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.

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