Not nearly everyone but I think that a significant amount of the global population would soon recognize its usefulness and use it instead of cash in their daily financial transactions. Also, I think we would see a boom in the merchant side of bitcoin: businesses offering discounts, promos and of course, items in exchange for bitcoin. It would be great for bitcoin overall since it would greatly stimulate the economy and circulate bitcoins instead of people hoarding it.
Just the idea of a higher adoption rate will make people hoard Bitcoin like there is no tomorrow. People are still in the state of Bitcoin is an investment, instead of a currency tool. There are several threads in this forum where people say "I use Bitcoin as currency for this and that" but how many of them are making it up just to increase their post count? I think a lot. Especially the lower ranked members. Their main priority is to collect as many coins as possible and to convert them to their local fiat currency.