TL;DR: More key holders = number go up.

Money is a pure speculative good. No matter what the market thinks of your other assets, you speculate that people will want your money. The more people who want your money, the more valuable it is.

Densifying allows more people to hold keys on chain. More people can use the money. More people with a stake in the censorship-resistance and decentralization of #Bitcoin.

It is my belief that more is better regarding people with keys on chain. People who want the money and want to secure it make it more valuable.

For these reasons, I am SELFISHLY pro densification (pro covenant). More key holders = number go up.