I don’t have a pessimistic view on this transition… I used to, but more and more, the early adopters will be enriched accepting sats for payment directly, limiting any bogus “yield” value from custodians. Imagine if, to access Grok, they ONLY ACCEPTED bitcoin. Or to buy the healthiest farm raised beef, they ONLY ACCEPTED sats. I can see this quickly catching on as more people see commerce through the lens of the shrinking purchasing power of fiat and compare that to the increasing power of sats. We are in the middle of a slow motion fiat car crash… new ground for all alive from a first-hand experience pov.

I'm of two minds on the transition. I don't think either has to happen quickly. I do think at some point there will be a rush to compete for our bitcoin. I believe, though, that most people will either get stuck in a cbdc of some sort or a limbo created by stablecoins that push the collapse out a few years, and while not preventing it, leads to a more comfortable ending for most people.