> those with bitcoin exposure (even 1% of portfolio or whatever) will be minted and those without will be fighting over the scraps.
Why? There’s no way to derive value from that use.
There actually would be if it were, say, Ethereum (which is proof of stake, with fees accruing to holders). However, let’s say Ethereum were to become a global reserve currency. This would be essentially a tax on all financial activity, and governments and companies would be _strongly_ incentivised to create an alternative which they controlled and which did not have that tax.
Something a _bit_ like this, incidentally, has already happened. Prior to the creation of SWIFT, international bank transfers generally went through what is now Citibank. Governments, and banks other than Citibank, generally saw this as unsatisfactory (even though AIUI Citibank was doing it extremely cheaply and not deriving all that much value from it; the mere threat that they _might_ was enough) and thus SWIFT was born.
Why? There’s no way to derive value from that use.
There actually would be if it were, say, Ethereum (which is proof of stake, with fees accruing to holders). However, let’s say Ethereum were to become a global reserve currency. This would be essentially a tax on all financial activity, and governments and companies would be _strongly_ incentivised to create an alternative which they controlled and which did not have that tax. Something a _bit_ like this, incidentally, has already happened. Prior to the creation of SWIFT, international bank transfers generally went through what is now Citibank. Governments, and banks other than Citibank, generally saw this as unsatisfactory (even though AIUI Citibank was doing it extremely cheaply and not deriving all that much value from it; the mere threat that they _might_ was enough) and thus SWIFT was born.