It’s both, or all 3 or 4 aspects of crypto are important. 1) SoV matters because the world is unstable and there is a non zero chance that the local superpower falls apart. bitcoin matters 2) privacy matters because technology improvements increase the power of the state more than the individual 3) “blockchain” matters, because fully on chain transparent ledgers of everything that happens in the markets you are operating in reduce a bunch of risks, aka archegos/knight capital. Putting everything onchain is good for markets 4) smart contracts matter because 3 and 2 and 1 require a bunch of innovation that we can’t predict. Can’t build 1 and 2 without censorship resistance, pita to build 3 without programmability