I initially thought his arguments were more sophisticated and he was describing a scenario where an alternative currency would win because it had better incenti

I initially thought his arguments were more sophisticated and he was describing a scenario where an alternative currency would win because it had better incentives for the holders due to competing deflationary pressures, but it seems that he really just fails to realize that Bitcoin is divisible. Very surprising to see this coming for Cowen, something about Bitcoin triggers a shutdown in the brain of economists.