Bitcoin can be both a P2P Cash and a settlement layer, among many more things. Thinking that we must choose between these two is a false dichotomy. Though I do question what the point of a settlement layer even is when everyone can transact directly, cheaply, easily and quickly. It is almost as if the very idea of a settlement layer might even be antithetical to a world where cryptocurrency becomes the dominant form of currency, rendered obsolete like many of the other functions that banks carry out today.