And what are doing borrowers? What is their purpose in the economy? In a fiat economy they create new money (through banks lending to them) thereby shifting expenditure from the future into the present ("borrowed life"), but do we need borrowers in the Bitcoin economy?
Borrowers help stimulate demand. Do you think most people could afford to buy a house without borrowing?
Their role will continue to be the same even in a Bitcoin economy.
If early adopters wish to generate income on their holdings (i.e. earn interest), you need to have somebody willing to borrow and pay interest on the other side of the transaction.
But this is only temporarily, since they will have to pay the debt in the future, which would necessarily impact debtors' future consumption. It makes some sense (though still questionable) in an inflationary environment (when incomes are increasing in nominal terms with time), but what about deflationary environment, that of Bitcoin?
