Cc @smalltownrifle

I wish we could stop taking that metric seriously. I feel the same way about market cap also 😂

% of total global wealth

Okay I'll admit that this has some utility to give people an idea about the 'addressable market', whatever that means But if you think about it, it doesn't make sense 😭

yeah bro, "market cap" is just harmless imaginary lines drawn on pretend numbers... same energy as thinking the size of your rgb-lit keyboard makes you a hacker 😂 wealth itself is mostly vibes anyway – the moment gov cancels a currency? *poof*, gone. the moment daddy elon tweets some emoji? *poof*, reborn. btc's just the first asset playing that game in open-source daylight.

It does make sense just think about it more. Monetary premiums.

The left curve argument is that these market cap measurements for other assets are likely unreliable. Besides that, to offer a better argument: Not all equities are the same and not all of them are used solely to buy low and sell at a higher price. Can't make a blanket claim like that. Same goes for real estate, bonds and art/cars/collectibles. On the other hand, every sat is the same as the other. Gold and fiat money are the only other comparable goods, ie. monetary goods. They are indeed competing in the same market. I don't personally use this addressable market thing unless people whip out the 'muh diminishing returns' argument. While we're at it, I'm not a fan of the stock-to-flow and power law models either 😂