I agree with this completely.

I think it’s going to take a long time.

And I think if/once BTC completely displaces fiat no one will accept yield denominated in fiat at all.

And this is where I think during that conversation they were each talking from the perspective of two totally different worlds.

I agree with what Saif said, capital will only be able to be resisted through equity. Why? Because the produce of a business can always expand. So ”yield” can come from production and sharing in that production, regardless of what the prices of the produce are (going down).

So in a sense, the nominal yield in Bitcoin terms will be negative. But the real yield will be positive.