It sounds like you're talking about a more binary approach to categorizing wealth. It either "is paper" or "is realized". To me, not all paper is created equal.

It sounds like you're talking about a more binary approach to categorizing wealth. It either "is paper" or "is realized". To me, not all paper is created equal. I see assets representing wealth as a spectrum. There are shades of paper wealth that make it closer to realized wealth than others. Google stock doubling is a paper gain that is more substantial than a paper gain in XRP because Google stock has larger current utility than XRP. Everyone has different ways of calculating utility which impact how substantial they feel a gain in a certain asset is when compared to another. That's my theory, how do you see things?