[JumpCrisscross]

> Which capital is most advantageous in any specific situation is dependent on context

Sure. That doesn’t make it not capital.

> My proposal is that there’s a high likelihood the bet is that green paper matters less

The green paper is a transactional intermediary and unit of account. Nobody is hoarding cash. When folks talk about returns on data centers, they’re asking whether building more of those is a better economic bet than investing in housing, the military or healthcare.

[aeon_ai]

I don’t think we’re disagreeing - a reserve currency is a form of capital that provides optionality, but it is not the singular defining unit of “capital”.

People questioning data centers vs real estate are denominating and critiquing returns on investment measured in money.

I am suggesting that they are not adequately considering risk-weighted returns denominated in other forms of capital. Do you disagree on this point?