Opinion
Bitcoin has been treated as a purely inert origin: an invisible, negative, negative, despite the fixed release schedule. However, more than $ 7 billion of Bitcoin (BTC) already earns the original Onchain return via the main protocols – that hypothesis collapses.
Gold’s ~ 23 Trillisted Market Cap sitting mostly. On the contrary, Bitcoin now earns Onchain, while nursery holders keep. With the return of the new layers, Bitcoin crosses a structural threshold: from just a negative to rare productively.
This change quietly restores the extent of capital price risks, how institutions allocate reserves and how the wallet theory represents safety. The scarcity may explain the stability of prices. However, productivity explains the reason that miners, treasury and money are now the assets of parking in BTC instead of just building it.
The basement of the cellar that earns the return of digital gold is no longer – it’s a regular capital.
The scarcity is important, but the rules of productivity
Bitcoin’s economic DNA has not changed: the offer remains lucky at 21 million, the release table is transparent, and no central authority can amplify or impose. The scarcity, scrutiny and the resistance of manipulation always distinguished Bitcoin, but in 2025, these unique and unique factors began to mean something more.
Since the release rate is closed, even when the new BTC protocol layers allow the creation of Onchain revenues, Bitcoin is now gaining a traction of what will enable it. A new set of tools allows those holding the ability to gain a real return without giving up custody, relying on central platforms and changing the basic protocol. It leaves the basic bitcoin mechanics without touching but changes how the capital is treated with the original.
We see this effect already in practice. Bitcoin is the only Crypto assets that have been officially held in sovereign reserves: Al Salvador continues to allocate BTC in the national treasury, and an executive order in the United States 2025 admitted Bitcoin as a strategic strategic infrastructure reserve. Meanwhile, the exchange boxes on the stock exchange (ETFS) have more than 1.26 million BTC-more than 6 % of the total offer.
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Also on the mining side, public miners no longer rush for sale. Instead, an increasing BTC class is devoted to artificial productivity strategies to improve long -term returns.
It has become clear that the original value proposal has developed skillfully in design, but it is deeply effective. What made bitcoin be trustworthy now makes it strong-negative assets have once become assets to produce the return. This sets the basis for what comes after that: the original return curve that is formed around the bitcoin itself, not to mention the assets associated with bitcoin.
Bitcoin earns without giving up control
Until recently, the idea of getting a return seemed to be encoded out of reach. In the case of Bitcoin, it was difficult to find an unsuccessful return, at least without prejudice to the neutrality of the basic layer. But this assumption is no longer carried. Today, the new protocol layers allow holders of BTC to work in ways as soon as they are limited to central platforms.
Some platforms allow the long -term bacteria to help the original BTC to help secure the network while earning the return, without wrapping the original or transferring it across the chains. In turn, others allow users to use Bitcoin in decentralized financing applications, and earn fees from bites and lending without abandoning ownership. The coincidence is that none of these systems does not require the delivery of keys to a third party, and none of them depends on the type of mysterious return games that have caused problems in the past.
At this point, it is clear that this is no longer on an experimental scale. In addition, strategies alignment with traction miners are acquired quietly between companies looking to enhance the efficiency of the treasury without leaving the bitcoin ecosystem. As a result, the original return curve in Bitcoin began and sent it in transparency in crystallization.
Once the Bitcoin crop is available and self -self, another problem appears: How do you measure it? If the protocols become available and accessible, the clarity is missing. Because without a standard to describe what BTC produces, investors, treasury and mines are left to make decisions in the dark.
It’s time to measure the return on bitcoin
If Bitcoin is able to earn a return, the next logical step is a direct way to measure it.
Now, there is no standard. Some investors see the BTC capital; Others put in work and collect the return. However, there are contradictions in what the actual criterion of bitcoin should be, as there are no similar real origins. For example, the cabinet team may close the coins for a week but it has no simple way to explain the risks, or miners may direct the rewards to the return strategy but still deal with it as diversifying the cabinet.
Consider an independent central organization with 1200 BTC and six months of future salaries. It puts half in a 30 -day basement on a bitcoin guaranteed protocol and gets the return. But without a basic line, the team cannot determine whether this is a cautious step or a risky step. The same option may be praised as smart treasury or exposed to a difference as chasing the return, depending on those who analyze the approach.
What Bitcoin needs is a standard. It is not a “risk-free rate” in the basic sense of bonds, but the foundation line: repetitive, self-and-returning return that can be originally generated on bitcoin, net graphics, collected at the length of the range-seven days, 30, 90.
Once there, treasury policies, disclosure and strategies can be built around, and everything can be priced above than this as it is: the risks that you deserve to be taken or not.
This is where the borrowing of gold collapses. Gold does not pay you – bitcoin product. The longest treasury bonds deal with BTC like a cellar ornament, and the easier it is to know who runs the capital – and who simply stores it.
Opinion: Armando Agilar, head of capital formation and growth in Tarahash.
This article is intended for general information purposes and does not aim to be and should not be considered legal or investment advice. The opinions, ideas and opinions expressed here are alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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