The argument is basically an example of Gresham's law, which is used to explain why value-backed currency often loses out to fiat currency. IMO this doesn't app

The argument is basically an example of Gresham's law, which is used to explain why value-backed currency often loses out to fiat currency. IMO this doesn't apply to cryptocurrency because Gresham's law was formulated in contexts with lower liquidity and no electronic transmission. https://en.wikipedia.org/wiki/Gresham%27s_law https://en.wikipedia.org/wiki/Gresham%27s_law