Hard disagree on stacking sats: If you cherry pick your time period bear to bear you can always make Bitcoin's CAGR look bad. I remember in the 2022 bear 4 year CAGR was actually negative at one point...
I think the argument is that the flow of people has stalled and that's what makes things different looking forward. Like in these countries with low birthrates, without children coming up through the population you start to run out of economic potential.
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