Re: timing of medium of exchange theory … bitcoin will become used for medium of exchange once the risk free rate of fiat is aligned with the annual appreciation rate of bitcoin.

Fiat can dramatically raise interest rates or hyperbitcoinization occurs. Between now and then, folks are just going to hodl.

The replacement theory is only good if the customer / merchant experience is good enough to justify. Population density and the types goods & services matter. That’s harder to achieve critical mass.

cc: nostr:npub1guh5grefa7vkay4ps6udxg8lrqxg2kgr3qh9n4gduxut64nfxq0q9y6hjy nostr:npub1w69ya7xs697hk3hky3gllryz8rwverfa0ylz89chf9qnhfcskc2s64zltw