An excellent point and very well written. Global Adoption can be from two standpoints, one is regulatory adoption that all countries or at least most of the countries decide to use cryptos as the only legal tender and they decide to forgo their traditional fiats, this option seems unlikely as no country would want to lose power by themselves, a few friendly countries might do it but no way the big guns are going to scrap their own fiats, but yes they might allow cryptos to coexist which too to me looks unlikely.

The second meaning of global adoption is from a personal perspective. Basically, every person on Earth or at least most of them thinks of Bitcoin as a valuable thing something like Gold. Not talking about its investment value but if tomorrow there is an apocalypse, chances are only people holding gold would be able to buy anything. Bitcoin has to reach up to this level, which too seems unlikely at least in the next 30-40 years.

But the catch now is what I have written in a lot of posts before too. That if everyone starts considering bitcoin merely as a store of value and something to Invest, it will lose the utility it was made for which means it's value is a hoax, whereas if a person starts to spend their bitcoin the price cannot go up for an infinite time It eventually will plateau at a point.