Thank you for this analysis, I’m thinking along the same line but can’t quite grasp the conclusion.

Would Bitcoin market cap effectively float alongside that of every other asset class in proportion to how much people want to hold them?

But if there was no fiat, a fixed supply asset like BTC is the defacto go between liquidity for all other asset classes.

I can see that during the transition of Bitcoin adoption the value will go up, but the end state is much more difficult to see.