I think that people are still scared by the short term volatility in terms of fiat. It will take time to put that fear to rest. I think that once people start seeing that over long periods of time, Bitcoin retains and gains value, adoption will start to surge. I like to tell people that no one has lost purchasing power if they held for at least 4 years.

Its clearly a store of value at this point in time, but a lot of people haven't realized it yet. I'd give it at least two more halvings. Individuals, businesses, and organizations will start locking away bitcoin as a long term savings strategy. Then you'll start seeing large purchases being made regularly in Bitcoin, like cars and houses. For medium sized to small purchases, fiat will still be the most popular. However, I think that value will be sent over Bitcoin rails in a short amount of time.

Large purchases in Bitcoin and smaller purchases in fiat sent over Bitcoin rails will be the standard for a while.