Nice note. A couple quibbles though.

Fiat took over because it was superior in some ways to paper and physical gold, and government forced it down their citizens throats. Bitcoin will take over because it's superior to both of those, and government can't easily stop it. But it will definitely take time.

"a guaranteed offramp" one would hope. Being able to exchange custodial bitcoin for fiat (which requires fiat issuer cooperation) is as much of a guarantee that the exchange will give you an account with an on-chain address where you can transfer custody to them to do the same thing, which they're incentivized to offer in order to collect fees, so I'm not sure how people are exactly better off.

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Banks and ETFs etc have guaranteed offramps if you buy "bitcoin" through them.