My conception of the ... phase here is:
3. reservation demand for Bitcoin increases
4. less and less actual wealth is held in fiat, meaning the gains of debasing it are less and less, and leads to faster monetary instability due to a smaller wealth base
5. reservation demand for bitcoin exceeds fiat
6. fiat enters hyperinflationary spiral as holding Bitcoin will always be preferable if Bitcoin has higher liquidity
7. Hyperbitcoinization
