Excellent essay, Leon.
Your framing around productive assets absorbing monetary demand because fiat money failed as a long-term store of value hit the mark with me.
I’ve been independently exploring a framework called The Wealthy Tenet (WT). At its core, WT explores what happens if a portion of rent is systematically redirected into Bitcoin accumulation, allowing shelter and savings to begin separating again at the renter level.
In many ways, your article articulated the macro monetary thesis sitting underneath WT: Bitcoin gradually absorbing monetary premium, while housing increasingly returns toward productive utility rather than functioning primarily as a store of value.
Your line that Bitcoin “does not replace productive assets... it liberates them from the monetary burden fiat imposed on them” especially stood out.
Exceptionally thoughtful piece.