Bitcoin is both—but at different stages in its monetization.

Right now, it's primarily seen as a store of value, like digital gold. Why? Because the world is still anchored to fiat pricing. People instinctively want more dollars—not sats—so they hold, not spend.
But that’s not the endgame.

Over time, as more people understand that fiat is melting and Bitcoin’s purchasing power is rising, it naturally transitions into a medium of exchange. This is already happening in places like El Salvador, parts of Africa, and among people who earn in Bitcoin.

So here’s the progression:

Stage 1: Collectible (speculation)
Stage 2: Store of value (HODLing)
Stage 3: Medium of exchange (spending)
Stage 4: Unit of account (pricing)

We're mostly in Stage 2, heading toward Stage 3. But make no mistake—Bitcoin becomes money over time. Not because it forces its use, but because everything else breaks.