Bonds/digital gold/reserve currency angle isn’t new, I certainly didn’t invent it. You just haven’t spoken to very many people! Notice my comment did not inclu

Bonds/digital gold/reserve currency angle isn’t new, I certainly didn’t invent it. You just haven’t spoken to very many people! Notice my comment did not include “trading”. Specifically only holding. Only demand to hold an asset for long durations gives it value long term. Gold and bonds are the perfect instances of this that most are familiar with. Bitcoin is an experiment in bootstrapping a new money from scratch. Before it can serve as a decent medium of exchange, it needs to first prove it can hold value first, as a store of value. Otherwise, how can you send value with it, if it can’t even store it value? It’s a necessary precursor. It is however quite volatile for now and only very few committed investors hold it long term. Who’d use a volatile asset for savings? For now it’s just a spec asset, and sure people are trading it, but as the market capitalisation growth, and fluctuations subside, it may very well become a decent medium of exchange. Trading is usage as well, as it increases network effects, and availability of the asset across different trading venues, thus increases market penetration. For the transition from SoV to MoE to occur, a large well dispersed number of holders is required. What difference does it make if they outsource the custody part? It makes sense for some, and regulated entities cannot warehouse it anywhere but a qualified custodian anyway. So sure, holding can occur on exchanges as well. If you must insist on the blockchain data, look at bitcoins money velocity. It is much closer to M2 than M1, and thus it acts today as a savings vehicle/investment asset: therefore much more similar to bonds than credit cards.