Nothing but crashes. Bitcoin crashed to $2 in 2011, then it crashed to $250 in 2015, then it crashed to $3000 in 2019, and now it's crashed again to $15000. Smart money knows to stay away and avoid the crashes.
The money builds a new factory. Or in the case of Google, a data center, or other such item that allows the company to make more money.
Later, when the company is worth more, the shareholder sells the stock back and/or gets a dividend (aka, a slice of the profits).
Everyone wins.
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In contrast, the BTC you bought was likely made using stolen electricity. So we're already negative sum to the start.
An actual difference is that current inflation levels make another round of stimulus checks highly unlikely. And the current nominal rates for risk free treasuries are high enough to keep large scale cash parked outside as well.
During the previous run ups, we didn't have institutional investors buying billions of Bitcoin, we didn't have public companies (TSLA) buying a billion dollars of BTC for fun, we didn't have sports stadiums with the name "crypto.com", or ads on TV.
BTC achieved mass adoption during 2020/2021/2022. It's available in 401k funds, derivatives on the stock market, etc.
The only catalyst I can think of that could truly catapult BTC back to the heights of 2020/2021 is if we get to a point at some point in the future where BTC is actually useful for something other than asset speculation and people trying to get rich quick. This could take years.
a purchase traceable down to the KYC’d buyer dumb enough to put their purchase on a public, immutable ledger
It is this bad for crypto right now, and there's going to be no cheap cash coming to rescue it for quite some time.
I think it is still possible that there might be a floor down at $4k or so where all the True Believer billionaires may still step in to buy it up and rescue it. If the billionaires themselves are net sellers though needing to raise cash because everything else is in flames (e.g. Elon+Twitter) then it may just fail.