Can Bitcoin remain functional if it is primarily used as a SoV/speculative commodity? If it does not become widely used as a MoE/P2P payments protocol?

It is only when used as a MoE that Bitcoin adds value external to itself by enabling the trade and exchange of value. Bankers and governments at least in most western liberal democracies have allowed Bitcoin to be used as a speculative commodity, but have strongly discouraged its use as a MoE.

As a speculative commodity Bitcoin does not substantially challenge the basis of fiat power- MoE hegemony. As a primarily speculative commodity Bitcoin is increasingly captured and controlled by US financial institutions who custody it and in so doing reduce the amount of Bitcoin that can be used as a MoE.

As a primarily speculative commodity Bitcoin fails to provide a significant alternative to fiat MoE hegemony because there are so few options to use Bitcoin as a MoE. On current trends Bitcoin looks like it could become a stranded asset- prevented from realising its full potential value as a revolutionjary censorship resistant P2P payments protocol. It is reduced to being a speculative plaything largely managed by bankers.