@zephyrnix
If Bitcoin investment came at the expense of business formation, R&D expenditure, or production capacity expansion, crowding out concerns would be justified. However, evidence suggests Bitcoin adoption primarily displaces excess cash holdings, government bonds, and other monetary assets, not productive investments. As global money supply increased from less than $1 trillion in 1970 to over $180 trillion in 2025, Bitcoin's share in hard money assets grew from nearly zero to over 8% - representing a rational response to monetary instability, not abandonment of productive opportunities.
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