Maybe my idea to start a coffee shop isn't the best allocation of capital and I won't be able to get a loan.

Maybe the lenders think lending to the widget factory for them to buy new tooling has a better chance of seeing full repayment.

But you make it sound like we have a choice ... go into a bitcoinized world and see less (or no) credit, or take the other pill and continue the status quo.

The era of can kicking is ending. I know it. You know it. They know it.

If there's less "credit" / lending in a bitcoinized world, then we adopt to a world with less "credit" / lending.