No Im saying the you’re right about the tx fees going up. Full sovereignty on the base layer the way it is now is probably not gonna be available to most in 20 years. Also on chain isn’t going to be 10k bitcoin at a time. It’ll be closer to 1 bitcoin worth a few 10-100 million each. What I’m saying is that the fractional reserves being legally protected is not going to a stable solution (not that it is in fiat but even more so) basically any actor who tries will get bank run. Remember it’s note enough to have a nation or even large groups of nations to agree to your fractional bitcoin. A moderately large player could cause a run on your bank by just converting it down to the base layer and make a lot of bitcoin for it.