That said, the payout in STEEM is going to be tougher as time goes by. STEEM is going to transform itself into the token for entrepreneurs.

Most of the new Steem being created will still be going to content creators but there will likely be many more content creators trying to earn it. Which will put upward pressure on the price of that Steem. As will competition for existing SP among the issuers of SMT’s. This could result in a virtuous cycle pushing the value of the token upwards. Those who own SP may find their holdings much in demand, for selling it or for leasing in out via delegation. A new rentier class?