That's actually a really good point. The definition of CAGR assums reinvestment of any interest over time only to simplify the formula. But the calculation does not require a yield. The 1/n in this equation is the compounding mechanism.

Yes, it doesn’t require a yield as it is applied to BTC because it assumes that it is built into the final sale price. That is why it is used as a way to compare the return to an investment that has an actual compounding mechanism built into its growth. Because it usually varies annually, CAGR is used to smooth out the variance to arrive at an average over the time being measured. Fundamentally though BTC’s price is not subject to a compounding mechanism so CAGR should not be used as a way to evaluate historic or future price trends unless you are comparing it directly to something that has an actual compounding mechanism. 🙂