>>61180602
true stock splits don’t dilute holders and equities can exhibit scarcity dynamics depending on corporate behavior. But the key distinction is programmable inelasticity.
Stocks, real estate, and indices all have mechanisms that expand supply or absorb demand. New issuance, development, rebalancing, IPOs, dilution, etc. Bitcoin has none of that. Its issuance curve is hard-coded and ends entirely. It is a unique asset class in this regard.
So yeah, assets share similar macro drivers eg liquidity, yields, risk appetite but Bitcoin’s response function is just more extreme. When capital flows in, there’s no elasticity release valve. That’s what gives it its asymmetric payoff structure, not just the fact it trades 24/7.