Research Affiliates: thoughts?

Reserach Affiliates (very authoritative quant & research company that advises HFs over billions of dollars) published an article some time ago.
https://www.researchaffiliates.com/publications/articles/820-bitcoin-magic-internet-money

This is an excerpt of it. Anyone cares to comment?

"Events of August 2017 altered the trajectory of bitcoin. A little known but drastically important change occurred to the bitcoin source code with the addition of segregated witness (separating signature data, or witness, from transaction data) (Nguyen, 2017) and the contemporaneous decision by BTC miners to keep the block size at 1MB.

The technical details of the change are outside the scope of this article, but the outcome is that bitcoin is no longer a digital cash system as described by Nakamoto (2008). No longer can Amazon or any other online merchant adopt it for use as a medium of exchange. Essentially overnight it became “digital gold” with no use other than for people to buy and hodl and hope more people would buy and hodl, and increase the price of BTC until everyone on earth sells their fiat currency for BTC, and then…? Well, what exactly happens then, when BTC can only handle about 350,000 transactions per day and 7.8 billion people need to buy goods and services?⁸

Despite all of this, it is hard to resist the siren song of bitcoin when, over the last two years, the price seemingly never goes down. Bitcoin proponents promote the BTC narrative and then point to the price chart as confirmation of their story. Perhaps they are on to something, or perhaps BTC is just a bubble driven by a frenzy of retail, and some institutional, money eager to get a piece of the action. "