I'm working on the concept of a "Sovereignty Multiple" Had the idea last year (poll below) and took a quick pass at the definition. Going to try refining it now. One way to go would be to talk about a Sovereignty Index instead, with 100 being Bitcoin in self-custody. That way everything else is rated lower, and can be compared. I think this could be really helpful when comparing various flavors of Bitcoin price exposure. Eg Bitcoin held in full third-party custody might rate 90/100. You can withdraw it, but you have to trust someone to let you. Bitcoin in an ETF might be a 70, since you can't withdraw it, but at least it tracks the price, and there's a chance of in-kind withdrawals in the future. BTC Stocks might be a 50, since you have some price exposure to Bitcoin, but no way to access the underlying BTC. What would you rate Real Estate and Gold, and why?