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Speculation Hastens Monetization
- Monetization sparks speculation which itself hastens adoption into money.
- Bitcoin's inelastic supply makes early hoarding a self-reinforcing monetization force.
Tax Cuts Don't Make Bitcoin Spendable
- Removing capital-gains taxation eases Bitcoin transactions but doesn't eliminate spending friction.
- People still prefer spending fiat while saving in Bitcoin due to opportunity cost.
Useful Assets Are Poor Money
- Money that is productive undermines money's stability because non-monetary demand shifts its purchasing power.
- Highly useful goods make poor money due to variable non-monetary demand.