All of it is downstream.

• Private payments are meaningless if your value can be confiscated through arbitrary counterfeiting.

• Settlement assurances don’t exist if the supply isn’t scarce.

• Ownership of a UTXO means nothing if its relative value has no guarantee whatever because the monetary unit is arbitrarily defined by some other institution.

• Decentralization doesn’t matter if it doesn’t protect the rules for *what a bitcoin is.*

It makes no difference if people understand it or not. It’s still the simple truth. The $100 trillion value proposition is to create a verifiable, state resistant monetary system. Literally nothing else matters, nor even works if that isn’t secured.

Any particular person’s failure to understand this is irrelevant. As long as #Bitcoin continues to be 21 million, all the rest remains possible.