He knows it is layers. Self custody is the foundation. Exchange held is a service layer. ETF is a disconnected, fee’d, access-to-spot-value layer. MSTR is a jetfueled next tier layer. Derivative products are a further disconnected layer. 

He gets all of this. He’s talking about its evolution, and I don’t find it a stretch. 

The future bank-style service layers will get safer for noobs and cheaper for leverage access, etc. Just like the dollar is layer after layer of financial services, transaction channels, and derivative products, BTC will mimic this naturally as it integrates with finance. It’s just unable to be debased. 

Bitcoin wouldn’t have been invented if the dollar wasn’t being debased. That’s the dollar’s real issue. Not the products that surround it. Some products will serve is well, and others will fail with a product that has the characteristics of Bitcoin. We’ll see what peripheral instruments are good and which ones fail.