But Bitcoin, as distinct from other “cryptocurrencies”, is a very unique monetary asset, backed by energy, decentralized, hard-capped in supply, and largely impervious to capital controls in a way that is distinct from all other monetary assets.

To top it all off, Bitcoin exhibits a reverse Cantillon effect. Because Bitcoin is deflationary, it is becoming more valuable. It is increasing its purchasing power, as more wealth flows into the system and it does so for everybody hodling it. The difference between Bitcoin and Cantillonism is that the purchasing power isn’t declining as the currency units flow outward from the central spigot. It’s increasing for all units, at the same time.