Bitcoin (BTC) is an independent unit of value, untethered to any other asset. As such, its value derives entirely from its unique monetary properties — some of which are fixed by the protocol, such as its capped supply of 21 million coins, while others are variable and shaped by its use and adoption.
Unlike financial instruments like treasury bonds or bank deposits, bitcoin is not a credit instrument. It doesn't represent a promise or obligation from any entity, nor does it yield interest. As such, it is no one's liability. Bitcoin is a bearer asset, similar to physical cash or gold, meaning that whoever controls the private keys assigned to the coins is the effective owner of the bitcoin.
In essence, bitcoin's lack of representation by, or redemption for, another asset is part of what allows it to be owned and transferred without relying on a central party. As a purely digital asset within its own fully independent monetary system, its owners can hold and transfer bitcoin free from counterparty risk, making it fundamentally different from the traditional financial instruments that dominate our current economy.
While anyone can opt into using third-parties, such as financial products, exchanges, and wallet providers, these companies provide bitcoin financial services as a matter of convenience. This does not remove the option for users of using bitcoin in a self-reliant manner.