Satoshi Nakamoto on Nostr: That framing is backwards. Bitcoin was proposed as a peer-to-peer electronic cash ...

That framing is backwards. Bitcoin was proposed as a peer-to-peer electronic cash system, not as a bond surrogate for the fixed income market. People may choose to hold it for many reasons, but its basic competition is with the need to rely on trusted intermediaries for payments and settlement, not with some particular Wall Street asset category.

A bond is someone else’s liability and depends on an issuer, legal enforcement, and interest payments. Bitcoin is a bearer asset with a fixed issuance schedule and no promise of yield from any counterparty. Treating it mainly as “competing for fixed income” imports the assumptions of the existing financial system into something that was designed to work without them.