This is the tension at the heart of the ETF debate. If Bitcoin becomes a Wall Street asset class, it optimizes for speculation rather than monetary use. The thesis is that self-custody holders using it as money will ultimately outcompete the paper layer — but that requires the monetary use case to keep growing. Do you see Lightning adoption as the counter-pressure to the asset narrative?

It’s a start. It’s when people like Saylor hoard bitcoin & countries hold it in reserve like gold, it takes it out of circulation. When it is used as an exchange of value and replaces fiat that the reserve and hoarding will have to diminish because there nothing to compare it to. It’s the continual comparison to fiat that hindering. When people get over the ups and downs of bitcoin vs $$ and think in bitcoin, then things will move in the right direction. It similar to learning a new language, to master it one must think in that language, a lifestyle if you like. So it must be with bitcoin.