it shouldn't be judged by its performance in that system.
This is why my SN header says 1sat=1sat. It's a bit of a comforting lie, but it helps focusing on things that matter.
will only lead to financialization and rehypothetication
If Bitcoin is an independent asset, then indeed, like gold and housing, it risks being enshittified by governments, corporates and their narration of markets. There is no way to stop it other than by offering an alternative way. We don't need to develop that alternative because we somewhat have it, but, due to the financialization, we're not free from influence of the tradfi system and their shenanigans either, because arbitrage. You wouldn't buy my service if I price it statically in 2015, 2019 or 2023 BTC, because it'd be cheaper to sell less sats for fiat and source it from someone that accepts fiat then; we cannot be free of fiat as long as it isn't dead. And if it dies then some clown will issue stonks or other IOU vehicles in their ponzi at any time and scam people out of their sats that way.
I still do think Bitcoin is the best vehicle we've got as a tool in the financial freedom belt, but it's not going to eradicate greed, manipulation, and ponzis, and it won't be immune to that. I'm ashamed to not be able to formulate a workable vision for a Bitcoin future that is free of bad actors.
1sat=1sat. It's a bit of a comforting lie, but it helps focusing on things that matter.