Bitcoin Evolves Beyond Gold: From Passive to Productively Scarce

Bitcoin has long been considered a passive asset, but this is changing as new on-chain protocols unlock returns for holders. This shift signals a crucial transition from simply storing value to actively generating yield. In Armando Aguilar’s opinion piece, Bitcoin’s economic DNA remains unchanged: supply is capped at 21 million BTC with transparent issuance. However, the introduction of new protocol layers enables Bitcoin to generate real on-chain yields, paving the way for a significant change in how capital engages with it. The once passive asset now stands as a productive source of returns. El Salvador’s adoption of Bitcoin as its national currency and US sovereign reserve recognition further demonstrate this paradigm shift.