'What my experimentation with bitcoin had taught me was that the main reason to hold "isn't because they make great exchange media—it's because they're the best speculative vehicles to hit the market since 1999 Internet stocks." But that wasn't what I was there for. What had tantalized me was Satoshi's vision of electronic cash, a revolutionary digital payments system. Not boring old speculation.'

And he is correct on this- Bitcoin has largely failed to gain traction as a p2p payments protocol. Due to the sly obstruction of use for payments (absurdly complex tax recording and payment obligations and the risk of debanking for businesses that accept Bitcoin) Bitcoin is now almost exclusively used as a speculative commodity.

Spin it how you like he is right. The fiat operators (bankers and governments) have responded to the threat Bitcoin posed as an alternative payments protocol and they have succeeded in obstructing it from becoming widely used as an alternative to their fiat MoE hegemony.

Bitcoin is now stuck in the narrative of being a speculative commodity with little chance of escaping this trap. The US based institutional custodians will soon hold custody of MOST Bitcoin to ever be issued and what they hold will not be used for P2P payments. What is still held privately is again almost all being held as a KYCed tax liable speculative commodity, not used as a P2P MoE.