Agree.
Here's where I landed, and I have no desire to Cloak Room up this place, but if we're discussing a bitcoin which, arguably, is a currency (I understand there are theories that it is a system, a store of value, a ponzi scheme, etc.), then I think I can compare it to the world's "reserve currency" which is the US Dollar. Disclaimer, these thoughts are not particularly well organized.
The US money supply (I'm going to use M2 but I'm sure there are better measures and some econ grad student can point that out) was +- $11trillion dollars in 2014. A decade later there are +- 22trillion, "in supply." I know this does not equal printed dollar bills in someone's stack. Inflation makes my 2024 dollar worth less than my 2014 dollar. And, if my dollar is backed by the full faith and credit... and the US has more debt, then there is an argument that my dollar is devalued by government borrowing, while inflation makes the government debt amount cost less, and on-and-on.
So, bitcoin is capped in supply. 21million as I understand it. What happens when someone decides to amend and edit the software/plan and create some more? Not smart enough to know but I'm sure people will say "that will never happen." I've seen a few impossible things become possible, in the last decade, so I wouldn't guarantee anything.
Take all of this as amateur and uninformed economics but, a dollar is of variable value and there is a variable quantity of dollars. A bitcoin is of variable value and there is a fixed (for now) quantity of bitcoins. One is backed by the federal government which brings with it a hearty appetite for borrowing, one is backed by holders' trust and faith in its future.
The USD is the world's reserve currency and for many reasons, many people don't like that. Many people would like an alternative. It may be BTC - too early to tell and likely not permanent.
One is declining in value, as to the other. One is increasing in value, as to the other. One is widely accepted around the world. One is gaining acceptance.
Which one will win? I've got a majority of my small stack in USD things, and a minority in BTC things. What is a USD thing? A share of BRK/B is in many ways, cash. I never hold the certificate in my hand - I guess I could try to have one issued - but instead hold it in some e-wallet at a broker. Relative to the dollar, it increases in value, sometimes. I hope it goes fast.
I think because of government policies, froth, desire for change, rebellion and lack of alternate suitable reserve currencies, for now, BTC will go up for a while. Might come down in a real hurry too. Hacker rewrites the code so that everyone gets a blue screen? Scrambles the data so nobody knows who owns what? Counterfeiting? There is risk out there.
Top - unknown. Floor - $0.