I think this is freely admitted as the primary value proposition by many Bitcoin proponents
I think it is a misconception and misunderstanding by many BTC supporters and naysayers that BTC can be viable or that it necessarily must depend on being viable as a mass-transaction medium, unit of account or "currency".
Store of value is likely it's only function, but being finite, highly divisible, decentralized and highly transactable relative to other scarce assets, it could succeed wildly at this.
Bitcoin is arguably the most stable of all crypto right now (outside of stablecoins of course). There are smallcap and midcap coins that can go from -100% to +500% in a month.
Even large, established coins like XRP can go from flatlining for years to 3x in price in a week.
The best part is that no one really knows whats happening, and everyone has their own theories.
The scalability issues were evident from the beginning. The idea of running Visa scale transactions on a shared ledger were debated back in 2010. Anyone paying attention knew the main chain would, at best, be a large scale settlement layer. Other layers would be needed for day to day transactions.
It is trading at about 0.013 BTC, which IMO is in line with their current impact.
For those true to the _original_ Bitcoin Cash chain. lol
By now, it seems that most of the original arguments about Bitcoin becoming the currency of the future didn’t pan out. In fact, very few people seem eager to spend Bitcoin because everyone wants it as a speculative investment vehicle. The narrative about what Bitcoin will be used for continues to wander, but for whatever reason the Bitcoin crowd doesn’t want to admit that it holds a unique place as a speculative investment and trading vehicle that has one foot outside of regulatory boundaries, making it inherently attractive to people hoping for abnormal returns.
This is also why you see big banks taking on numerically large positions that are nevertheless a very small portion of their overall portfolios: It’s a weird investment that might produce interesting returns, or it might not. Unfortunately, this news usually gets spun into hot takes that banks secretly predict Bitcoin is the future currency, which leads to more hype and more investment. This effectively makes large Bitcoin investments a self-fulfilling prophecy, as long as the banks manage to get out before the next big down cycle.