The US government sold $44 billion of seven-year debt on July 28, with buyers accepting a yield of 4.473%, 21.3 basis points above the 4.260% yield awarded at June's Treasury auction.
The auction meant investors could lend money to Washington for seven years, collect regular interest, and lock in a return approaching 4.5% before the Federal Reserve announced its next rate decision.
Bitcoin offered no comparable promise. It pays no contractual interest, can lose several percentage points in a day, and requires investors to believe future appreciation will justify the added volatility.