Thanks for the insight as always.
One question for you- I would initially think that low-value UTXOs today would become MORE spendable over time, but you seem to think less. If you believe bitcoin will rise is value over time, those UTXO’s will rise in value (in USD). At the same time, transaction fees are essentially fixed in fiat because miner costs are paid in fiat. So the transaction fees in bitcoin will actually decline, assuming the network scales healthily.
So a 0.001 BTC output today is not spendable at $1, but when that output is actually $100 it will become spendable.
What do you think?