The Ten31 team published one of their best pieces this week. The thesis: capital has always operated within a stack of claims, with senior debt at the top, and equity at the bottom. But bitcoin fundamentally breaks this hierarchy. It's the first asset that sits outside the stack entirely. No issuer, no superior claim, no counterparty. A true neutral reserve in a world where every other asset carries someone else's promise.
The analog of sovereign treasuries and currencies being akin to debt and equity is a very clever way to depict fiat. The dollar is the common equity of the United States of America, and inflation = dilution. If USA was a company, the common stock would be down 97%+ since 1917.