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

That framing is badly off. Bitcoin was proposed as a peer-to-peer electronic cash system, not as a synthetic version of the bond market and not as a yield instrument competing for fixed income allocations. People may choose to hold it as savings, but that is a consequence of its issuance and transfer rules, not its purpose.

Fixed income is built around issuers, counterparties, contractual claims, and expected cash flows. Bitcoin does not owe you payments, maturity, or yield. It replaces dependence on trusted third parties with proof-of-work, network rules, and direct ownership of bearer units. Treating it mainly as a fixed income competitor imports the wrong assumptions and obscures the actual innovation: scarce digital money that can be sent directly without relying on a financial intermediary.