Indeed, even dollar MoE is really niche when you consider relative volume to Visa ACH Stablecoins etc.

We don't need Bitcoin to replace stablecoins and ACH, we need a functional unit of account. 

justin_shocknet

fiatbad

econ

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zuspotirko

Imagine if you are living with nearly 100% of your money in BTC, but you pay for everything in dollars (ie. Strike model). Likewise whenever you receive USD, it is automatically swapped into BTC. 

If USD is *only* used as a transactional coin, it sorta becomes like another L2 (I know its not a layer, but you get the analogy). 

In this case, is Bitcoin acting as a MoE?....my point on this is I don't think the traditional definitions of MoE / SoV map really well to a totally digital money like Bitcoin. 