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Something like this. First, it will suck the fiat in through ETFs, Strategy, Twenty-One etc.
Then it becomes less volatile and more popular as a censorship-resistant medium of exchange.
But through it all we have to self-custody and run nodes to prevail and have the upper hand.
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I think in the long term BTC only / medium of exchange use cases will increase.
In the short to medium term BTC as pristine collateral and borrowing weak fiat money to inherently short fiat will be pretty prevalent.