I am becoming more convinced by the idea that Bitcoin is not digital gold, but digital real estate.

Housing has some value because people need a roof over their heads, but that doesn't explain why there are empty apartments in London and ghost cities in China. Real estate attracts a premium because a) The S2F ratio is higher than any other trad-fi asset in NIMBY zones (including gold) and b) It is excellent collateral for taking out loans against debasing currency because houses aren't easily lost, destroyed or stolen -- you simply cannot take out a $500k loan against a pile of gold with a 10% deposit.

So what you have with Bitcoin is an asset with a superior S2F as we all know, but also an asset that has pristine collateral properties. It cannot be lost or destroyed, and contracts can be settled unambiguously on-chain via multi-sig. The big players will start to exploit that by following the Saylor playbook and borrow against Bitcoin until there's no more fiat left to milk, and most value gets absorbed by the superior money.