Theres a few issues here. One is that Bitcoin is largely a settling layer where batched transactions occur. Its not 1 transaction per tx even right now. Laye

Theres a few issues here. One is that Bitcoin is largely a settling layer where batched transactions occur. Its not 1 transaction per tx even right now. Layer 2 networks of all kinds are handling the vast majority of traffic of bitcoin. More bitcoin moves on the ethereum blockchain than the bitcoin blockchain. And then we get cash app, paypal, the crypto exchanges, etc. Even hardware wallets like Ledger could batch transactions potentially in the future. So bitcoin frequent transactions largely run through top layer systems until its time to settle on the main chain which is infrequent/a small fraction of the total top volume. Also 95% of people who use bitcoin dont even have a hardware wallet, they just use the exchanges...for better or worse. Then you get into things like the lighting network. As for the Princeton study...Ill have to look at it but I'm skeptical they consider things like more batched transaction volume per tx in the future which could be harnessed to also have a more concentrated fee structure providing stability to the chain. Also changes can be made through consensus if needed...like segwit.