"If time preference and interest rates are genuinely very low, investors may not want to take the risk of loaning out bitcoin via a debt instrument, given that the interest rate offered is very low. Investors may very much prefer to give some bitcoin in exchange for an equity share in a business."

Yes! This is what I was arguing for yesterday. Investments should be made by investors who can afford to lose money on something they believe in, not from "unsecured creditors" as Celsius puts it who can't afford to lose all the money in their accounts

"Celsius has pointed out in its pleadings that customers transferred ownership of crypto assets to Celsius, making those customers unsecured creditors."

And I strongly believe that any custodian has strong "counter-party risk" which would result in a fractional reserve which under a sound money standard of which Bitcoin is one, would fall apart. Thankfully, we do not rely on full reserve banking to use Bitcoin as a convenient money. Which is why Bitcoin will succeed where gold could not.

One last point, this isn't really a negotiation. I believe people will naturally desire to use cheap money to purchase sound money and in effect destroy the debt based system we've been living under for so long. I'm going to post a Milton Friedman video now to explain this transition idea further.