There's too much idle wealth in the world, or more precisely too many people with wealth have no idea what to do with it. It ends up 'invested' into negative yi

There's too much idle wealth in the world, or more precisely too many people with wealth have no idea what to do with it. It ends up 'invested' into negative yield assets like bitcoin (billions of dollars lost to mining per year - over 7 at the current price) or hyped companies running at perpetual loss. Bitcoin is interesting because it's possibly the biggest actual wealth destructor from all tradeable assets. Companies can have large losses on paper, but how much of that is actual wealth destruction, and how much just redistribution to new owners? I suspect the fraction that's actually gone in the physical sense is very small, allowing wealth to slosh around for a long time. Bitcoin's proof of work is designed to actually destroy wealth in the physical sense - transformed into waste heat and devices designed to do nothing else. This means that it's eventually certain to be outcompeted even by redistribution-type loss schemes, as groups that stay away from bitcoin completely are going to be increasingly wealthier relatively to groups that buy into it. In the short term it may not look like it, but what's happening is social redistribution of power away from people that think bitcoin is a great idea.