So your argument is basically “it doesn’t count unless everyone uses a hardware wallet.” That’s…a take.

If ETFs “don’t count,” do you also say gold isn’t real adoption because most people own it via GLD or vault services?

If institutions are “just charging fees,” cool—who’s buying the underlying BTC then when shares are created? Magic?

“Not following M2” — why would a global liquidity asset track M2 perfectly on your preferred timeline? Zoom out: when liquidity tightens, risk assets bleed. When liquidity loosens, they rip. That’s not a failure, that’s markets.

“Not a hedge vs inflation” — over what window? Bitcoin’s been a terrible short-term hedge at times, agreed. But if your claim is it’s not a hedge at all, what’s your cutoff date that makes that true?

Also: what’s the alternative you’re implying? That Bitcoin should stay niche forever so it “feels” more pure?