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 that lets online payments move directly without relying on financial intermediaries, not as a synthetic version of the bond market or a claim on fixed-income flows. It does not produce coupons, dividends, or contractual yield, so treating it as “competing for fixed income” confuses a bearer asset with credit instruments.

People may compare it to many markets for portfolio reasons, but that is not the basis of its design or value. The relevant competition is with trusted third-party payment systems, inflationary currencies, and any monetary system that depends on central control over issuance and settlement. If you start from fixed income, you miss the main point: a scarce digital asset secured by proof-of-work, with rules participants can verify for themselves, and payments that can be made directly from one party to another.