I just don't believe the "circular economy" will take over, simply put, because fiat isn't going away, ever. The USD may go away. The EUR, JPY, CNY may go away. But fiat itself? Not a chance.

Don't get me wong, I wish it did. Because it would mean that the State goes away. But I don't think it's ever happening.

At most, we will see BTC added as a hard asset to the basket of assets that will back fiats. That is, once again, reserve/store of value.