I wonder about this assumption. Just because it mostly held true pre-crypto and pre-fiat is no guarantee that it will continue. We used gold and silver because of their respective physical properties, but now we have the ability to create any number of surrogates, for example we can create the crypto equivalent of a metal that has all the properties of gold except it’s much lighter. Would the market prefer light-gold? It should be more convenient and less costly to transact, so maybe yes. We can create an unlimited number of cryptos, each tailored to a specific application even. I wouldn’t be surprised to see btc slowly drift down to 50% of overall market cap as we approach a trillion.