> "the same arguments can be made of any fiat currency"
That's just moving the goalposts because we were talking about market cap of stocks specifically.
I'm happy to check back in 10-20 years. I made an Ethereum wallet in 2017 and still haven't used it for anything meaningful. Anecdotally, the same seems to apply to everyone I know. I honestly don't think that will have changed by 2032. I don't think my stock portfolio will be on Ethereum then.
Feel free to come back to these comments in 10-20 years, but one of the moonshot goals is to make blockchain networks base layers for all financial processes in the world and implement all the things you want from any asset class as applications on top of a globally distributed virtual computer.
Additionally, the same arguments can be made of any fiat currency. The US dollar doesn't represent anything except >faith in a system<. The relative value of any blockchain is the >faith in it as a system<.