Bitcoin has various utilities, all of which interacts with each other. It can be used as a speculative asset, as well as a peer to peer payment currency, and the more speculative value it gains, the less people would be willing to use it in transactions. For example Bitcoin has been gaining bullish traction over the months since the halving and before that, with a lot of people expecting a bull run in the coming months, this anticipation reduces its use in daily transaction, as holders would rather hoard them for use at a later time.
I believe the evolution of Bitcoin would start of (as it has) as a speculative asset and a means of attaining financial freedom, it would then adapt to become more of a hedge fund and gain adoption as a daily medium of exchange.