Capital being held in "state-controlled inflationary currency" would be unusual. Capital would usually be composed of real-estate, stocks, ETFs, bonds, gold, co

Capital being held in "state-controlled inflationary currency" would be unusual. Capital would usually be composed of real-estate, stocks, ETFs, bonds, gold, commodities, maybe an art collection. Arguably US treasury bonds are not that different from holding actual USD, I concede that. But a share of Apple is a share of Apple. It doesn't matter if you quote it in USD, EUR, BTC or gold nuggets: its intrinsic value is the same. In fact the richest people I know are all negative USD, and very positive everything else (especially real-estate), because they borrow USD to invest. The poorest are also negative USD, and holding only liabilities with little assets. It's only the ones in the middle that are positive USD. Basically not rich enough to buy real-estate (or not interested), but certainly not poor either. May I ask you a question: would you borrow Bitcoins to, say, buy a plot of land in the middle of Arizona, plant vines and start making wine? This is why as far as I am concerned I don't see Bitcoins as any sort of competition to USD, EUR, JPY, etc. It's just yet another asset that may or may not prove to be a good investment in the long run. I hold some, just in case.