Is there an argument to be made that a fixed supply makes Bitcoin more in demand, which means merchants and other receivers in a transaction will start to demand it as opposed to other currencies?
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theres an equal but opposite reaction where spenders will always prefer to transact with something else.
given the option to delay discretionary spending or use Bitcoin they will tend to delay spending.
Merchants will choose to accept other currencies rather than just not make a sale at all.
So no
I don't think the hard cap helps promote Bitcoin as a MoE.
I think it incentivizes creating a fractional L2 to use as MoE instead.
Yes, the fixed supply is what makes Bitcoin Bitcoin, the 21M hard cap is Bitcoin's identity without that we have nothing better.