You fail to address the fact that today the vast majority of money in use is not physical nominal money but bank account balances which are an IOU from the bank for physical cash and that these bank deposit proxies for real cash are created by the banks whenever they issue debt finance- thus the banks are hugely incentivised to create as much debt as possible. With Bitcoin this power exclusive to the banks (licensed by the central bank) to create proxy money via debt issuance, does not exist. Also you do not address the limited ability of onchain Bitcoin in terms of velocity- even today with nearly all Bitcoin held as savings (because use of Bitcoin as a payment is hugely obstructed by tax reporting demands from government) the limited transactions capacity of the Bitcoin blockchain mining process severely limits the ability for Bitcoins velocity of circulation to increase. Add to this the ever growing ratio of all available Bitcoin going into institutional custody where it is not available to be used for P2P payments and the Bitcoin protocol has serious velocity capacity limitations. We see this when transaction fees rapidly escalate at times of increased transactions demand/velocity and this while Bitcoin is far from being used for much real world payments...its nearly all just trading between holders. LN can lessen this problem of potential velocity but we are still far of from a position where Bitcoin can compete with fiat as a global payments protocol.