I think part of my point is that if BTC is so valuable as compared with other asset classes, then it holds its value better than other asset classes, then people will flock to BTC rather than currencies ... and then there is a snowball effect where the BTC is holding its value too well and more and more people are flocking to it b/c it is holding its value so well.
Yes, that is the initial growth phase, but eventually a point is reached where everyone is fully invested and can only acquire more BTC if they have income coming in from somewhere.