I'm really unclear on how these "bitcoiners" think hyperbitcoinization would play out. Evidently they envisioned a scenario in which bitcoin gets to 10M per coin but wall street and gov somehow stayed away?

His points are not even that cogent. Saying that a bitcoin reserve would hurt the dollar is a bit like saying "the dollar was weaker when it was backed by gold".

Moreover, there is very little discussion in the SBR talks about what a monumental shift away from "Fed Power" this is....having the US Treasury hold BTC directly sidelines the Fed, which everyone should be for.

There is no reason we need a private 3rd party agency to issue currency. The US Treasury is suppose to do that job constitutionally.

Nic is looking at it from the wrong framework. The SBR, is an admission that we plan to continue to run large deficits in the future, but we would like to devalue that debt away. As a hedge against other nations eventually waking up and revolting against that plan, we are securing Bitcoin as a strategic digital asset at today's market value. Just like we have with petroleum and strategic minerals.