Bitcoin Is Demonetizing Other Asset Classes | BTC Prague 2025 Panel

At the BTC Prague stage, a panel of Bitcoin investors and operators tackled one of the most important questions in finance today: what does it actually mean for Bitcoin to demonetize other asset classes — and how far along are we? Here is what we believe, in our own words.

What Demonetization Actually Means

People work, they produce more than they consume, and they need somewhere to put their savings. Historically that meant bonds, stocks, real estate, and gold. The problem is that fiat money is a melting ice cube. Because the money is broken, people have been forced to store value in assets that end up priced way above their utility value. A house costs more than the wood and labor that built it. A painting is worth more than the materials used to make it. That excess is the debasement premium — and Bitcoin is going to suck it out of all of them.

Real Estate Through the Eyes of a Developer

I work in real estate development. About four years ago I moved from active construction into heading Bitcoin strategy for our company. My honest view is that Bitcoin takes demand away from the product I offer to the market. It is easier to access, cheaper to maintain, and absolutely scarce. As a business owner I had to ask myself: how does Bitcoin threaten the service I offer, and how can I benefit from it rather than fight it? The answer was to lean in — use Bitcoin as a unit of account, lend against real estate to acquire Bitcoin, and watch how quickly the monetary premium becomes visible when you price your properties in sats.

Gold Is Analog, Bitcoin Is Digital

Before Bitcoin existed, gold was the soundest money we had. I still call it analog sound money. It cannot be printed, and it is a reasonable choice for people who cannot stomach Bitcoin’s volatility. But ultimately gold will also be demonetized. Its supply grows at roughly 2% a year — meaning the amount of gold on the planet will double in 40 to 50 years. Bitcoin is a perfectly inelastic commodity. Its price does not affect its supply. The schedule is set. That is why its appreciation is structural, not cyclical.

Demonetization Is Monetary Evolution

I think about this through the lens of evolutionary biology. Species do not battle each other outright — they simply out-compete over time. Bitcoin is like a camouflage tiger perfectly adapted to today’s environment: rising geopolitical instability, currency debasement, digital globalization, and increasing censorship. Every headline about a natural disaster damaging real estate, or a lab synthesizing gold from lead, reinforces the same thought — that cannot happen with Bitcoin. The other asset classes have fatal flaws that will reveal themselves over time. Bitcoin just has to keep doing what it is doing.

The Bond Market Is Already the Tell

The first and most obvious casualty of this transition is the bond market. Bitcoin is up over 2,000% in bond terms since 2000. Gold is up 250% in bond terms over the same period. Bonds are dead. We are in a sovereign debt crisis and monetary debasement is essentially guaranteed. Why would anyone buy a piece of paper from a bankrupt government promising repayment in a currency that will be worth less? Real interest rates today are massively negative when inflation is honestly measured. The bond market is the sucker at the table.

Financialization Is a Bridge, Not the Destination

Bitcoin treasury companies, fixed income products linked to Bitcoin, instruments that blend digital scarcity with real assets — these are part of the maturation of Bitcoin as an asset class. They provide exposure to people who cannot or will not hold spot Bitcoin directly: institutional investors with mandates, retirees on fixed income, people still navigating tax situations on legacy assets. This financialization is a bridge period. It is not a replacement for self-custody and spot Bitcoin, but it does pull capital toward Bitcoin and accelerates adoption. Over decades, Bitcoin’s monetary properties will win out regardless. Nature always favors the most adaptable.