> Government bonds are stable if you ignore tail risk

Nothing is eternal. That doesn’t make everything ephemeral equally risky. Bitcoin is a speculative asset. Speculative assets are volatile by design (you want them to go up).

More critically, government bonds’ role as a store of value is ancillary to their core purpose: to enable public deficit spending.

> Bitcoin is however similar to a government bond in that it a) has value, b) is not directly useful for consumer transactions

My cat has value and is useless for consumer transactions. That doesn’t make him a government bond.