Here’s why I don’t believe a fixed money supply would stop investment.

Human nature plays a key role, where people are driven to accumulate more. Even in a Bitcoin-based system, the incentive to grow wealth remains. Investing in companies involves risk, but the potential reward is earning more sats. That incentive structure doesn’t go away just because the money supply is fixed.

If global productivity increases by 2–5% annually, individuals will naturally seek out investment opportunities that outperform that baseline. The pursuit of returns above average productivity is what drives capital allocation, innovation, and entrepreneurship.

A fixed money supply doesn't inherently cause harmful deflation, it simply reflects improved output. Money acts as a measuring stick. If there's only one week of food left in the world, the price of that food will skyrocket, even under a Bitcoin standard, not because of the monetary system, but due to scarcity.

Investment thrives on incentive, and incentives don't disappear in a hard money system.

I could be wrong, but I haven't found a compelling argument as to why it is yet.