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I completely agree with you Jay. My point of view was more of a long term outlook, in the case that Bitcoin becomes so dominant that hodling alone won’t bring gains anymore. Then i think the incentives change and it will be used as a currency. But we’re still far away from this point. I just brought this up, because it kinda defeats the ponzi narrative, if Bitcoin really was a ponzi, then why does it stop bringing gains once it’s used everywhere and you wouldn’t even need to convert it into other currencies. But it’s a win/win situation for us hodlers, because it serves us like a stock or safe haven, as long as the old broken system continues and in case Bitcoin wins we get an ultra sound money system and early investors got rewarded for making it happen(because they have stacked the most sats).
For sure, there is a lot of speculation regarding how much bitcoin is designed to pump forever.. both in terms of value continuing to flow into it (Gresham's law principles) and the fact that other assets are still going to exist and there will likely still be some monetary attributions that are contained within various other assets, too...
From what we can see now, bitcoin is likely to remain as the most sound of the monetary assets - absent some other more sound money product coming around.. which surely is possible.. but hard to presume facts that are currently not in evidence, and there currently do not seem to be any assets in existence that competes with bitcoin in terms of being able to serve as both a storage of value and a currency in terms of bitcoin having the best of currency characteristics too.. at least in terms of verifiability, portability, divisibility and ease of being able to personally custody it (if desired).
For sure, many of the current bitcoin HODLers might ONLY have an investment timeline of 4-30 years (accounting for mortality), so even if there are people who attempt to design and predict for the future, there can still be mixed sentiments regarding personal allocations into bitcoin in order to prepare so far into the future, and even if some members plan to attempt to leave legacies in terms of their bitcoin, they still might be struck with some dilemmas regarding how to pass down such legacies and the extent to which they might have to make sure that they have persons who can manage their bitcoin wealth.. which also could be laden with uncertainties too far into the future.
I guess that part of my point remains that shorter term time horizons still remain more important to current BTC HODLers, even if we anticipate that bitcoin remains open to new entrants too.. since we still ONLY have such low levels of adoption.. so there are likely to continue to be usability changes that could affect the ways that BTC HODLers think about the value of what they are holding and if they might need to make adjustments to their BTC allocations.. based on their own personal circumstances that do not necessarily go into generational wealth kinds of considerations... because so many new entrance into the bitcoin space continue to build their bitcoin positions in the coming years.. which well could take us into a dynamic of growth, adoption and building of systems around bitcoin that is lasting 20-30 years or more into the future.