"It’s now a race for BTC to gain market cap (bigger than fiat M2) vs paper growth so fiat collateralised paper cannot generate sufficient size to matter [like it does with Gold]." -  @willywoonomic 

 i like that framing 

 Indeed, the race is on. I think we'll make it easily as paper BTC only accounts for a small percent (~5%) currently while already reaching a 1T market cap, but only time will tell.