Bitcoin has ZERO, I repeat, ZERO value as a settlement layer because there already exists far better settlement alternatives - noble metals (gold and silver). This is why currencies were always derivatives of them in the past. Bitcoin has built-in middle men (transaction validators) and counter party risk while metals DO NOT. Bitcoin is a rent seeking usury system where miners expect to get a cut out of every transaction like the mafia while metals ARE NOT.
You need to be a complete lunatic to believe bitcoin somehow has better fundamentals as a settlement system than metals. Can you imagine issuing currencies as a derivative of bitcoin when bitcoin is already only a currency and not money in the first place? LOL. For the the 500th time, bitcoin is a currency, not money, which is why it's called "cryptocurrency". The value of currencies are derived from transaction flow, NOT stock.
You are, of course, welcome to your opinion, but I fail to see, unless you are going to sleep on top of your pallet of silver with an AK47 while it crosses the Pacific ocean, how physical delivery does not have counter party risk.
Don't get me wrong, huge physs fan here, if it weren't for that dammed boating accident we could get together and try and out macho each other curling our stacks, but yeah, I guess I am a lunatic...I think teleporting the equivalent value of that pallet in an hour or so, securely, does in fact have value.