It is happening at the same time, but I agree. The bigger impact “currently” is the one you mention above.

Today world’s balance sheet is approximately 900 trillion divided by 21 million (minus lost coins) to get a reference point of the purchasing power of the transition in today’s terms.

Two concurrent things are happening:

1) The world’s balance sheet will likely expand greatly in the coming years to quadrillions - and #Bitcoin (at that time will rise higher in those terms to measure accurately the real purchasing power) keep dividing new balance sheet by Bitcoin.

2) All prices are falling to the marginal

cost of production (in Bitcoin) meaning the purchasing power of the above is #’s is rising exponentially.

Which is why putting a number on what it is worth in fiat is a crazy way to look at it.