitcoin is still the one thing you can hold without asking anyone. Their spectrum sells that back to you one permission slip at a time.