The case for and against Bitcoin
The 12 chapters tell the story of why some people think Bitcoin fixes money. This page is separate, for parents, teachers and anyone who wants both sides in one place. Each card gives the best argument on each side, and says who makes it. This site leans on Michael Saylor's case for Bitcoin, so read the critics here too. You decide.
A fixed amount
👍 Supporters say
Only 21 million bitcoin will ever exist. The computers that run Bitcoin reject anything that breaks the rules, so no government or bank can make more. Supporters say that protects savers from new money weakening what they hold.
👎 Critics say
A fixed amount is not a fixed price. Bitcoin's price has dropped by half or more several times, including in 2018, 2022 and from late 2025, so savers can still lose a lot.
Source: bitcoin.org FAQ (21 million; nodes reject rule-breaking pages) · Wikipedia: Bitcoin (price falls in 2018 and 2022) · Blockchain.com: daily bitcoin price data (the 2018, 2022 and 2025-26 falls)
Rising prices
👍 Supporters say
Supporters say that when more money is created, everyday prices tend to rise over time, so cash savings slowly buy less. They see a money with a fixed amount as a way out.
👎 Critics say
The Bank of England aims for 2% inflation a year on purpose, because it worries that falling prices could cost jobs. Economists also point out that new money is only one cause of rising prices: shocks like energy crises move them too. Some economists argue a fixed-amount money could make prices fall. That is an argument, not a proven fact.
Source: Bank of England: inflation and the 2% target · Wikipedia: Inflation (causes, including supply shocks)
Who creates money
👍 Supporters say
Fact (Bank of England): most money today is created by commercial banks when they make loans. Supporters of Bitcoin say that gives banks and governments a power ordinary people don't have.
👎 Critics say
Every loan also creates a debt that must be paid back, and paying it back destroys the money again. The Bank of England says banks cannot create money without limit: they are held back by profit, safety rules and the interest rate the central bank sets. It describes this as a regulated system.
Source: Bank of England (2014): Money creation in the modern economy
Energy
👍 Supporters say
Supporters say the electricity that mining uses is what makes cheating too expensive, so the energy is the security, not a waste. Michael Saylor also argues that miners can soak up spare power that would otherwise go unused.
👎 Critics say
Critics say mining uses a lot of electricity. A 2025 Cambridge study (not peer reviewed) put it at about 0.5% of the world's, and about half of that power came from fossil fuels. The machines also wear out quickly, which makes electronic waste.
Source: Wikipedia: Bitcoin (mining, the Cambridge estimate, electronic waste) · Bitcoin developer guide: block chain (cost of changing an old block)
Owning it yourself
👍 Supporters say
If you hold your own recovery words, no third party stands between you and your bitcoin, so nobody can freeze it or take it without them. Supporters see that as real ownership.
👎 Critics say
If you lose the words, the coins are gone for good, and a payment can't be undone. If a company holds your bitcoin instead, that company can fail or freeze your money. Bitcoin's own website says to treat it as a high-risk asset.
Source: bitcoin.org FAQ (payments are irreversible; lost bitcoins stay dormant forever) · bitcoin.org: you need to know (high-risk asset; never keep money you can't afford to lose)
Sending money
👍 Supporters say
You can send bitcoin anywhere in the world at any time, with no bank holidays and no borders. A new page is added about every 10 minutes. Harvard economist Kenneth Rogoff, who says it is rarely used in shops, still calls it "the ideal currency for a more fragmented and uncertain global landscape".
👎 Critics say
Critics say Bitcoin is rarely used for everyday shopping. Prices are not usually quoted in bitcoin, so people must change it back into local money. Common complaints are high costs, no chargebacks, price swings and slow payments, especially for small purchases.
Source: bitcoin.org FAQ (send anywhere; about every 10 minutes) · Wikipedia: Bitcoin (use for payments; Rogoff)
What gives it its worth
👍 Supporters say
Supporters say a money does not need to pay income to be worth something: gold pays none either. What counts, they say, is that it is scarce, lasts and many people accept it. In 2024 Federal Reserve Chair Jerome Powell said bitcoin competes with gold, not with the dollar.
👎 Critics say
Critics point out that bitcoin pays no interest or dividends, so its price rests on what the next buyer will pay. Several Nobel-winning economists, including Paul Krugman and Joseph Stiglitz, have called it a bubble. Jean Tirole said in 2024 that its intrinsic value is zero, though some bubbles, like gold, last a long time. Powell called it a highly volatile speculative asset, not used as a form of payment.
Source: Wikipedia: Bitcoin (economists' views, Powell, Tirole)
Who owns it
👍 Supporters say
Anyone, anywhere, can buy a small piece, because one bitcoin splits into 8 decimal places. Nobody in charge can change the rules for some people and not others. Supporters say that is fairer than a system run by a few banks.
👎 Critics say
Ownership is very uneven. Wikipedia reports that, as of 2021, 0.01% held 27% of all bitcoin in circulation. Early owners are in effect first in line, the same effect chapter 6 describes for new money. Michael Saylor, whose ideas this site uses, is executive chairman of Strategy, a company that holds bitcoin, so he has a stake in its price.
Source: Wikipedia: Bitcoin (concentration of ownership) · Wikipedia: Michael J. Saylor (bitcoin advocate; executive chairman of Strategy) · bitcoin.org FAQ (8 decimal places; nobody owns the network)
Paying the guards later
👍 Supporters say
The prize for miners halves every 210,000 pages, about every four years, on a timetable anyone can read. The last bitcoin is expected around 2140, and after that miners will earn only from transaction fees. Supporters expect fees to grow as more people use Bitcoin.
👎 Critics say
Critics ask who will pay for security later. The prize halves again and again, so over time miners depend more on fees. Whether fees alone will keep cheating too costly is an open question. Nobody knows yet.
Source: Wikipedia: Bitcoin (halving every 210,000 blocks; fees after the last coin)
A country that tried it
👍 Supporters say
Supporters point to El Salvador as a real test. From 2021 it made bitcoin legal tender next to the US dollar, and by March 2025 its government held about $550 million of bitcoin in its reserves.
👎 Critics say
Critics point to how it went. The IMF urged El Salvador to reverse the decision in 2022, and that year 80% of businesses still refused to accept bitcoin. In 2025 the government ended the duty to accept it, to meet conditions for an IMF loan.
Source: Wikipedia: Bitcoin (El Salvador, legal tender, the IMF)
This is learning, not financial advice. Never put in money you can't afford to lose, and never share your recovery words.