a source familiar with the matter on Nostr: "Most forms of money rely on physical objects to represent entries on the ledger" You ...

"Most forms of money rely on physical objects to represent entries on the ledger"

You have it backwards. A ledger has value because it represents something real.

If Bitcoin is a ledger, it is useful but not scarce. I can duplicate the whole ledger many times over.

If Bitcoin is a ledger entry, it is scarce but not useful.

In either case the only appropriate market value is zero.