The second. The first, as you said, is what Keynesians believe, and I don't share it.
Ok I misunderstood your position then, I thought you were saying bitcoin can’t be a medium of exchange because it stores value. Technically I don’t think we need currency to scale bitcoin. Fedi mints, LN, or something else can do this much better.
And I can’t say that I’ve ever not been able to make a transaction that I wanted to make because I couldn’t , because fees or something prevented me. I have however passed on using Stablecoins because of the high slippage and difficulty getting rid of the excess change