[gajotron]

In terms of numbers, your logic is slightly off because of the distortions of tax law, which means in fact, the bulk of the S&P's distributions in any given year are often buybacks. It makes the net yield of the S&P500 closer to 5% over the last decade: https://www.yardeni.com/pub/buybackdiv.pdf

People rationally buy 5% perpetual yields to cream the asset, not HODLing in the hopes some other buyer will come.

Absolutely I would make a case about the net present value of future distributions - the clearing IRR is currently around 4%, having been around 5% last year.

Similarly real estate pays rent or owners equivalent rent (the value the owner derives from living in it rather than paying market rents). Here, the market seems to clear around 2-3% net of maintenance, having previously cleared around 6% when interest rates were higher.

Bonds pay interest, albeit at this time the clearing yield level is very very low.

What is the clearing yield of bitcoin? Undefined, because it has no expected future intrinsic cashflow payable to the owner.

Bitcoin hodlers have only one possible way to collect a future cashflow, sale to another person for either fiat or goods/services.