Yep, I like to frame it as: gold is secured on the bare metal of the universe. Bitcoin is secured via an abstraction and therefore has a continuous overhead. H

Yep, I like to frame it as: gold is secured on the bare metal of the universe. Bitcoin is secured via an abstraction and therefore has a continuous overhead. Holders are free riders in bitcoin; their value is secured by those actually using the currency. But due to the capped supply and capped blocks, fees tend upward, incentivising holding over using. This drives miner revenue, and therefore security, and therefore value of holders' coins, down over time.