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First, "land in the U.K." or "land in Manhattan" is an asset class you can study by itself. Land isn't a wholly fungible asset.

Second, the example you give actually undermines the point you're trying to make. Bitcoin, if adopted in a major way as a currency, would be even more "like land" than land is generally. More specifically, it's would be like "land below 96th street in Manhattan" or "land in London" as a result of uniformly high, ever-increasing value on a per unit basis, driven by ever-increasing demand for a fixed quantity of good.



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