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 😂