Why Capital is leaving Bitcoin

The author argues that Bitcoin was a regulatory battering ram that has largely finished its job, and that capital is now leaving it as tokenized claims on real assets become legal and widely available. The piece says tokenized US stocks are already being issued, tokenized gold is legal and growing, and tokenized USD has a market cap of several hundred billion dollars. It also cites Tether's ability to freeze stolen balances and reissue mistaken transfers as an example of why people value error correction over pure decentralization.