i do think it's interesting that the value of bitcoin can change, despite it being limited, and to some extent it's limited BY blockspace. at least velocity is. 

premitive1

bitcoin

On the latest Bitcoin Standard Pod (200) with Pierre Roshard a phrase caught my attention that I'm not sure I really agree with:

"BTC is a scarcity, block space is a commodity"

When fees are high we cannot produce more space like when the price of iron ore goes up more miners will start speculating, or other miners might use their resources to mine the more profitable commodity.

I've heard there are efficiencies in the works to allow more TX to fit into a block, and perhaps some covenants will help stabilize fees. I just don't see how block space is like a commodity.

What do you think?