I’ll say it’s the second one.
4:00 minutes in of the fourth clip explains pretty well.
I think people prefer analog over digital.
And even if we lived in a society where people like digital over analog, they would collateralized tools instead, like onegold, etc.
Even if we ignore Monero, I think even conventional gold beats Bitcoin too from a SoV, and stability angle.
More people know gold, most of our history was built on it.
Bitcoin is only around for 17 years, or 0.0057% of human history, whereas gold has been around for 2,600 years, or about 1% of human history.
Most people’s opsec model doesn’t include the state, and even if it did I think they have Swiss Bank Accounts, and other mechanisms (besides Monero) to help launder funds out of the country, etc.
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