Is a Physical Dollar Worth More than a Digital Dollar?

In one year a dollar may be spent multiple times. A physical dollar spent 20 times generates more economic activity than a dollar spent once and is therefore worth more. A digital dollar can be spent millions of times per year. Since digital money can be spent more frequently than physical money, digital money is worth more. But too much economic activity leads to inflation. A physical dollar can be spent less frequently but is less inflationary. Which effect dominates?