Theory crafting: SoV assets require *stability* of their cashflow/REV, rather than the lack of it.

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If BTC (or Gold) started to generate cashflow, it won't stop being a SoV asset, at least right away.

But, if this cashflow ever decrease, the valuation would drop in response.

Plus, markets may over-index on cashflow falling: a SoV asset with falling cashflow is less appealing than another SoV whose cashflow is not falling (could be due to it being zero).

Compounds that with the fact that SoV relies on network effects, which means that relative marketshare movements could get amplified (a winning SoV can win harder).

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In upshot, the downside of cashflow/REV for a SOV asset is that it makes the asset less appealing when cashflow falls.

Therefore, what's really important for SoV assets is the *stability* of cashflow/REV, rather than the lack of it.

(All of this is mostly empty speculation from first principles and not backed by any real data btw. So take it with a grain of salt.)