Parker Lewis, author of *Gradually, Then Suddenly*, says Bitcoin could eventually settle 100% of global payments as mounting debt puts increasing pressure on the traditional credit system. Speaking with Grace Remington and Sean Hagan, Lewis described payments as the most important part of Bitcoin’s long-term role and argued that merchant adoption could accelerate because it avoids card fees and chargebacks.
From banking stress to payments
According to Bitcoin Magazine, Lewis said the collapse of Silicon Valley Bank in 2023 changed his view of Bitcoin’s priorities. He moved away from focusing mainly on custody and toward payments, arguing that Bitcoin’s role is incomplete if it cannot close the loop between holding value and transferring it.
Lewis also rejected the idea that Bitcoin should primarily be viewed as “digital capital.” In his view, Bitcoin already functions as money, while payments give the asset a direct use in everyday economic activity. He argued that merchants have a financial incentive to use Bitcoin payment systems because traditional card transactions can involve fees of about 3% and expose businesses to chargebacks.
The discussion included the Lightning Network, which is designed to support payments away from Bitcoin’s main blockchain, as well as the capacity required to handle substantially greater transaction volumes. Lewis said the system should be built with the next 10-fold increase in usage in mind.
Debt pressure and the credit system
A central part of Lewis’s argument is the size and structure of global debt. He contrasted the current $107 trillion debt stack with $52 trillion in 2007, presenting the increase as evidence of growing pressure on the credit system.
Lewis said the Federal Reserve and the U.S. Treasury have “lost control” of the long end of the yield curve. He pointed to mortgage rates above 7% and corporate refinancing costs of 9% to 10% as visible signs of that strain. He also discussed what he described as a break-the-glass plan associated with former Treasury Secretary Henry Paulson, and argued that money printing is the only way out of the system’s difficulties.
The discussion did not present these views as official policy. Bitcoin Magazine’s accompanying disclaimer said the opinions belong to the participants and should not be treated as investment, legal, tax or accounting advice.
Concerns about Bitcoin treasury companies
Lewis also questioned whether Bitcoin treasury companies and perpetual preferred securities are aligned with the interests of their investors. He described perpetual preferreds as a form of currency swap and referred to a $1.5 trillion figure in explaining the scale of the issue.
His broader argument is that buying Bitcoin through a treasury company does not itself create value. Instead, he sees payment utility and merchant adoption as more important to Bitcoin’s economic role. Under his long-term view, if Bitcoin were used to settle all global payments, its price measured in dollars would eventually become less relevant because the asset’s function as a payment system would matter more than its exchange rate.
Current Bitcoin market picture
Moneyiar market data at 08:28 on October 24, 2026, showed Bitcoin at $80,688.26, down 1.23% over 24 hours and 1.14% over seven days. Rain was $0.008109, down 5.10% in 24 hours and 9.08% over seven days. RedStone stood at $0.148865, up 5.81% and 4.29%, respectively, while Ark traded at $0.210596, up 9.30% over 24 hours and 18.45% over seven days.
