Bonds Are Just a Bad Idea

I'd like to think of myself as a bond abolitionist. I don't and i think the demand for bonds is driven by the fact that people need a store of value, because cash is a sifty store of value. In a world in which you have no good cash, you have to do that, and you can't hold equity. It makes bonds more secure, because you're more likely to get paid back a bigger fraction of your investment if it's in bonds. But then if you replace this with bitcoin, where everybody has access to a form of cash that doesn't require anybody to fulfil any obligation, that has no credit risk attached to it, and it appreciates at