Bitcoin no longer plays gold’s game
Bitcoin is evolving from digital gold to productive capital as BTC now earns native yield, while holders maintain custody and decentralization.
Opinion by: Armando Aguilar, head of capital formation and growth at TeraHash
Bitcoin was treated as a purely inert asset for years: a decentralized vault, economically passive despite its fixed issuance schedule. Yet more than $7 billion worth of Bitcoin (BTC) already earns native, onchain yield via major protocols — that premise is breaking down.
Gold’s ~$23-trillion market cap mostly sits idle. Bitcoin, by contrast, now earns onchain, while holders keep custody. As new layers unlock returns, Bitcoin crosses a structural threshold: from merely passive to productively scarce.
