This is not a demand deposit. It's basically a bond. FRB is when the bank has obligations to pay right now, on demand an amount of money it has invested elsewhere. In case there is a run on the bank they would have to borrow money or liquidate investments. If it can't do this it would have to default on the promises to pay. This is a good reason to not ever accept demand deposits at par value on a free market.

With fiat money and a governmental guarantee that your deposit is safe, you might accept demand deposits at par, since the government can always print the money to cover your deposit. Bitcoins, however, can not be printed, and only a fool would accept demand deposits at a FRB at par value.