Opinion of: Armando Aguilar, Chief of Training and Capital Growth in Terahash
Bitcoin was treated as a purely inert asset for years: a decentralized, economically passive vault despite its fixed emission schedule. However, more than $ 7 billion in Bitcoin (BTC) already wins the native chain yield through important protocols, that premise is being broken down.
Market capitalization of ~ $ 23 million gold is mostly inactive. Bitcoin, on the contrary, now wins Ochain, while the headlines maintain custody. As the new layers unlock, Bitcoin crosses a structural threshold: from simply passive to productively scarce.
That change is redefining in silence how they risk capital prices, how institutions assign reserves and how portfolio theory represents security. The shortage can explain the stability of prices. Even so, productivity explains why miners, treasure bonds and funds are now parking assets in BTC instead of just building it.
A vault asset that wins yield is no longer digital gold: it is a productive capital.
The shortage is important, but the rules of productivity
Bitcoin’s economic DNA has not changed: the supply remains limited to 21 million, the broadcast schedule is transparent and no central authority can inflate or censor it. Scarcity, auditability and manipulation resistance always distinguish Bitcoin, but in 2025, these differentiating and unique factors began to mean something else.
As the emission rate is blocked, even when the new protocol layers allow BTC to generate yields of the chain, Bitcoin is now gaining ground for what it will enable. A new set of tools gives holders the ability to obtain real performance without giving up custody, trusting centralized platforms and altering the base protocol. Leaves the central mechanics of Bitcoin, but changes the way capital is involved with the asset.
We are already seeing that effect on practice. Bitcoin is the only cryptographic asset that is officially celebrated in sovereign reserves: El Salvador continues to assign BTC in his national treasure, and an executive order of the United States of 2025 recognized Bitcoin as a strategic reserve asset for critical infrastructure. Meanwhile, the funds quoted in the stock market (ETF) now have more than 1.26 million BTC, more than 6% of the total supply.
Related: US Bitcoin Reserve. UU. Vs. Gold and Petroleum Reserves: How are they compared?
Also on the mining side, public miners no longer rush. On the other hand, a growth participation assigns BTC to betting strategies and synthetic performance to improve long -term yields.
It is becoming evident that the original value proposal has subtly evolved in the design but deeply in effect. What was once reliable in Bitcoin now also makes it powerful: an once passive asset is becoming an active performance producer. This feels the foundations of what comes next: a native performance curve that is formed around Bitcoin, not to mention the assets linked to Bitcoin.
Bitcoin wins without giving up control
Until recently, the idea of getting a return of cryptography seemed out of reach. In the case of Bitcoin, it was difficult to find a non -custodial performance, at least without compromising its neutrality of the base layer. But that assumption is no longer maintained. Today, the new layers of protocol allow the headlines to put BTC to work in ways once limited to centralized platforms.
Some platforms allow the long -term brief to stagn Native BTC to help ensure the network while winning the performance, without wrapping the asset or moving it through the chains. In turn, others allow users to use their bitcoin in decentralized finance applications, winning swap rates and loans without giving up property. And the problem is that none of these systems requires delivering keys to a third party, and none trusts the type of opaque performance games that caused problems in the past.
At this point, it is clear that this is no longer on a pilot scale. In addition, the strategies aligned with miners are gaining traction in silence among companies that seek to increase the efficiency of the treasure without leaving the Bitcoin ecosystem. As a result, a performance curve is Bitcoin native and transparency based is beginning to take shape.
Once Bitcoin’s performance becomes accessible and self -limited, another problem arises: how do you measure it? If the protocols are available and accessible, then clarity is missing. Because without a standard to describe what the productive BTC earns, investors, bonds and miners are making decisions in the dark.
Time to compare Bitcoin’s performance
If Bitcoin can obtain a return, then the next logical step is a direct way to measure it.
At this time, there is no standard. Some investors see BTC as coverage capital; Others put it to work and collect performance. However, there are inconsistencies in what should be the real point of reference to measure Bitcoin, since there are no comparable real assets. For example, a treasure team could block coins for a week, but it does not have a simple way to explain the risk, or a miner could enrutate the rewards in a performance strategy, but still treat it as diversification of the treasure.
Consider a decentralized autonomous organization of medium size with 1,200 BTC and six months of payroll ahead. He put half in a 30 -day vault in a protocol secured by Bitcoin and wins performance. But without a baseline, the team cannot say if it is a cautious movement or a risky. The same option could be praised as an intelligent or criticized treasury work as a persecution of performance, depending on who analyzes the approach.
What Bitcoin needs is a reference point. It is not a “risk -free rate” in the direction of the bond market, but a baseline: repeatable performance, self -modified and in the chain that can be generated natively in Bitcoin, net of rates, grouped by lengths of terms: seven days, 30, 90.
Once there is, the policies, disseminations and strategies of the treasure can be built around them, and everything above that baseline can have a price of what it is: it is worth taking the risk or not.
That’s where the metaphor with gold is broken. Gold does not pay him, Bitcoin does productive. The longer they treat BTC as a baratija of vault without return, the easier it will be to see who is managing capital and who is simply storing.
Opinion of: Armando Aguilar, Head of Training and Capital Growth in Terahash.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The points of view, the thoughts and opinions expressed here are alone of the author and do not necessarily reflect or represent the opinions and opinions of Cointelegraph.